A jogger moves in front of the New York Stock Exchange (NYSE) at New York, on June 17, 2020.
Michael Nagel | Bloomberg | Getty Images
U.S. stock futures traded higher on Sunday night as Wall Street attempted to build on the momentum from last week’s strong performance.
Dow Jones Industrial Average stocks climbed 222 points. S&P 500 stocks and Nasdaq-100 futures traded in positive territory. .
Wall Street has been coming off strong profits following a shortened trading week because of the July Fourth holiday. The Dow and S&P 500 climbed 3.3percent and 4%, respectively, last week and the Nasdaq advanced 4.6percent at that moment.
The industry also wrapped up a week its best quarterly performance in years. The Dow rallied greater than 17percent for the next quarter while the S&P 500 jumped almost 20percent in that period of time. The Nasdaq posted a profit of 30.6percent for the quarter.
Sunday’s profits we are kept in check, however, since the amount of coronavirus cases retained surging worldwide, increasing concerns about the world economy and its retrieval in the pandemic.
The World Health Organization said Saturday that over 200,000 coronavirus instances were verified above a 24-hour interval, a listing. At a regional level, the largest spike has been seen from the Americas, at which almost 130,000 new cases have been verified.
At the U.S., Florida and Texas reported daily listing spikes of 11,445 and 8,258, respectively, on Saturday. Houston Mayor Sylvester Turner stated the epidemic is on speed to overwhelm the town’s hospitals in fourteen days. Miami Mayor Francis Suarez told ABC this weekend:”It is apparent that the expansion is exponential at this time.”
Information accumulated by Johns Hopkins University revealed that over 45,000 new cases were verified over the U.S. on Saturday.
“We’re now experiencing a spike in COVID-19 instances, especially in the sunbelt countries which were at the vanguard of loosening social distancing limitations to ease the reopening of the markets,” explained Marc Chaikin, CEO of Chaikin Analytics, in a post.
“That reopening momentum was stopped from the spike in COVID-19 cases along with the urge to interpret this to a bearish outlook for shares is powerful,” he further added. “Fatalities haven’t jeopardized, but but are a lagging indicator. Thus the following two weeks are crucial for any range of factors.”
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