Stocks futures were little changed on Monday evening, indicating Wall Street was taking a breather from the regular session’s monster rally, after a trifecta of good news propelled the Dow and S&P 500 Index to their best day in over a month.
Moderna’s success with a potential coronavirus vaccine converged with more states reopening and the Federal Reserve pledging more support for the recovery to boost blue-chips and tech stocks. The S&P 500 closed at its highest in over two months.
States and cities are gradually relaxing restrictions that have sent the economy into a tailspin. The cautious moves have been enough to spark market hopes for a relatively brisk economic revival, and along with the potential for an effective COVID-19 treatment, have been enough to blunt the impact of ugly U.S. economic data.
Elsewhere, traders have decided not to fight the Federal Reserve, which insists it still has the ammunition to backstop the economy, even as it’s already pledged trillions at the market to contain the coronavirus fallout. Federal Reserve Chairman Jerome Powell said the central bank can still do more to soften the economic blow of the coronavirus pandemic, telling CBS’s 60 Minutes that a recovery is possible in the second half of the year.
“There's a lot more we can do,” Powell said. “We've done what we can as we go. But I will say that we're not out of ammunition by a long shot.”
The brisk rally that’s carried stocks off March’s multi-year lows has made some analysts nervous that investors are being too optimistic, given that there’s neither an approved coronavirus treatment or vaccine on the immediate horizon.
The plunge in consumer spending has been amplified by the unprecedented loss of jobs, highlighted by the latest report on initial unemployment claims, which on Thursday showed a greater than expected 2.981 million Americans filed for first-time unemployment benefits last week. This brought the total number of new claims filed since the week ended March 20 to a staggering 36.5 million.
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6:00 p.m. ET Monday: Stock futures flatten after big rally
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:15 p.m. ET:
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S&P 500 futures (ES=F): 2,946.00, off -2.00 (-0.07%)
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Dow futures (YM=F): 24,507.00, flat
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Nasdaq futures (NQ=F): 9,332.50+7.00 (+0.08%)
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May 19, 2020 at 05:16AM
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Stock market news live updates: Futures flatten after Monday's surge - Yahoo Money
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