U.S. stock-index futures risen insignificantly, on Tuesday evening. Just a few hours after the benchmarks suffered a pullback that deteriorated part of a strong rally. Futures for the DJI (Dow Jones Industrial) Average YMM20, 1.20% went up 0.2%, at 23,805 and those for the S&P 500 index ESM20, 1.15% rose 0.2% at 2,864.50, meanwhile Nasdaq-100 futures NQM20, 1.04% obtained 0.3% at 8,950.25. After the close of the regular session, Stocks lost steam. On Tuesday, with the Dow DJIA, -1.58% collecting 133.33 points, or 0.6%, to end the day at 24,883.09, the S&P 500 index SPX, -1.04% accelerating 25.70 points to end at 2,868.44, a grow of 0.9%, while the Nasdaq Composite index COMP, -0.53% adding 98.41 points, or 1.1%, to close at 8,809.12.
The lose of price moving on Tuesday was associated partly to remarks from Federal Reserve Vice Chairman Richard Clarida, who explained: “We’re living through the most relentless contraction in activity and deluge in unemployment that we’ve faced in our lifetimes,” in an interview on CNBC, indicating to the coronavirus-induced delays. “This is not a common recession. It’s going to be a significantly sharp decrease” in the second quarter,” he described. The remarks appeared plenty to knock some of the stuffing out of an equity market, savoring a sharp broad-based rally. Nonetheless, the Fed’s No. 2 did mention that the “recovery could begin in the second half” of 2020.
In the meantime,
President Donald Trump, speaking Tuesday evening at a Honeywell International Inc. HON, -3.00%, where N95 masks and other personal protective equipment manufactured in Arizona, acknowledged reports that his administration may phase out the Covid-19 task force.
Midst an interview with Bloomberg on Tuesday, Vice President Mike Pence said, “as states are reopening, we’re seeing the development that we’re making. Markets had been rising on the softening of lockdown protocols in a couple of U.S. states. However, worries about China-U.S. tensions centered on Beijing’s conducting of the viral outbreak discovered in Wuhan in December and abiding concerns about how adeptly companies will be able to adapt to the new era of COVID-19, combined with injecting some uncertainty in equity markets. Incorporate news, shares of entertainment giant Walt Disney & Co. DIS, -2.12% fell down 2.3% in after-hours trade following the company’s quarterly report explained that its profit went down for more than 90% in the second quarter, with more than $1 billion in lost profit from Disney theme parks alone, which mostly shuttered due to the deadly infectious disease.
Meanwhile, alternative-meat maker Beyond Meat Inc. BYND, +4.74% saw its shares surge more than 10% after the usual session Tuesday after it announced first-quarter net income of $1.8 million, or 3 cents per share, correlated with the lost amount of $6.6 million, or 95 cents per share, in the year-ago time. The fund grew 141% to $97.1 million from $40.2 million in the year-ago period.
Dow books insufficient gain as traders say Fed’s Clarida sucked the life out of the stock market’s Tuesday rally
HTZ-6.62% Stocks finished higher on Tuesday, but well off their best levels, as market participants said cautious comments about the U.S. economy’s health from Federal Reserve’s No. 2, Richard Clarida, drained many many solid gains. Investors had been upbeat as the soothing of social restrictions to stem the spread of the COVID-19 pandemic was feeding optimism on Wall Street. The S&P 500 SPX, -1.04% rose 0.9% to 2,868. And he Dow Jones Industrial Average DJIA, -1.58% climbed 133 points, or 0.6%, to 23,883, all on a preliminary basis. The Nasdaq Composite COMP, -0.53% gained 1.1% to 8,809. Despite the pullback from the intraday high Tuesday, stocks still have managed to bounce off the economic havoc across the U.S. as the reopening of some states and counties offers a glimpse of the recovery. In company news, shares of Hertz HTZ, -6.62% drop more than 16% after the Wall Street Journal, explained that the car rental company had hired another adviser to help with an imminent bankruptcy filing.