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U.S. stock index futures edged higher on Friday as investors bet on more official stimulus to drive a post-pandemic economic revival even COVID-19 cases saw another record rise throughout the globe.
Dow futures were trading at 26670.50 while Nasdaq 100 and S&P 500 futures inched up to 10,636.75 and 3214.62 respectively, at the time of writing.
BlackRock Inc the world’s largest asset manager rose 1.8% in premarket trading after reporting a jump in quarterly profit as investors poured money into its fixed-income funds and cash management services.
Netflix Inc shed 6.7% in premarket trading after it forecast its subscriber growth during the coronavirus pandemic would slow even more than Wall Street expected during the third quarter.
United Airlines rose 1.5% after saying it has reached an agreement with its pilots’ union on two different packages aimed at reducing involuntary furloughs in the fall and keeping pilots at the ready once coronavirus-hit demand starts to pick up.
As the second-quarter earnings season gets underway, investors are looking for clues on the path of recovery for Corporate America. Unprecedented stimulus measures and improving economic data have helped the S&P 500 rise to within 5% of its February record high.
U.S. homebuilding increased by the most in nearly four years in June amid reports of rising demand for housing in suburbs and rural areas as companies allow employees flexibility to work from home because of the COVID-19 pandemic. Housing starts increased 17.3% to a seasonally adjusted annual rate of 1.186 million units last month, the Commerce Department said on Friday. The percentage increase was the largest since October 2016. Data for May was revised up to a 1.011 million-unit pace from the previously reported 974,000.
Investors are also hoping for more fiscal support, as a program that offers additional weekly $600 checks for the unemployed ends this month, leaving millions of gig workers and self employed among others without an income.
The S&P 500 and the Dow have risen so far this week after promising data on a COVID-19 vaccine helped investors look past a record-breaking increase in coronavirus cases in the United States.
On the technical front, the RSI is at 62.10% and suggests that the market can move in an upward direction. The current price is trading above all the moving averages. The stochastic is forming a downside crossover.
Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion—DOW JONES—BUY at 26674 Take Profit at 27100 Stop Loss at 26278