Stock market commentary for June 15, 2020
June 15, 2020
At 4:40 AM today, Monday, June 15, 2020, Eastern Time (ET) the US stock futures fall more than 1.5% for the major stock indices.
S&P Futures: 2,968.50,-66.25(-2.18%)
Dow Futures: 24,857.00,-679.00(-2.66%)
Nasdaq Futures: 9,475.75,-169.25(-1.75%)
Russell 2000 Futures: 1,345.60,-37.60(-2.72%)
Stock market today may open lower
The latest stock futures data point to lower open for the stock market today. The main reasons for this lower open today for the stock market could be due to the following reasons:
“Stock futures sank Sunday evening as investor jitters over rising coronavirus cases in key parts of the country stirred up an extension of last week’s pullback in equities.
Last week, stocks posted their first weekly loss in a month, with a steep selloff on Thursday comprising much of the weekly decline. The plunge, which came on the heels of a more than 40% run-up in the S&P 500 since March, came after new data showed rising coronavirus case and hospitalization counts in states that were among the first to reopen businesses, and after the Federal Reserve delivered a grim forecast for economic activity in the near-term.
Market participants continued to eye coronavirus cases across the country for signs of resurgences.”
Important economic news this week
The US retail sales and industrial production figures are important economic indicators about the state of the US economy. As the US stock market made an impressive rebound off the lows in March 2020 in a period of uncertainty, fear, bad economic news, ignoring an almost certain economic recession, the fact that there is now profit-taking is justified. Investing in stocks is about knowing when to make money and book profits. Stock market volatility may be a dominant theme during summer, expecting further important economic news such as the GDP growth rate.