RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Dow Jones futures jumped a staggering 800-points on Tuesday morning, building upon the momentum that was Monday’s 1600 point gain. In fact all three major markets were up in the their premarket exchange. The Dow led the way with a 3.1% gain followed by the S&P 500 futures at 2.6% and Nasdaq futures at 2.2% respectively. A helping hand in the prevailing winds upward were large jumps in big name companies. Boeing, the volatile beast of the Dow was up 8% early Tuesday after a 20%(!!!) gain on Monday. Not to be out down, Carnival Cruise Line, which received a hefty influx of cash after it sold off 8.2% of the company was up 18% percent. It’s a good sign that we are seeing these large travel companies start to recover on Wall Street, but we still need to keep a watchful eye as they could change at any minute.

On the coronavirus front, we are still in the thick of things as experts believe the U.S. should peak shortly then hopfully flatten out. Cases were up 9% bringing the total number of confirmed cases to 367,605. With the increase in cases, sadly, deaths were up too, to the tune of 13.7% bringing the total to 10,934. Not to sound alarmist, but in reality these numbers are most likely marginally higher as a lot of people are still having trouble finding testing. The rate of test increase fell to 9% on Monday, which was down from the estimated 14% increase we saw last week. With the large numbers we are dealing with, it has also caused a delay in the results of those who do get tested. The best course of action is still to try and stay safe and stay home.

RJOF Editorial Team