6/3/20 Market Notes
Equities continued to advance on Tuesday with optimism building that US economic reopening offsets civil unrest and tensions with China. The S&P 500 increased by 25 points (0.82%), the Dow gained 267 (1.05%), and Nasdaq added 56 points (0.59%). Positive momentum continued overseas with improving services data being reported in Japan and Europe. US futures are solidly higher with ISM Non-Manufacturing PMI set to be released at 10:00 along with crude oil inventories. Tomorrow's new unemployment claims and Friday’s payroll reports will be closely watched as well. Markets continue to predict a V shaped recovery, with subdued expectations of a serious second wave and hopes of a vaccine around year-end supporting the risk-on trade in the more beaten up sectors and names. While large scale protests over the death of George Floyd continued in the US overnight, media reports suggest the situation was calmer and more controlled overall with considerably less violence and looting. Despite recent events, plans for New York City to begin reopening on Monday remain on pace.
Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.