Stock Futures Rise On Optimistic Jobs Data

The ADP private payrolls report fell by a smaller-than-expected amount in May

Deputy Editor
Jun 3, 2020 at 9:23 AM
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Dow Jones Industrial Average (DJI) futures are up over 250 points this morning, as the market continues to focus on the optimism surrounding the economy reopening. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also modestly in the black, with all three indexes extending their gains after last month's ADP private sector report fell by 2.76 million in May, well short of the anticipated 8.75 million drop. Still, tense relations between the U.S. and China loom, while many states across the country install curfews to curb the nationwide protests.

Continue reading for more on today's market, including: 

  • Schaeffer's Senior Quantitative Analyst Rocky White unpacks what the SPX's big rally means going forward
  • Reopening buzz meant big gains for Planet Fitness stock.
  • Plus, auto stocks rise on upbeat sales data; Twitter shakes up boardroom; and Campbell Soup set for post-earnings pop.
OV futures June 3

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Tuesday and 712,549 put contracts. The single-session equity put/call ratio rose to 0.47, and the 21-day moving average stayed at 0.55.
  2. General Motors Company (NYSE:GM) stock is up 1.8% in electronic trading, joining the rest of the auto sector rally today, after research firm Autodata showed that May auto sales came in at a better-than-expected rate.  General Motors stock  is down 25% in 2020 heading into today, with resistance looming at its 120-day moving average.
  3. Twitter Inc (NYSE:TWTR ) stock is 1.4% higher ahead of the bell, after the social media company appointed ex-Google chief financial officer Patrick Pichette as the board's chairman. Pichette is Twitter's first company outsider to step into the role. Twitter stock is set to face off with its year-to-date breakeven point today.
  4. The shares of Campbell Soup Company (NYSE:CPB) are up 1.3% before the open, after the food producer's fiscal third-quarter earnings and revenue topped analyst expectations. The company also upped its full-year guidance, citing demand for brands during the COVID-19 pandemic. CPB is up 39% in the last 12 months.
  5. Today will feature the Markit services PMI, ISM non-manufacturing index, and factory orders. Additionally, American Eagle, Canada Goose (GOOS), G-III Apparel (GIII), and Verint Systems (VRNT) will all report earnings.
Buzz Chart June 3

European Markets Climb for Third Straight Session

Stocks largely rose in Asia on Wednesday, amid the continued easing of coronavirus-related containment measures and economies reopening. South Korea’s Kospi led the charge, tacking on 2.9%, after a 35.3 trillion won ($29 billion) supplementary budget was unveiled. Meanwhile, Hong Kong’s Hang Seng rose 1.4%, and Japan’s Nikkei tacked on 1.3%. Lastly, China’s Shanghai Composite was fractionally higher, finishing up 0.07%.

Stocks in Europe are climbing for the third straight session, but U.S. unrest is expected to impact investor sentiment. Once again, the biggest mover across the pond is the German DAX, last seen up 2.2%. Additionally, France’s CAC 40 is up 1.8%, while London’s FTSE 100 was last seen 1% higher.

 

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