Stock futures jump on Memorial Day as coronavirus stock market rally rolls on

On Monday morning, Dow Jones stock futures rose solidly, along with S&P 500 futures and Nasdaq futures, with U.S. markets closed for Memorial Day.

Last week, the coronavirus stock market rally rolled on, with the Nasdaq composite nearing all-time highs.

Ed Carson for Investor’s Business Daily:

U.S. FlagApple, Microsoft, Google parent Alphabet, Tesla, and Advanced Micro Devices are all near buy points.

None of these stocks seem particularly eager to break out, despite a strong week for the coronavirus market rally. Apple stock and Google stock both edged past buy points last week, but never closed above them. Tesla stock and AMD stock hit aggressive entries, but then backed off slightly. Microsoft stock barely moved last week.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

U.S. markets are closed Monday in observance of the Memorial Day weekend. But Europe and Asia were open. Asian markets generally rose Monday, with Japan’s Nikkei up 1.7% and the Shanghai composite 0.15%. European markets were solidly higher.

MacDailyNews Take: Investors will be aware of rising U.S.-China tensions growing out of China’s secretive handling of the COVID-19 outbreak, the U.S. banning of Huawei, etc. with the U.S. likely to sanction China if it goes ahead with a national security law that would give the Chinese Communist Party more control over Hong Kong. China has already warned via state-run media that Apple and other U.S. firms could face reprisals over the U.S.’s Huawei restrictions.

5 Comments

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