Tuesday, July 7

Stock futures tread lightly after rally, oil climbs above $40 – Fox Business

Reading Time: 2 minutes

U.S. equity futures bounced between gains and losses to start a new week, following Friday’s jobs report inspired rally set off by the better-than-expected report.

Continue Reading Below

The major futures indexes are pointing to a gain of 0.3 percent at 4:30 a.m. ET.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Oil  rose as high as 2 percent on Sunday night, touching a 3-month high and trading above $40 for the first time since March 6. The gains come as OPEC, Russia and others agreed to extend record output cuts until the end of July. Also supporting prices was the fact that about one-third of oil production in the Gulf of Mexico was cut because of Tropical Storm Cristobal.

Monday morning, U.S. crude has trimmed gains adding 41 cents to $39.97, while Brent crude, the international benchmark added 61 cents to $42.92.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 27110.98 +829.16 +3.15%
SP500 S&P 500 3193.93 +81.58 +2.62%
I:COMP NASDAQ COMPOSITE INDEX 9814.080606 +198.27 +2.06%

Stocks skyrocketed on Friday after data showed the country added 2.5 million jobs in May, boosting optimism about an economic recovery. The Dow Jones Industrial Average jumped 3.2 percent or more than 800 points.

The S&P 500 advanced  2.6 percent and the Nasdaq Composite added  2.1 percent, closing just off of a record.

TRUMP PREDICTS 2021 WILL BE ‘BEST YEAR’ FOR US ECONOMY AFTER MAY JOBS REBOUND

In Asia, Japan’s economy is still in recession but contracted at a smaller rate than initially estimated for the first quarter, according to government data released Monday. The Cabinet Office said the economy shrank at an annual rate of 2.2 percent in January-March, better than the 3.4 percent contraction given earlier.

CLICK HERE TO READ MORE ON FOX BUSINESS

In Japan, the Nikkei traded 1.4 percent higher, Hong Kong’s Hang Seng gained less than 0.1 percent and China’s Shanghai gained 0.2 percent.

In Europe, London’s FTSE slipped 0.2 percent, Germany’s DAX fell 0.6 percent and France’s CAC declined 0.5 percent.

German industrial production plunged by nearly 18 percent in April compared with the previous month at the height of Europe’s coronavirus lockdowns, official data showed Monday.

The Associated Press contributed to this article.

Leave a Reply

Your email address will not be published. Required fields are marked *