(Bloomberg) -- U.S. stock index futures advanced in Asian trading, as investors returned after the worst selloff in the cash market in 12 weeks amid signs of overheating as well as a possible second wave of coronavirus infections.
Contracts on the S&P 500 rose 1% as of 11:30 a.m. in Tokyo, after the underlying index fell 5.9%, the most since March 16. Futures gained 0.9% on the Nasdaq 100 Index and 1.2% on the Dow Jones Industrial Average.
“It’s a habitual reaction in markets to find gains after a more than 5% correction in the S&P 500,” said Jingyi Pan, a market strategist at IG Asia Pte. “This correction won’t be as strained as the March selloff given that there’s recognition of the progress in economic reopening globally. There are people waiting on the sidelines to buy.”
Only one stock in the S&P 500 rose Thursday, supermarket operator Kroger Co. Airlines, cruise and travel shares that soared in recent weeks bore the brunt of the selling. The KBW Bank Index of financial heavyweights slid 9%, and energy producers joined a decline in oil.
The U.S. benchmark stock index is still 34% above its March low, and the Nasdaq Composite is now up 5.8% for the year. Meanwhile, virus cases have begun to spike again in states including Texas, California and Florida. Treasury Secretary Steven Mnuchin said the U.S. shouldn’t shut down the economy again even if there is another surge.
“I’m sure someone will try to push the envelope lower when the more aggressive London traders walk in,” said Stephen Innes, chief global markets strategist at AxiCorp. “But for now I get the sense that Singapore and other Apac traders want to square the books, and if they were short risk, happy to bank the unexpected massive windfall as Christmas came six months early for the market bears.”
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.
https://news.google.com/__i/rss/rd/articles/CBMiSWh0dHBzOi8vY2EuZmluYW5jZS55YWhvby5jb20vbmV3cy9wLTUwMC1mdXR1cmVzLXJpc2Utd29yc3QtMDE1MzIzMTAyLmh0bWzSAVFodHRwczovL2NhLmZpbmFuY2UueWFob28uY29tL2FtcGh0bWwvbmV3cy9wLTUwMC1mdXR1cmVzLXJpc2Utd29yc3QtMDE1MzIzMTAyLmh0bWw?oc=5
2020-06-12 02:15:29Z
52780838705048
Tidak ada komentar:
Posting Komentar