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6:11 p.m. Circumstances of coronavirus proceed to rise. Earnings season is on the brink of begin. And
Dow Jones Industrial Common
futures are rising. That’s not as contradictory because it sounds.
The inventory market is choosing up Sunday night proper the place it left off on Friday. Dow futures have superior 106 factors, or 0.4%, whereas
futures have risen 0.5%, and
futures have gained 0.5%. The Nasdaq will probably be making an attempt for a fourth consecutive day of beneficial properties and a fourth straight all-time excessive.
By no means thoughts that coronavirus instances proceed to spike. Greater than 15,000 folks in Florida examined constructive, setting a nationwide report for the biggest one-day improve. Seven-day averages hit new highs in Alabama, Mississippi, North Carolina and different states. However not less than Disney World is open once more.
So why is the market holding up so properly, with Nasdaq hitting new highs, and the S&P 500 and Dow trying to make a run at their June highs? Maybe earnings season has one thing to do it.
(PEP) experiences Monday, adopted by the primary of the large banks—
(WFC)—on Tuesday. Earnings are anticipated to be horrible, however what company America says concerning the path of the restoration from coronavirus may assist shares stay buoyant.
“The second quarter, given a confluence of conflicting traits will probably be neglected in favor of ahead trying steering and administration commentary extra typically talking—particularly within the absence of formal monetary projections,” writes Jefferies’ Jared Holz of the health-care sector, but it surely actually applies to only about every thing.
Watch what they are saying, not what they do.
Write to Ben Levisohn at Ben.Levisohn@barrons.com