Citi’s chief US equity strategist Tobias Levkovich makes future predictions about market trends amid positive news from COVID.
U.S. stock futures are trading higher ahead of Wednesday’s session on Wall Street, as optimism about growth increases while President Biden announced a vaccine plan.
The main future indices point to a 0.7% gain in the opening bell.
GET FOX BUSINESS ON THE MOVE BY CLICKING HERE
Following the recent approval of Johnson & Johnson’s emergency use of the COVID-19 vaccine, all American adults will be able to receive a coronavirus vaccine by the end of May, President Biden announced on Tuesday.
Biden, during a press conference, officially announced that pharmaceutical giant Merck & Co. is teaming up with rival Johnson & Johnson to help manufacture its recently approved COVID-19 vaccine in an attempt to accelerate the country’s vaccination efforts, a process that started slowly, but has accelerated in recent weeks.
Texas and Mississippi officials have announced that they are open for business, having lifted the restrictions on COVID.
BIDEN SAYS COVID-19 VACCINES WILL BE AVAILABLE TO ALL US ADULTS UNTIL THE END OF MAY
Investors were encouraged by the reduction in bond prices, which alleviated concerns about possible increases in interest rates. Bond yields declined and the 10-year Treasury yield fell to 1.40% on Wednesday.
The first of this week’s labor reports will be released on Wednesday morning.
Payroll processing company ADP will publish its national employment report for February. Economists are looking for a gain of 177,000 jobs in the private sector, slightly above the much stronger than expected January 174,000 count.
The February non-manufacturing report from the Institute for Supply Management for February is expected to show that expansion in the economy’s service sector has remained stable, with an index reading of 58.7. Any reading above 50 indicates expansion.
In Europe, London’s FTSE gained 1.1%, Germany’s DAX added 0.9% and France’s CAC increased 0.8%.
Stocks advanced in Asia on Wednesday after an unstable day on Wall Street.
Tokyo’s Nikkei 225 index rose 0.5%, Hong Kong’s Hang Seng rose 2.7% and China’s Shanghai Composite index rose 1.9%.
On Tuesday, the S&P 500 fell 0.8%, to 3,870.29, after an earlier oscillation between small gains and losses. A day earlier, the benchmark index had jumped 2.4% to its best performance since June. Technology and internet stocks accounted for a large part of sales, a reversal from the previous day.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 31391.52 | -143.99 | -0.46% |
| SP500 | S&P 500 | 3870.29 | -31.53 | -0.81% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13358.787066 | -230.04 | -1.69% |
The Dow Jones Industrial Average lost 0.5% to 31,391.52. The high-tech Nasdaq compound fell 1.7% to 13,358.79.
On Tuesday, Federal Reserve Governor Lael Brainard sought to calm the financial markets by emphasizing that the Fed, while generally optimistic about the economy, is still a long way from raising interest rates or reducing its $ 120 billion a month in purchases. asset.
JAMIE DIMON ALREADY VERY COVID-19 THAT RELIEF MAY HAVE A THREAT TO THE US ECONOMY, SAYS DEMS SHOULD BE ‘CAUTIOUS’
Federal Reserve Chairman Jerome Powell is due to speak on Thursday, and at the end of the week it will be the government’s employment report, which is normally the top economic report for each month. It also includes figures on how much wages are rising in the economy, a key component of inflation.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
In other negotiations, the US benchmark crude rose $ 1.11 to $ 60.91 a barrel in e-commerce on the New York Mercantile Exchange. He lost 89 cents to $ 59.75 a barrel on Tuesday. Brent oil, the international standard, added up to $ 1.27 to $ 63.97 a barrel.
The Associated Press contributed to this article.