U.S. stock futures were up early Tuesday morning on some increasing optimism that the economy may reopen soon. Preopen the Dow was up 1% while the Nasdaq and S&P 500 climbed 1.1% and .9% respectively. In fact, the Dow Jones jumped so high it erased its 362-point loss from Monday. We could see the Dow rise even higher in the near-term pending the earnings reports from giants like Disney, Microsoft, and Apple. As for the Nasdaq, with the recent rally in tech it was able to curtail its yearly losses to 2.9%. Not bad given the recent market climate.
While we are beginning talks of opening up the economy, unfortunately coronavirus is still making its way through the U.S. The total of confirmed U.S. cases hit 1.2 million on Monday. However, on a positive note, the infection rate seems to be hanging around in the same area despite a large increase in testing. This could potentially mean the virus is slowing, but we don’t know for sure yet. Another positive note is that Italy has begun to reopen its economy which is good news for us because according to many experts the U.S. was only tracking 1-2 weeks behind Italy. However, until we know for sure or hear from the experts it is important to keep staying inside. Stay tuned for updates.