Stock futures opened roughly flat on Monday evening as investors looked at stabilizing economic data across the country alongside protests, raising some concerns about an increase in coronavirus cases after the outbreak escalated.
Big tech companies and tech-heavy Nasdaq continued their outperformance on Monday. The Nasdaq was only 2.7% below its recent all-time high of February 19 at the close on Monday.
In terms of economic data, an index of U.S. manufacturing activity released Monday morning rose for the first time since January, raising hopes that the worst downturn was over, even if the meter was in the contractive area.
“We are predicting better days as the Supply Management Institute still claims that the overall economy will no longer be in recession as long as its index is 42.8 or higher,” said Chris Rupkey, chief financial economist at MUFG Union Bank, in one Email of the index, which was received at 43.1 in May. “A small step for manufacturing today means a big leap for the overall economy.”
Stocks ended Monday’s session higher, despite tensions across the country, as protesters rallied against police brutality after officers and officers killed George Floyd, an unarmed black man, last week. President Donald Trump said in a press conference late Monday that he would deploy the U.S. military in cities and states that are not addressing the unrest enough.
The protracted rallies, many of which involved looting, vandalism, and retail destruction, prompted at least some analysts to speculate on the prospect of another escalation of Covid-19 cases that could weigh on the economic recovery.
“The timing couldn’t have been worse. Suddenly we have 90% of the US population in a phase-back state, and now you are trying to reopen small businesses and the social unrest is really affecting the economic recovery, ”said Deepak Puri, Wealth Management Americas of the Germans Bank chief investment officer, said Yahoo Finance The First Trade. On Monday. “I don’t think this will permanently hinder economic performance, but there is really cause for concern.”
Some policy makers shared similar concerns.
“We’re talking about a week’s reopening in New York City, and now we’re seeing these mass meetings in the past few nights that could actually increase the spread of COVID-19,” New York governor Andrew Cuomo said to a press Conference Monday.
New York City will have a curfew starting at 11 p.m. on Monday evening. According to a statement by Cuomo and New York Mayor Bill de Blasio, thousands of police officers will patrol the streets at 5 a.m. on Tuesday morning. New York City has joined more than three dozen other cities across the country that have curfewed in the past few days as officials try to prevent further violence and property damage alongside some demonstrations.
In Minneapolis, where the protests began, curfews are set to continue for at least the next two nights, although some members of the National Guard who had previously been activated have been sent home, said Tim Walz, governor of Minnesota.
6:48 p.m. ET Monday: President Donald Trump says he will “deploy the US military in cities,” states that do not use an “adequate” response to protests
President Donald Trump said during a press conference on Monday evening that he would deploy the U.S. military in cities and states that he believed had not taken enough measures to suppress recent violence in the midst of the protests.
“Today I strongly advised every governor to deploy the National Guard in sufficient numbers to control the streets. Mayors and governors must build an overwhelming presence of law enforcement agencies until the violence is suppressed, “Trump said. “If a city or state refuses to take the necessary measures to defend the lives and property of its residents, I will deploy the US military and quickly solve the problem for them.”
6:06 p.m. ET Monday: Stock futures open little changed
Here were the key steps at the start of the US equity futures overnight session from 6:06 p.m. ET:
S&P 500 futures (ES = F.): 3,051.75, minus 2.25 points (-0.07%)
Dow Futures (YM = F.): 25,443.00, minus 20 points (-0.08%)
Nasdaq futures (NQ = F.): 9,586.50, minus 8.5 points (-0.09%)
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