Crude futures are eyeing their fifth straight win today
Dow Jones Industrial Average (DJI) futures are signaling big gains this morning, ready to build off of yesterday's tech-fueled rally. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also confidently above fair value, as investors look for signs of a slowly reopening U.S. economy amid the coronavirus crisis. Oil prices appear ready to build off yesterday's five-day winning streak, with June-dated crude futures up 11.5% at $22.74 per barrel, at last check.
Continue reading for more on today's market, including:
Schaeffer's Senior V.P. of Research, Todd Salamone breaks down the SPY levels to watch this month.Options bulls are loading up on weekly Apple calls. Plus, Alaska Air grounded post-earnings; drug stock dinged by COVID-19 headwinds; and furniture name scores earnings and revenue beat.
Markets in Asia were quiet on Tuesday, with China, South Korea, and Japan's major indexes closed for holiday. Hong Kong's Hang Seng rose 1.8%, however, despite the government's announcement of its economy shrinking by 8.9% year-over-year in the first quarter, its largest drop on record -- or since 1974.
In Europe, shares climbed today, led by the oil & gas sector, as countries ease lockdowns and restrictions due to coronavirus. News came that a top German court determined that the European Central Bank's (ECB) government bond purchase program partially violates the law, but the decision will not affect coronavirus measures. At last check, the London FTSE is up 1.6%, the French CAC 40 tacking on 1.9%, while the German DAX is rising 1.8%.