Stock futures fall, giving back some gains

Stock futures fell Tuesday evening, kicking off the overnight session lower after a rally.

During the regular session, a bevy of developments helped power the three major indices to their third straight day of gains. These catalysts included encouraging results from a trial showing that the generic drug dexamethasone helped reduce the death risk among patients with severe Covid-19 cases. And earlier reports that the Trump administration was prepping a nearly $1 trillion infrastructure package also helped provide a boost to risk assets.

More promising signs of a speedy economic recovery also contributed to the rally. New economic data Tuesday morning showed retail sales surged by a record 17.7% in May over April, with the pace of increase more than double the rate consensus economists expected. The indicator that consumer spending was recovering sharply after April’s record decline led at least some economists to pare back their expectations for the

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Stock futures extend gains after Fed expands bond-buying program

Stock futures kicked off the overnight session higher Monday evening, extending gains from the regular trading day.

Earlier, stocks closed out a choppy session higher, with equities in the morning tracking toward another session of steep declines before paring losses. The Dow erased earlier losses of as much as 762 points, or 3%, to settle 157 points higher.

The reversal came after the Federal Reserve announced it would begin purchasing individual corporate bonds as part of its emergency lending program to inject liquidity into the virus-stricken economy. The move represented an expansion of the Fed’s previously announced Secondary Market Corporate Credit Facility, which had until Monday only included purchases of exchange-traded funds.

“I think what they’re trying to get away from is the perception that they’re favoring one company or one industry over another so they try to spread it out,” Kathy Jones, chief fixed income strategist at Charles Schwab,

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Stock futures add to market gains, reopening strategy eyed

Stock futures added to the regular session’s gains on Tuesday evening, indicating a higher opening when Wall Street begins Wednesday’s trading, as investors continue to price in the possibility of more states relaxing restrictive stay-at-home orders that have decimated U.S. economic growth.

Wall Street ended a choppy session led by a strong rebound in oil (CL=F), which skyrocketed by 20% on Tuesday to settle at $24.56, its fifth consecutive session of advances. Crude has been under intense selling pressure as the coronavirus demand shock converged with an oversupplied market and a price war between Saudi Arabia and Russia.

Across the U.S., cases as a whole rose to more than 1.1 million, with deaths topping 67,000. In New York state, the latest reported daily death toll was 230, roughly flat from the day prior, and fewer than 700 people were newly hospitalized. In California, the daily death toll was 39 on

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Volcker recession-like coronavirus impact could set up ‘multi-million’ job gains: Goldman

Goldman Sachs still sees a case for a V-shaped recovery amid the novel coronavirus, making the argument that the 1981-1982 recession could be a model for “multi-million job gains” once the labor market rebounds.

The investment bank’s research team wrote Wednesday that the “silver lining” of the surge in temporary layoffs is exactly that — the job loss is temporary. The Goldman analysts said they “take some comfort” in parallels to the 1981 recession triggered by former Federal Reserve Chairman Paul Volcker’s aggressive interest rate hikes to battle inflation.

“Short-term layoffs were an important ingredient in the subsequent V-shaped recovery, as many of the record-high 2.5 million temporarily separated workers were rehired once financial conditions eased,” Goldman wrote.

Goldman Sachs wrote April 8 that the U.S. economy could see a rebound in jobs resembling the 1981-1982 recession.

To tackle prices inflating to the tune of nearly 10%, Volcker ratcheted

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Stock futures tick higher, extending gains

Stock futures opened higher Thursday evening, adding to gains after Wednesday’s session saw each of the S&P 500 and Dow climb more than 6%.

During the regular session, stocks ended higher for a third straight day as investors hoped a $2 trillion relief package passed by the Senate would help offset some of the economic damage dealt by the coronavirus outbreak. It was the first time the S&P 500 posted three consecutive sessions of advances since mid-February.

The House of Representatives is set to vote on the coronavirus economic relief package Friday.

Stocks’ gains during Thursday’s session, which came even after the U.S. Labor Department reported the largest number of new weekly unemployment claims on record, sent the Dow 1,351 points higher to settle above the 22,500 level – more than 20% above its recent closing low from March 23.

While policymakers around the world have stepped up their efforts

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