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Top 5 Things To Watch In The Stock Market This Week

Coronavirus News Feeds Continue To Be The Main Highlights

In Asia today, stocks are plunging as a resurgence in coronavirus cases shakes optimism for a swift economic recovery. Global coronavirus cases exceeded 10 million on Sunday and the death toll surpassed 500,000 people. Investors increasingly worry that economic reopening globally would not be easy and economic recovery may be weak. This is because of the recent rebound of coronavirus cases after the lockdown measures eased. For this reason, investors are getting more cautious and re-evaluating the risks to the stock market

US Stock Futures Fluctuate As Virus Infections Top 10 Million

Stock futures sank on Sunday evening as a rising number of states across the country reimposed social distancing standards to try and curb increases in coronavirus spreads.

Dow futures slid 700 points, or 2.3% after cities and states hit with a resurgence of coronavirus infections, further disrupting business activity. Since then, more cities rolled back the reopening plans over the weekend. We have been expecting a smooth rebound across the whole economy, and when things like that happen, we could expect some volatility across the market in the near-term.

S&P 500 futures took the bids near 3,012, up 0.2% on a day, during the initial Tokyo session on Monday. The bounce-back could simply be due to news of a potential Covid-19 cure. Sinopharm Group, a major Asian drug manufacturer, mentioned that its second vaccine showed positive safety and generated a high concentration of antibodies among participants in phase I and II clinical trials.

Nasdaq futures are also edging lower amid the resurgence of coronavirus concerns. With the recent advertising boycott of Facebook (FB Stock Report) by a number of companies, it is not surprising to see the stock dragging the index lower. After all, Facebook is the fifth-largest company within the index. 

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Nikola Is Open For PreOrders Today

Since Nikola (NKLA Stock Report) went public at the beginning of this month, the stock has been hovering around the $60-$75 price range. The company has its fair share of bulls and bears with regards to the projections of its future growth. After a one month wait, reservations are open today for the Badger, a hydrogen-electric pickup truck. I guess the reservation numbers will provide some clarification on the company’s prospects. The Badger aims directly after Ford’s F-150 and Tesla’s Cybertruck. Would the Badger be able to live up to its hype? You tell me. 

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US Federal Reserve’s Minutes & Unemployment Data

Investors are closely watching the market as the minutes of Fed’s most recent monetary policy meeting will be released on Wednesday. During the press conference following the meeting, Fed Chairman Jerome Powell gave a bleak assessment of coronavirus’s economic effects. He made clear that there would be no increase in interest rates in the near future. The minutes should deliver further details on Wednesday. Those include the committee’s view of the prospects for a full recovery and the measures it is considering to stave off further damage.

The unemployment data that is forthcoming this Thursday is the most obvious indicator of economic health. After the record loss of 20 million jobs in April, expectations were high that May’s non-farm payrolls would continue to deteriorate. But that’s not the case for May, which saw the addition of 2.5 million jobs. The question here is, can we expect the trend from May to continue? Or should we expect the trend from April to resume now that there’s a spike in infections?

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U.S. Markets Are Closed On Independence Day 2020

We are going to have a long weekend ahead. The U.S. stock market will be closed this coming Friday. But before that, there are also a few companies that are reporting their earnings this week. Of those that are reporting, these are a few stocks that investors are paying close attention to. Among them are Micron Technologies (MU Stock Report), Constellation Brands (STZ Stock Report), FedEx (FDX Stock Report) and General Mills (GIS Stock Report).

By Amos C

Amos is the global markets correspondent for StockMarket.com. His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

Amos has a deep-rooted background in foreign exchange and commodities. His previous experience working within the cryptocurrency arena has given him the advantage to identify the fast-moving stock market and financial trends. Amos calls Hong Kong home and has been a financial content writer for the last 3 years.

He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings StockMarket.com a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

Most of the time you can find him diving into corporate filings, focusing on fundamentals that could influence major market moves. One of his passions is researching technology and biotechnology stocks. Some of the most cutting-edge innovations have stemmed from these industries. While many don’t become industry blockbusters, the processes and applications of these innovations has led to some of the biggest developments known to man in the modern age. As a global correspondent, Amos has been able to see both sides of the story as it relates to world news and offers a true, personal approach, cutting through the noise of the mass media. He was integral in reporting on the Hong Kong uprising and doing first-hand research on international sentiment from the novel coronavirus.

In his free time, Amos is an avid fan of music and art and enjoys attending concerts.

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