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AnonymousJobs Report: Coronavirus Comeback Adds 2.5 Million Jobs, Unemployment Rate Falls; Dow Jones Futures Soar
Stock futures traded in split-screen fashion early Friday as the Dow and S&P 500 rallied hard after May payrolls data from the Labor Department was far less dire than expected. The Nasdaq once again lagged, turning negative shortly after the payrolsl data. Airline stocks blasted higher for a second day, and Boeing staked out another easy lead on the Dow Jones today.
Dow Jones futures punched up a 2.5% advance, S&P 500 futures swept 1.6% above fair value, tracking a global rally started in Hong Kong on Friday, with European benchmarks all sharply higher in afternoon trade.
Gains for Nasdaq 100 futures shrivled into a 0.1% loss on the stock market today. Zoom Video Communications (ZM) traded at the bottom of the Nasdaq 100, down 3.5%. Netflix (NFLX)dropped 1.8%, as the FANG stock tech leaders traded generally lower.
Airline stocks positioned to extend Thursday’s rally, which followed plans by American Airlines and United Airlines (UAL) to further revive service shut down by the coronavirus pandemic. American Airlines (AAL) soared 26% in premarket action. United shares rallied nearly 21%. Delta Air Lines (DAL) hammered out a 15.5% premarket advance. Southwest (LUV) jumped 7.8, Alaska Air Group (ALK) sailed ahead 12% and JetBlue (JBLU) bolted 11% higher. The U.S. Global Jets ETF (JETS) popped more than 13% in early action.
Ford (F) stock spiked more than 8%, as investors began to anticipate demand recovery in auto sales. Automakers on Tuesday reported May U.S. auto sales were down 29% for the year, but still well above analyst expectations. Fiat Chrysler (FCAU) rallied 5.5%. General Motors (GM) climbed 5.6% gain.
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