Cias, chief US equities strategist Tobias Levkovich predicts future market forecasts amid positive COVID news.
US stock futures traded higher ahead of the Wall Street session on Wednesday as optimism about growth increased when President Biden announced a vaccine plan.
The major futures indices indicate a gain of 0.7% in the opening clock.
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Following the recent emergency approval for Johnson & Johnson’s COVID-19 vaccine, all U.S. adults will be able to receive a coronavirus vaccine by the end of May, President Biden announced Tuesday.
Biden officially announced at a press conference that pharmaceutical giant Merck & Co. partnered with rival Johnson & Johnson to help manufacture the recently approved COVID-19 vaccine in an effort to speed up the country’s vaccination efforts, a process that began slowly but accelerated over the past few weeks.
Texas and Mississippi officials have announced they are open for business because they have dropped COVID restrictions.
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Investors have taken to heart the easing in bond prices that alleviates concerns about possible interest rate hikes. Yields on bonds declined and yields on the ten-year treasury fell to 1.40% on Wednesday.
The first of this week’s labor-related reports will be released on Wednesday morning.
The payment processing firm ADP will issue its national work report for February. Economists are looking for a profit of 177,000 jobs in the private sector, slightly above the much stronger than expected figure of 174,000 in January.
The Institute of Supply Management’s non-manufacturing report for February is expected to show an expansion in the service sector of the economy with an index reading of 58.7. Any reading above 50 indicates expansion.
In Europe, the London FTSE rose 1.1%, the German DAX by 0.9% and the French CAC by 0.8%.
Stocks advanced in Asia on Wednesday after a shaky day on Wall Street.
The Nikkei 225 index in Tokyo added 0.5%, Hong Kong’s Hang Seng rose 2.7% and China’s Shanghai Composite Index rose 1.9%.
On Tuesday, the S&P 500 fell 0.8% to 3,870.29 after earlier swinging between small gains and losses. A day earlier, the benchmark index had jumped 2.4% for its best performance since June. Technology and internet stocks accounted for a large portion of sales, a reversal from a day earlier.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 31391.52 | -143.99 | -0.46% |
| SP500 | S&P 500 | 3870.29 | -31.53 | -0.81% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13358.787066 | -230.04 | -1.69% |
The Dow Jones industrial average lost 0.5% to 31,391.52. The technically heavy Nasdaq composition fell 1.7% to 13,358.79.
Federal Reserve Governor Lael Brainard on Tuesday wanted to calm financial markets by emphasizing that while the Fed is generally optimistic about the economy, it is far from raising interest rates or reducing its $ 120 billion-a-month asset purchases.
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Federal Reserve Chairman Jerome Powell will speak on Thursday, and at the end of the week will be the government’s job report, which is usually the highlight of each month’s economic report. It also contains figures for how much wages are rising in the whole economy, a major component of inflation.
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In other trades, US standard crude oil rose $ 1.11 to $ 60.91 a barrel in electronic trading on the New York Mercantile Exchange. It lost 89 cents to $ 59.75 a barrel on Tuesday. Brent crude, the international standard, added $ 1.27 to $ 63.97 a barrel.
Associated Press contributed to this article.