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)_/¯

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