Dow ‘s opening rally fading fast as stock market struggles to recoup Thursday’s selloff

U.S. stock benchmarks were in positive territory but well of their opening peaks on Friday, as Wall Street’s attempted to recapture losses from the sharpest selloffs for the market since mid-March appeared to stumble badly in late-morning action.

All three indexes saw their sharpest one-day drops since March 16 on Thursday. The S&P 500 and the Dow finished at their lowest levels since May 26, while the Nasdaq ended at its lowest since May 29, according to Dow Jones Market Data. Indeed, the International Monetary Fund’s Gita Gopinath said that the global economy is recovering more slowly than expected and faces “significant scarring,” Bloomberg News reported. In a video released Friday but recorded June 4, Gopinath said the IMF will release updated growth projections on June 24 that will likely be worse than April projections for a global contraction of 3%, if the disease lingers.

However, a bullish investors don’t believe Thursday’s downturn signaled a unraveling of the trend higher for U.S. equities. In U.S. economic reports, a reading import prices for May rose, up 1%, by the most in more than year, marking the largest gain since February 2019, the Labor Department reported. Meanwhile, the University of Michigan’s consumer sentiment index showed an increase to a reading of 78.9 from 72.3 in May.

The greenback traded up 0.2% but was poised for a flat finish on the week against its major rivals, as gauged by the ICE U.S. Dollar index DXY, +0.40%.

2nd wave 🌊

There's literally NO reason for a rally. The ACTUAL economy is in shambles. The Stock market is NOT the economy

¯\\_(ツ)_/¯

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market live updates: Dow futures bounce 500, reopen trades back on, United up 11%A conversation on the latest market-moving news. 'Yay!!!!!' - Mammon Hi there, Do you need photoshop image background removal service? please contact me or order here This is a bull trap if I’ve ever seen one, nothing has changed since yesterday
Source: CNBC - 🏆 12. / 72 Read more »

Stock market live updates: Dow bounces 700 points, reopen trades back on, United pops 11%What's the deal with Hertz, a bankrupt company, asking a judge if the company can sell $1 billion worth of stock? MadMoneyOnCNBC's jimcramer sounds off. MadMoneyOnCNBC jimcramer the deal is buying $NAK MadMoneyOnCNBC jimcramer The US market is completely broke...what a shame… MadMoneyOnCNBC jimcramer So I guess they'd no longer need protection from their creditors huh?
Source: CNBC - 🏆 12. / 72 Read more »

Dow futures surge nearly 600 points Friday as stock market attempts to rebound from worst day since mid-MarchU.S. stock-index futures rose sharply Friday morning, as Wall Street aimed to finish a roller-coaster week on a better note following one of the worst selloffs for the market since mid-March when the COVID-19 pandemic was worst. Great, only 3 more sessions to go to get back to where we left off :) so the Robin Hood sell off is over? 🤔
Source: MarketWatch - 🏆 3. / 97 Read more »

Dow surges nearly 800 points Friday as stock market attempts to rebound from worst day since mid-MarchU.S. stock benchmarks surged Friday morning, as Wall Street aimed to finish a roller-coaster week on a better note following one of the worst selloffs for... Where is all of your doom and gloom Stop being a sheep and scaring the shit out of people !!!! IDontBelieveTheMedia 😂 Tell Fauci to keep his damn mouth shut today!
Source: MarketWatch - 🏆 3. / 97 Read more »