(Bloomberg) -- U.S. stock-index futures advanced, indicating gains at the open as investors assessed valuations following the worst Wall Street sell-off in 12 weeks.
Contracts on the S&P 500 Index rose 0.7% as of 8:02 a.m. in London, after the underlying index on Thursday fell the most since March 16 on signs of overheating and worries about a second wave of coronavirus infections. Futures on the Dow Jones Industrial Average and on the Nasdaq 100 Index each added 0.7%.
“Major indexes like the DAX or S&P 500 have already reached our year-end predictions,” DWS Chief Investment Officer Stefan Kreuzkamp said. “For the second half of the year, investors should expect more volatility and temporary setbacks. However, these dips should be seen as buying opportunities.”
Only one stock in the S&P 500 rose Thursday, supermarket operator Kroger Co. Shares of airlines, cruise and travel operators 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.
U.S. futures are rebounding “on expectation that the latest acceleration in new Covid-19 cases in the U.S. may not necessarily mean that the second wave is knocking on the door,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Hence, we could see some dip-buying in the S&P500 near the 3000 level.”
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https://news.google.com/__i/rss/rd/articles/CBMiSWh0dHBzOi8vY2EuZmluYW5jZS55YWhvby5jb20vbmV3cy9wLTUwMC1mdXR1cmVzLXJpc2Utd29yc3QtMDE1MzIzMTAyLmh0bWzSAVFodHRwczovL2NhLmZpbmFuY2UueWFob28uY29tL2FtcGh0bWwvbmV3cy9wLTUwMC1mdXR1cmVzLXJpc2Utd29yc3QtMDE1MzIzMTAyLmh0bWw?oc=5
2020-06-12 03:00:00Z
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