FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
E-Mini Dow
U.S. stock index futures slipped on Thursday as a rally fueled by optimism over an economic rebound from a coronavirus-led downturn ran out of steam, with investors awaiting a reading on weekly jobless claims.
U.S.-China tensions continued to simmer as Hong Kong’s Legislative Council passed a bill that would criminalize disrespect of China’s national anthem, a move seen as the latest sign of Beijing’s tightening grip on the city.
A report from the Labor Department on Thursday will likely show the number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, reaffirming that the worst was over for the U.S. labor market.
Focus will then shift to the closely watched employment report for May, due Friday, which is expected to show unemployment rate rocketing to 19.8%, a post-World War Two record.
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Plan A : Short if market trades below 26291. Targets are 26245 and 26190.
Plan B : Cut above 26335.
Plan C : Attempt to long if market declines but still supported above 26145. Targets are 26190 and 26245.
Plan D : Cut below 26105.
Plan D : Cut below 26105.
E-Mini S&P 500
Wall Street paused on Thursday, and the S&P; 500 fell for the first time in five days as stocks that had held steadiest through this year’s feverish swings gave back some of their gains.
The S&P; 500 lost 10.52 points, or 0.3 percent, to 3,112.35 after being on track earlier in the day for its longest winning streak since December. The Dow Jones industrial average rose 11.93 points, or less than 0.1 percent, to 26,281.82, and the Nasdaq Composite fell 67.10, or 0.7 percent, to 9,615.81.
A report showed that the number of US workers filing for unemployment benefits eased for a ninth straight week, roughly in line with the market’s expectations. But economists saw pockets of disappointment after the total number of people getting benefits rose slightly. That number had dropped the prior week, which had raised hopes that some companies were re-hiring workers.
Many professional investors have been arguing that the stock market’s rally, which had reached nearly 40 percent since late March, was overdone and that a pull-back was likely.
The next big piece of economic data to bolster or weaken the market’s optimism about the economy’s prospects lands Friday, when the Labor Department releases its jobs report for May. Economists expect it to show employers slashed 8.5 million jobs last month, down from 20.5 million in April, and that the unemployment rate jumped to 19.8 percent from 14.7 percent.
Trader awaited the Labour Department's latest jobs report, which is scheduled for Friday at 8:30 a.m. ET. Economists polled by Dow Jones expect more than 8 million jobs were lost in May while the unemployment rate surged to nearly 20%.
Wall Street paused on Thursday, and the S&P; 500 fell for the first time in five days as stocks that had held steadiest through this year’s feverish swings gave back some of their gains.
The S&P; 500 lost 10.52 points, or 0.3 percent, to 3,112.35 after being on track earlier in the day for its longest winning streak since December. The Dow Jones industrial average rose 11.93 points, or less than 0.1 percent, to 26,281.82, and the Nasdaq Composite fell 67.10, or 0.7 percent, to 9,615.81.
A report showed that the number of US workers filing for unemployment benefits eased for a ninth straight week, roughly in line with the market’s expectations. But economists saw pockets of disappointment after the total number of people getting benefits rose slightly. That number had dropped the prior week, which had raised hopes that some companies were re-hiring workers.
Many professional investors have been arguing that the stock market’s rally, which had reached nearly 40 percent since late March, was overdone and that a pull-back was likely.
The next big piece of economic data to bolster or weaken the market’s optimism about the economy’s prospects lands Friday, when the Labor Department releases its jobs report for May. Economists expect it to show employers slashed 8.5 million jobs last month, down from 20.5 million in April, and that the unemployment rate jumped to 19.8 percent from 14.7 percent.
Trader awaited the Labour Department's latest jobs report, which is scheduled for Friday at 8:30 a.m. ET. Economists polled by Dow Jones expect more than 8 million jobs were lost in May while the unemployment rate surged to nearly 20%.
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Plan A : Long if market retraced slightly but supported firm above 3125.50. Targets are 3149.75, 3168.75 and 3192.75.
Plan B : Short if market failed to support above 3125.50. Targets are 3098.25, 3075.50 and 3057.25.
Plan A : Long if market retraced slightly but supported firm above 3125.50. Targets are 3149.75, 3168.75 and 3192.75.
Plan B : Short if market failed to support above 3125.50. Targets are 3098.25, 3075.50 and 3057.25.
Plan B : Short if market failed to support above 3125.50. Targets are 3098.25, 3075.50 and 3057.25.
E-Mini Nasdaq
U.S. stock futures were higher in Friday early morning trade, after the market took a breather from its strong run-up to start the month.
Dow Jones Industrial Average futures traded 253 points higher, implying a gain of around 244 points at the Friday open. S&P 500 and Nasdaq-100 futures also pointed to a positive Friday start for the two indexes.
The S&P 500 and Nasdaq Composite each snapped a four-day winning streak during the cash session while the Dow eked out a minuscule gain. The Nasdaq-100 index briefly touched a record high before rolling over to close more than 0.7% lower.
Wall Street’s first decline for the month of June came after an unexpected rise in continuing jobless claims last week. Initial claims also rose more than expected.
Despite Thursday’s declines, the major averages were still on pace to post solid weekly gains. The Dow, S&P 500 and Nasdaq Composite are all up at least 1.3% week to date. The Nasdaq-100 had gained 0.8% for the week through Thursday’s close.
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Plan A : Long if market supported firm above 9659.25. Targets are 9688.25, 9721.25 and 9751.25.
Plan B : Short if market failed to support above 9659.25. Targets are 9629.25, 9599.50 and 9560.25.
Plan B : Short if market failed to support above 9659.25. Targets are 9629.25, 9599.50 and 9560.25.
HSI
Hong Kong stocks edged up on Thursday after two major British banks backed China’s national security law for the city, easing concerns over the law’s impact on the local business community.
At the close of trade, the Hang Seng index was up 40.68 points, or 0.17%, at 24,366.30.
HSI
Hong Kong stocks edged up on Thursday after two major British banks backed China’s national security law for the city, easing concerns over the law’s impact on the local business community.
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Plan A : Attempt short if market stays below 24225. Targets are 24150 and 24065. Cut above 24310.
Plan B : Attempt to long if market tested and rebounds from 23910. Targets are 23995 and 24080. Cut below 23835.
WTI Crude
Oil prices were little changed on Thursday as investors awaited a decision from top crude producers on whether to extend record output cuts.
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Plan A : Remain buy as long as oil price stays firm above 36.7
Plan B : Exit below 36.1
Plan C : Consider selling only if oil price fails to breach above 37.6
Plan D : Cut above 38.2
Gold
Gold rose more than 1% on Thursday as the dollar retreated and Wall Street paused its recent rally as dismal U.S. trade deficit data overshadowed slightly upbeat jobs numbers and optimism about an economic rebound.
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Plan A : Attempt buy if gold price stays firm above 1709
Plan B : Cut below 1700
Plan C : Consider selling if gold price fails to hold above 1709
Plan D : Cut above 1716
Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correctaysion, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.
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