The coronavirus stock market rally had a solid session Wednesday, with upbeat economic data and vaccine news
Dow Jones futures were little changed vs. fair value early Thursday, along with S&P 500 futures and Nasdaq futures, ahead of the June jobs report. The coronavirus stock market rally had a solid session Wednesday, with upbeat economic data and vaccine news. That’s despite record new U.S. coronavirus cases as well as fresh Covid-19 restrictions and corporate actions.
FANG stocks Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Google parent Alphabet (GOOGL) showed bullish action, while Teladoc Health (TDOC) and Okta (OKTA) cleared buy points. All eyes are on Tesla (TSLA), with TSLA stock continuing to rise overnight ahead of second-quarter deliveries data.
Among the FANG internet giants, Amazon stock and Netflix stock hit record highs, with NFLX stock moving back into a buy zone. Facebook stock and Google stock continued to rebound from last Friday’s sell-offs.
Teladoc stock and Okta stock offered entries for aggressive investors. Tesla stock is extended.
AMZN stock, TSLA stock and TDOC stock are on IBD Leaderboard, along with Apple stock. Okta stock is on SwingTrader. FB stock and NFLX stock are on the IBD 50 list. Google stock is on the IBD Long-Term Leaders watchlist.
While growth stocks fared well, many “real economy” names continue to lag. It’s a stock picker’s market.
Dow Jones futures edged lower vs. fair value, while S&P 500 futures were flat. Nasdaq 100 futures climbed 0.2%.
After the close, news broke that the CEOs of Apple (AAPL), Facebook, Amazon and Google will appear before a House antitrust panel. That hearing will be the end of the panel’s probe, which may result in new legislative proposals to rein in Big Tech.
The June jobs report will likely swing Dow Jones futures at 8:30 a.m. ET on Friday. Economists expect the mid-month jobs report to show a payrolls gain of 3 million after May’s surprising increase of 2.51 million. The unemployment rate should fall to 12.4% from May’s 13.3%.
DJIA futures were negative early Tuesday until an upbeat ADP employment report and positive coronavirus vaccine trial data shortly before the open.
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