After a dive on Monday caused by negativity surrounding the trade deal with China, Dow Jones futures have jumped back to life early this Tuesday morning. This latest jump comes from indications from the White House that the deal with China is indeed still intact and we are moving forward with phase 1. The original dive was set off by some comments from White House official, Peter Navarro saying the deal was over. However, he walked those comments back saying he was taken out of context and that phase 1 remains in place. All in all, we are seeing Dow Jones futures 1.4%, S&P 500 futures up 1.2%, and Nasdaq futures up .8%. Adding fuel to the latest jump are big tech companies like Apple and Microsoft who are both up over 1% at the time of this writing.

On the coronavirus front, cases are spiking in places like Texas, California, Florida, and several others. On Monday, we reported 31,000 new cases in the U.S. making it the 2nd largest reporting we have had. In total, the U.S. total number of cases has reached 2.38 million with 122,000 fatalities. On a positive note however, there appears to be a lesser fatality rate with these new cases as we have gotten a better grasp on how to handle this virus. That being said, we are in no means out of the woods yet. Please keep staying safe.

E-mini S$P 500 Sep ’20 Daily Chart

RJOF Editorial Team