Dow futures climb as ADP jobs report looms
U.S. stock-index futures rose Tuesday evening, implying that the trend for Wall Street continues to be higher after the stock market closed at its highest level since early March. Futures for the Dow Jones Industrial Average YMM20, +0.
43% YM00, +0.43% were trading 102 points, or 0.4%, higher at 25,803, those for the S&P 500 index ESM20, +0.32% ES00, +0.32% were gaining 0.3%, while Nasdaq-100 futures NQM20, +0.29% NQ00, +0.29% were advancing 26 points, or 0.3%, at 9.673.75, at last check. The gains come as unrelenting bullishness surrounding the prospects of business reopenings in the U.S. continue to buoy stocks, despite a wave of issues that should otherwise serve as impediments to a bullish uptrend. Those factors include, Chinese-U.S. tensions, seething civil unrest in America and a pandemic that remains a public-health problem throughout the world. In Tuesday's regular session, the Dow DJIA, +1.05% rose 267.63 points, or 1.1%, to end at 25,742.65, marking its highest close since March 6, according to Dow Jones Market Data. Meanwhile, the S&P 500 index SPX, +0.82% rose 25.09 points, or 0.8%, closing at 3,080.82, its loftiest finish since March 4, and the Nasdaq Composite Index COMP, +0.59% advanced 56.33 points, or 0.6%, to finish at 9,608.37, representing its best closing level since Feb. 20. On Wednesday, investors will get a fresh read of the impact of efforts to limit the spread of COVID-19, with a report on private-sector employment likely to show that 8.663 million jobs were lost in May, according to Econoday, compared with Automatic Data Processing Inc.'s ADP, +1.85% estimate in April for a loss of 20.236 million. Markets have shrugged off poor economic news and a wave of protests across U.S. cities sparked partly by the death of George Floyd in Minneapolis last week, an unarmed black man who perished under the knee of a white police officer. Protests about social injustice in America has resulted in curfews imposed in a number of major cities, including New York, which has set a curfew from 8 p.m. Eastern to 5 a.m. In corporate news, shares of Zoom Video Communications Inc. ZM, +1.92% soared in after-hours trade Tuesday after the videoconference company reported record sales and earnings, and expectations for more amid boom times during a pandemic that has fostered, perhaps, a lasting stay-at-home business culture.
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