Dow Jones futures kicked off Tuesday’s pre-market trading session 76 points lower, shedding Monday’s gain of nearly 400 points.
Positive US economic data and record Covid-19 vaccinations spurred a stock market rally at the beginning of the week. The futures on the Dow Jones gained more than 200 points shortly after the opening bell on Monday and closed an astonishing 373.98 points, or 1.13%, higher. The S&P 500 and Nasdaq composite also had a boost, rising 1.4% and 1.7%, respectively.
The indices lost momentum before Tuesday’s regular market trading hours, suggesting a downbeat start of the session. At the time of writing, Dow futures contracts are changing hands at 33,349.00 points, which is 20% down on the day.
The US Labor Department’s report on Friday stated that the economy gained a total of 916,000 nonfarm payrolls just in March. At the same time, the unemployment rate has plunged to 6% from 6.2%.
“A ‘Capital V’ recovery that is in the early innings,” Tony Dwyer, Canaccord Genuity’s chief market strategist said as quoted by CNBC News. “The only thing that could stand in the way would be another shutdown of the economy to contain new Covid-19 strains or a policy mistake by the Fed. Neither appear imminent,” he added.
The upbeat news has also pushed higher trading platforms such as Interactive Brokers and Charles Schwab. The former by 2.7% and Schwab by an impressive 3.5%. This, however, doesn’t mean that privately-held companies such as Fidelity, TradeStation, and eToro are not thriving.
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