Stock futures buoyed by optimism over economic revival By Reuters

© Reuters. The spread of the coronavirus disease (COVID-19) in New York

By Medha Singh

(Reuters) – U.S. stock index futures climbed on Wednesday, with Nasdaq futures inching closer to a record high as investors remained optimistic about an economic rebound from a coronavirus-led slump amid continuing social unrest.

Ride-hailing firm Lyft Inc (O:) rose 4.7% in premarket trading after reporting a 26% jump in rides on its platform in May from the prior month, helped by strong growth in cities where coronavirus-induced restrictions have been eased.

The S&P 500 () and Nasdaq () have risen in six of the past seven sessions, as bets on a post-pandemic economic recovery helped investors look past brewing Sino-U.S. tensions and protests in the United States over the death of a black man in police custody.

Tens of thousands of people defied curfews to take to the streets of U.S. cities on Tuesday for an eighth night of protests as National Guard troops lined the steps of the Lincoln Memorial.

At 6:11 a.m. ET, futures tracking the rose 0.4% to 9,684.25. It was about 0.5% below its Feb. 20 record high.

were up 0.76% and S&P 500 e-minis gained 0.5%.

On the economic front, the ISM non-manufacturing PMI is likely to show a reading of 44.0 in May, rising from 41.8 in April. The data is expected 10 a.m. ET.

Separately, the ADP (NASDAQ:) National Employment report is expected to show private payrolls dropped 9 million in May, following a record 20.236 million plunge last month. It comes ahead of the more comprehensive jobs report on Friday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.