Jobs, Economic Data Sends Stock Futures Higher

Unemployment fell to 11.1% from 13.3%

Assistant Editor
Jul 2, 2020 at 9:22 AM
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Futures on the Dow Jones Industrial Average (DJI) are up over 400 points this morning, as investors cheer further positive economic data. The U.S. added 4.8 million jobs in June, higher than the anticipated 2.9 million, while the unemployment fell to 11.1% from 13.3%. However, the 1.43 million rise in new jobless claims last week came in higher than the estimated 1.38 million. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also above fair value, with all three indexes on track for a positive holiday-shortened week. Elsewhere, congress passed a bill to extend the deadline to apply forgivable small business aid through a coronavirus relief program, and the White House is still considering another round of individual stimulus payments. 

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

    • The apparel stock topping the charts in July.
    • Macy's stock drops on disappointing quarterly report. 
    • Plus, DOCU receives a price-target hike; Spotify considers video streaming; and fast-food giant halts reopening.

     

    futures July 2

    5 Things You Need to Know Today

    1. The Cboe Options Exchange (CBOE) saw 1.3 million call contracts traded on Wednesday, and 595,214 put contracts. The single-session equity put/call ratio fell to 0.46, and the 21-day moving average stayed at 0.51.
    2. Docusign Inc (NASDAQ:DOCU) is up 2.8% before the bell, after landing a price-target hike to $210 from RBC Capital, while maintaining an "outperform" rating. The firm sees the electronic signature technology outmatching others in its sector. Consistently climbing on the charts since mid-March, the stock is up 248.6% year-over-year.
    3. Spotify Technology (NYSE:SPOT) is up 1.7% pre-market, amid news that the company is considering a video streaming service in order to compete with rivals such as YouTube. Soaring on the charts lately, SPOT remains within a chip-shot of its June 26 record high of $271.71. Year-to-date, the equity is up 73.1%. 
    4. McDonald's Corporation (NYSE:MCD) is up 0.7% in electronic trading, after halting its dine-in service reopening for 21 days in light of the resurgence of coronavirus cases. Restaurants that have already opened will remain open, if local jurisdiction allows it. In the past three months, the stock as added 16.7%. 
    5. Today will bring average hourly earnings numbers, the trade deficit, and factory orders.

    New Buzz Chart July 2

    Stocks Rise in Asia, Europe

    Stocks in Asia rose today, after positive news surrounding a possible COVID-19 vaccine boosted investors optimism. Hong Kong’s Hang Seng rose 2.9%, leading the charge after Tencent and Hong Kong Exchanges and Clearing both surged. Meanwhile, China’s Shanghai Composite and South Korea’s Kospi rose 2.1% and 1.4%, respectively. Lastly, Japan’s Nikkei managed to tack on 0.1%.

    Across the pond, stocks in Europe are also rising thanks to the news of a possible coronavirus vaccine and a surge in bank stocks. At last check, the German DAX was up 1.9%, followed closely by the CAC 40 in France, which is now 1.7% higher. Elsewhere, London’s FTSE 100 was last seen up 1%.

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