Welcome to the home for real-time coverage of U.S. equity markets brought to you by Reuters stocks reporters and anchored today by Terence Gabriel. Reach him on Messenger to share your thoughts on market moves: terence.gabriel.tr.com@reuters.net
MAJOR AVERAGES CAN TRY TO SCORE FOUR (0857 EDT/1257 GMT)
With equity index futures pointing modestly higher in premarket trade, the major averages can each attempt to rise for a fourth straight day.
This as hopes for an economic recovery from the coronavirus-led slump continue to build, even as six U.S. states saw a record rise in new COVID-19 cases.
Meanwhile, trend-followers are taking notice that the S&P 500's rising 50-day moving average ended Tuesday at about 2,926, or only about 14 points shy of the descending 100-day moving average, at about 2,940. With the 50-day rising about 12 points a day and the 100-day falling about 2 points, they should flirt with each other during Wednesday's session.
As of Tuesday's close, there was a 487 point disparity between these two moving averages on the Dow .DJI . Given their rates of ascent and descent, it may take about 4 days or so for them to intersect.
The 50-day moving average on the Nasdaq crossed above the 100-day moving average on June 9.
Meanwhile, Fed-Chair Powell warned in a virtual hearing with U.S. lawmakers on Tuesday that a full recovery is unlikely until the public is confident that the disease in under control. The second day of his virtual testimony will begin at 1200 EDT/1600 GMT.
Here is your premarket snapshot:
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own) ((terence.gabriel.tr.com@reuters.net terence.gabriel@tr.com 646-223-4122))
