Premarket: Apple is red

apple premarket red 7-1From TheStreet’s “Dow Futures Flat As Third Quarter Kicks-Off Amid Record Rise in U.S. Coronavirus Infections” posted early Wednesday:

U.S. equity futures edged lower Wednesday, following yesterday’s solid close which catapulted stocks to their strongest quarterly gains in more than two decades, as investors continue to track rising domestic coronavirus infection rates alongside the global economic recovery.

A near 20% quarterly advance for the S&P 500 — most of which was recorded in the month of May — has lead global stock markets to a puzzling rally built largely on hopes of a near-term recovery from the coronavirus pandemic and the trillions spent and pledged by governments and central banks around the world.

Recovery hopes continue to drive at least a portion of equity market sentiment, with manufacturing activity readings in Asia and Europe showing steady improvements over the month of June, while central bank support remains firmly in place, with the People’s Bank of China even adding to the global liquidity binge with a 25 basis point cut to two rates aimed at smaller and rural firms in the world’s second largest economy.

My take: Mr. Premarket doesn’t know what’s going on. Yahoo Finance thinks it sees a bearish pattern in Apple’s chart, but $350 a year for a Premium subscription seems a bit steep.

One Comment

  1. Jerry Doyle said:
    Latest: Market futures turn….Stock futures slashed earlier losses Wednesday on the back of positive coronavirus vaccine news and strong U.S. payrolls data.

    July 1, 2020

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