Futures Jump On First Day Of May In Quiet Session

S&P and Nasdaq futures, and European bourses were volatile but ultimately rose on Monday to kick off a new month in a quiet session which saw several major markets closed, following a week of record earnings beat which however resulted in big stock drops with investors also keeping an eye on India COVID cases and economic data to gauge the pace of recovery (SPY, QQQ).

Trading was subdued with several including Japan, China and the U.K. closed for public holidays. S&P 500 futures added 0.6%, Dow e-minis were up 216 points, or 0.64%, and Nasdaq 100 e-minis were up 40.25 points, or 0.30%. Europe’s Stoxx 600 Index gained 0.4%. The yen weakened, while gold advanced.

With more than 60% of companies already having reported mostly stellar results so far, profits are now expected to have risen 46% in the first quarter, compared with forecasts of 24% growth at the start of April, which however has failed to propel stocks to new highs.

Monday's mood reversed from last Friday's surprise selloff as the biggest nasdaq companies reported blowout earnings only to be punished by the market. Some notable premarket movers:

  • Megacap FAAMG stocks rose in premarket trading, with Apple, Amazon.com, Alphabet and Microsoft adding between 0.2% and 0.4% after posting largely upbeat results in the prior week (AAPL, AMZN, GOOGL, MSFT).
  • Tesla Inc fell 0.9%. Industry sources told Reuters the electric vehicle maker, under scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team (TSLA).
  • Moderna Inc gained 2.4% after the drugmaker said it would supply 34 million doses of its COVID-19 vaccine this year to the global COVAX program (MRNA)

Europe's Stoxx 600 dipped then reversed after euro zone factory activity growth surged to a record high in April, boosted by burgeoning demand and driving a rise in hiring, although supply constraints led to an unprecedented rise in unfulfilled orders, the latest PMI survey showed. IHS Markit’s final Manufacturing Purchasing Managers’ Index (PMI) rose to 62.9 in April from March’s 62.5, albeit below the initial 63.3 “flash” estimate but the highest reading since the survey began in June 1997.

1 2 3 4
View single page >> |

Disclosure: Copyright ©2009-2021 ZeroHedge.com/ABC Media, LTD; All Rights Reserved. Zero Hedge is intended for Mature Audiences. Familiarize yourself with our legal and use policies ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.