Market will gradually rebound back from current level low after consolidation
DJIA & S&P500 had stubbornly sustain above 50% retrenchment
Bursa & SC had agreed to further suspension of IDS until end of June 2020 in order to stabilize market volatility
Stock futures extend gains after Moderna reports positive vaccine data, Dow futures up 650 points
(PUBLISHED SUN, MAY 17 20206:08 PM EDTUPDATED MOMENTS AGO)
Futures contracts tied to the major U.S. stock indexes rose sharply Monday, rebounding from losses last week, as news from a Moderna trial stoked optimism about a potential coronavirus vaccine.
Dow Jones Industrial Average futures jumped 650 points, or 2.8%. S&P 500 futures added 2.6%. Nasdaq-100 futures were up 2%.
Moderna shares rallied more than 26% after the company reported “positive” phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.
Shares of companies that would benefit from the economy reopening also rose in the premarket. Disney traded nearly 3% higher while MGM Resorts traded 6% higher. Cruise operator Carnival gained 7.8%. Deltas and United Airlines both rose more than 7% along with American.
Comments from the Federal Reserve chief also added to the bullish sentiment.
Federal Reserve Chairman Jerome Powell said to CBS’ “60 Minutes” that “there’s a lot more we can do” to help the economy. “We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have.”
The central bank leader also said he’s “highly confident” the U.S. economy will claw its way back from the current pullback, but warned that it may not fully recover until a Covid-19 vaccine is complete.
“Don’t fight the Fed,” wrote FundStrat’s Tom Lee to clients after the interview.
The Nasdaq Composite and S&P 500 fell 1.1% and 2.2%, respectively, last week with the latter notching its worst week since March. The Dow industrials finished the week down 2.65% for its third negative week in four and its worst week since April 3.
Keyman ,1448 sure bo ? Now only 1227,nanti tak jadi tak mahu sembunyi ye... Pls give a more balance view, what r the downside factors , tht pull index down, u r the expert le! I memang tak tahu ...ingin dpt tahu yg benar benar pasti tahu... ( jika tak tahu juga leave a caveat maa)
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by Keyman188 > 2020-04-28 14:21 | Report Abuse
Market will gradually rebound back from current level low after consolidation DJIA & S&P500 had stubbornly sustain above 50% retrenchment Bursa & SC had agreed to further suspension of IDS until end of June 2020 in order to stabilize market volatility