Last week, Wall Street announced its first profitable week in the last three months, ignoring Friday’s loss of 20.5 million jobs, resulting in unemployment soaring to 14.7%, the worst indicator since the Great Depression.
The growth leaders were the technological giants of the country. The Nasdaq 100 is now just over 5% behind its all-time high, despite gloomy economic news.
General optimism has recently been fostered by the idea that the US economy is recovering again: California, Michigan, and Ohio, three of the most important states for American manufacturing, have taken steps to allow factories and some businesses to make money again.
However, the news coming out from South Korea on Friday of a new surge in incidence was worrying, as the country was praised worldwide for its efforts to curb the virus.
According to estimates by Johns Hopkins University, 1.3 million people have been infected with the coronavirus in the United States and nearly 80,000 have died, which is the highest rate in the world today, although the cumulative rates for Europe are still higher.
In the corporate sector, shares in AMC Entertainment (NYSE: AMC) rose more than 9% on the premarket after the release of a report that linked Amazon (NASDAQ: NASDAQ: AMZN) to the world’s largest movie theatre chain, which faced difficulties in an economic downturn.
Tesla shares (NASDAQ: TSLA) fell 3.4% before the market opened after company head Ilon Musk said he filed a lawsuit against Alameda County in California after the county’s health department refused to give permission to resume on Friday. Tesla factory works. Musk added that he could move the headquarters from California to another state.
Walt Disney (NYSE: NYSE: DIS) will also be in the spotlight after its Disneyland in Shanghai reopened on Monday, but at 30% capacity, which is the first small step to rebuild one of the group’s most profitable industries.
Oil futures slid down again on Monday, consolidating after recent gains pulled the sector off record lows recently. Last week, the oil market also showed the first winning week of three of them.
At 07:05 am ET (11:30 GMT) (June US oil futures were trading 1.7% lower at $ 24.32 per barrel, while the Brent international benchmark contract fell 2.5% up to $ 30.20.
And gold futures fell 0.7% to $ 1,701.25 an ounce, while EUR / USD was trading at 1.0817, down 0.2%.
