Stock Market Update Monday, June 8th, 2020
It was another exciting day of trading, with stocks rallying on optimism over the reopening of the economy.
Here’s what traders were focused on today:
Jobs – Instead of a pause in the rally, which can happen after a big move higher, stocks were up again at the open. If you missed it, last week’s blockbuster report showed that 2.5 million jobs were added in May INSTEAD of the millions of job losses that were expected!
New York – New York City was the epicenter of coronavirus in the U.S. And after 100 days, New York is reopening.
Without any bad news over the weekend stocks opened higher.
After the higher start, stocks traded at session lows a little after 10AM ET. But after the dip stocks took off a never looked back.
The NASDAQ hit record highs early in the morning. And the DOW jumped 850 points while the S&P saw an 85 point gain before lunch.
With a rally into the close, the major indices finished the day at session highs. And with today’s gains the S&P has erased its COVID-19 losses and is now positive for the year!
Here’s where the major markets ended the day:
|*As of market close|
Over the weekend, OPEC members decided not to extend production cuts beyond June. Oil rallied to multi-month highs overnight but finished the day lower by 3.4%.
Tesla (TSLA) kicked off the week with new record highs. The rally came after news that Model 3 sales in China are up 205% from the COVID-19 slump in April. TSLA rocketed higher by 7.3%.
Boeing (BA) is well on its way to making a recovery of its own. The stock finished the day with an impressive 12.2% gain without much news, but just because airline stocks are doing so well.
The economic calendar is quiet during the beginning of this week,
but traders are keeping a close eye on Wednesday’s FOMC Statement.
The Fed has said many times they will do anything needed to bring back the economy. But most traders believe that the Fed will not lower interest rates again.
After the recent rally and with all eyes on the Fed, traders might cautious over the next two trading sessions…taking profits or waiting for Fed comments before extending this rally.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.