Futures waver as traders kick off June

Jun. 01, 2020 4:00 AM ETBy: Yoel Minkoff, SA News Editor58 Comments
  • U.S. stock index futures opened lower Sunday evening as violent protests rocked the nation, though things turned around quickly following positive momentum in Asia. Dow +0.5%; S&P 500 +0.4%; Nasdaq +0.2%.
  • Hong Kong and Shanghai shares surged 3.4% and 2.2%, respectively, as data boosted hopes of a V-shaped recovery and showed China's manufacturing activity unexpectedly expanding in May.
  • There was also relief that while President Trump began the process of ending special U.S. treatment for Hong Kong, the measures fell short of withdrawing from a Phase One trade agreement or issuing sanctions directly against China.
  • Regarding the protests: "The direct economic impact of the protests is small, at least so far," said Mark Zandi, chief economist of Moody's Analytics.
  • Update (4:30 a.m. ET): Futures have gone negative once again, pointing to losses of 0.5% at the open.

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