From TheStreet’s “Dow Futures Edge Lower as Global Stock Rally Pauses Ahead of ECB Policy Meeting” posted early Thursday:
U.S. equity futures edged lower for the first day five Thursday as investors paused a global rally that has lifted world stocks to the highest levels in three months ahead of a key European Central Bank meeting that could add billions more in stimulus to a market already awash with rescue cash.
Wall Street surged to three-month highs last night as a far better-than-expected reading of private sector job losses for the month of May, based on data from payroll provider ADP, added to evidence of a steady global economic recovery from the cornonavirus pandemic.
With central banks buying $2.4 billion worth of financial assets every hours in order to keep markets stable during the worst of the coronavirus crisis, and governments from Brussels to Tokyo making recent pledges to spend billions more, investors have been largely sanguine over market risks such as U.S.-China trade tensions and domestic protests linked to police brutality and the death of George Floyd in Minneapolis on May 25.
My take: The U.S. markets have more on their mind than an ECB policy meeting.