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Stocks - U.S. Futures Higher; Economic Optimism Overshadows Unrest

Stock MarketsJun 02, 2020 06:55AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are set to open higher Tuesday, with investors continuing to look for an economic recovery despite mounting civic unrest and increasing Sino-U.S. tensions.

At 06:55 AM ET (1055 GMT), S&P 500 Futures traded 17 points, or 0.6%, higher, Nasdaq Futures up 60 points, or 0.6%. The Dow Futures contract rose 170 points, or 0.7%. 

This optimism is despite President Donald Trump threatening to deploy the military in U.S. cities. in response to the violent unrest that has followed last week’s death of George Floyd, an unarmed black man, at the hands of police, 

On top of this, relations between China and the U.S. remain strained over the autonomy of Hong Kong, after Beijing passed new national security laws related to the city.

Reports Monday of an order from China's government to halt U.S. soybean purchases raised the possibility of damaging trade disagreements between Washington and Beijing, just a few months after the first phase of a trade deal ending a damaging trade war. Chinese backsliding on the deal would give Trump the pretext to raise import tariffs on its goods again. 

That said, the latest U.S. manufacturing purchasing managers index pointed to improvement in May from April, even though the reading was grim. The market is also still supported by trillions of dollars of fiscal and monetary stimulus and the reopening of states as the coronavirus outbreak passes its peak.

In corporate news, Facebook (NASDAQ:FB) will be in focus after a number of employees walked out Monday in protest against the tech giant's decision not to remove or flag a controversial post by Trump last week. Apple (NASDAQ:AAPL) will also be in the spotlight after cutting prices for its new iPhone models in China, its second-biggest market.

Carnival (NYSE:CCL) P&O Cruises said it is extending its pause in sailings to the middle of October as it continues to grapple with the effect of the Covid-19 pandemic.

Zoom Video (NASDAQ:ZM) is set to report earnings after the bell, and expectations for the company, which has become synonymous with working under lockdown restrictions for the Covid-19 pandemic, are high.

Oil prices edged higher Tuesday, with traders expecting the Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, to bring forward its next meeting to later this week in order to discuss whether to extend record production cuts beyond end-June.

The American Petroleum Institute will issue its measure of U.S. oil inventories after the bell. Last week the API reported that crude stockpiles climbed by 8.7 million barrels, bucking the recent downward trend.

At 5:55 AM ET, U.S. crude futures traded 2.7% higher at $36.38 a barrel. The international benchmark Brent contract rose 2.6% to $39.30.

Elsewhere, gold futures were largely flat at $1,750.85/oz, while EUR/USD traded at 1.1171, up 0.3%.

Stocks - U.S. Futures Higher; Economic Optimism Overshadows Unrest
 

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Comments (22)
George Pichurov
George Pichurov Jun 03, 2020 12:02AM ET
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We need more bad news so we can have ATH
Dee Mehta
DMFINANCE Jun 02, 2020 9:26PM ET
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Economic optimism hmm is for wall street only that sees economy equals index price or the real economy which is not optimistic at all . Fraudsters of epic proportions
Steve Lee
Steve Lee Jun 02, 2020 9:11AM ET
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Protests and looters will seed the “2nd wave” which will tank markets worldwide by mid summer
Jerry Malinka
Jerry Malinka Jun 02, 2020 9:02AM ET
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Why don't you guys stop complaining that market is not crushing and start making money on the long side? Remember - " don't fight the FED"
Gamer Turtle
GamerTurtle Jun 02, 2020 8:59AM ET
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US market is not allowed to be bearish.
Jon Kenyon
Jon Kenyon Jun 02, 2020 8:49AM ET
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I think I’m gonna put my entire nest egg in the market. I heard a rumor that the aliens are coming to be our new overlords ... the market is going to surge to even new heights !!
John Taylor
John Taylor Jun 02, 2020 8:47AM ET
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China and sll enemy countries if the United States are sutting back and smiling... “We don’t have to do a thing! They’re destroying thenselves!!!”
Sun Moon
Sun Moon Jun 02, 2020 8:42AM ET
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Investors believe the unrest will get Trump reelected.
John Patrick
John Patrick Jun 02, 2020 8:37AM ET
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Shorts looted :)
Ventsislav Mirchev
Ventsislav Mirchev Jun 02, 2020 8:25AM ET
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Hahaha jokers
MK MK
MK MK Jun 02, 2020 8:20AM ET
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What "Economic Optimism" are you talking about? 20% unemployment rate or highest debt?
Bulls MakeMore
Bulls MakeMore Jun 02, 2020 8:20AM ET
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The optimists are looking at 2021 and even 2022 now
MK MK
MK MK Jun 02, 2020 8:20AM ET
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Bulls MakeMore In July you will face reality. At that time there will be no space for optimism
Mario Rossi
Mario Rossi Jun 02, 2020 8:15AM ET
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I wonder why so much optimism. Virus is still strong and it will become widespread ending the lockdown
Sun Moon
Sun Moon Jun 02, 2020 8:15AM ET
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Thanks doc.  You should be back at the hospital caring for people.
Brady Murray
Brady Murray Jun 02, 2020 8:13AM ET
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Watching AAPL CRM and MRO for adding shares. Also PANW is consolidating and may be a good entry.
Brady Murray
Brady Murray Jun 02, 2020 8:10AM ET
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Another good trading day it seems. looking for some consolidation and really need a good pullback to deploy some dry powder. otherwise it's add some shares into strength.
Dee Mehta
DMFINANCE Jun 02, 2020 8:06AM ET
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Us stocks end day in red
Dee Mehta
DMFINANCE Jun 02, 2020 8:03AM ET
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Optimism are u kidding me peter ur iq is worst
ottin nerner
ottin nerner Jun 02, 2020 7:59AM ET
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FED: Mass Unrest???? Print more money!!!!
PM Coffee
PM_Coffee Jun 02, 2020 7:31AM ET
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I would love the day they open with a headline "US futures rise again due to manipulation of the Globex overnight Markets"
CT SomyedHengSuay
CT SomyedHengSuay Jun 02, 2020 7:29AM ET
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- U.S. Futures Higher; Economic Optimism Overshadows Unrest . = This is an absurd headline !!! 1.) The protests were marked on the one side by outbreaks of looting, and on the other by violence against both media and peaceful protestors as well as violent ones. 2.) China goes slow on farm goods purchases , Chinese government officials told major state-run agricultural companies to pause purchases of some U.S. farm goods including Soybeans , Cotton , Corn and Pork
WeeChong Lee
WeeChong Lee Jun 02, 2020 7:26AM ET
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Hooray! COVID disappeared, we have achieved world peace and everyone is getting a huge bonus/ increment every month! ****** they just found the cure to cancer and old age. Woo-hoo! stonks are flying!
Pietro Rosato
Pietro Rosato Jun 02, 2020 7:23AM ET
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fake and a fraud of a market
John Patrick
John Patrick Jun 02, 2020 7:21AM ET
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Inconceivable!
 
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