Wall Street dips amid U.S. protests, China tensions

U.S. stocks rise to begin June on 2-week win streak

U.S. stocks rise to begin June on 2-week win streak

Rioting and protests over the killing of George Floyd has now lasted six days.

Stocks closed broadly higher on Wall Street Monday after shaking off a wobbly start.

United States stocks futures indices initially declined at the open with the Dow Jones Industrial Average falling more than 200 points, but it did not take long to recover with all major indices back into positive territory.

Advancing issues outnumbered decliners by a 3.46-to-1 ratio on the NYSE and by a 2.24-to-1 ratio on the Nasdaq.

Active movers were led by Allied Esports Entertainment Inc.

Investors mostly looked past the sometimes violent demonstrations across USA cities, over the killing of George Floyd, an unarmed black man, by police, highlighting what many see as the disconnect between Wall Street and Main Street.

Markets also disregarded China's pointed reaction to President Donald Trump's announcements targeting the country over a Hong Kong security law.

Tensions between the two nations have climbed again in recent weeks with USA officials expressing anger over how China handled the coronavirus outbreak. The company's shares first dropped after market close on Friday, when it said that it would stop a potential breast cancer treatment.

US stocks rose slightly Monday to begin June after two consecutive weeks of solid growth. "China tensions seriously and you add on to that the massive amount of disruption going on in nearly every major city in the country right now, none of that could be seen as market positive".

Biden to visit community leaders in DE amid United States protests
Biden visited businesses that were boarded up in Wilmington, and met a few locals during his visit. Earlier Friday, Biden spoke to Floyd's family on the phone.

"At the levels we're at, I wouldn't be surprised to see the market take a pause and pull back", Hogan added.

More than 6 million cases of coronavirus have been confirmed around the world, including more than 1.7 million in the U.S.

"The main downside risk facing stocks is a second wave of the disease", said Peter Berezin, chief global strategist at BCA Research, in a note to clients.

"Investors are continuing to largely ignore the escalating US-China tensions, the global recession and ongoing riots in the US, among other risks", said analyst Fawad Razaqzada at trading site ThinkMarkets.

Overnight in Asia, markets finished higher. China's Shanghai Composite gained 2.21%, Hong Kong's Hang Seng jumped 3.36% and Japan's Nikkei-225 rose 0.84%.

Australia's S&P/ASX 200 Index futures were up 0.2%.

In commodity markets, gold added 0.5% to $1,735 an ounce. Non-manufacturing PMI rose to 53.6 in May, up slightly from April's reading of 53.2 and construction activity rose 1.1 points to 60.8 in May from the previous month.

Bond investors suspect economies will need massive amounts of central bank support long after they reopen and that is keeping yields super low even as governments borrow much more.

Recommended News

  • Masked woman calmly steals cheesecake amid protests in Seattle

    Masked woman calmly steals cheesecake amid protests in Seattle

    Online sleuths found it regardless and are now posting it online with contact information for the Seattle Police Department. Another officer can be seen grabbing his colleague's knee and prying it off the man's neck after tapping him to stop.
    Ebola: Congo declares new epidemic

    Ebola: Congo declares new epidemic

    The Equateur province has already experienced high Ebola rates during previous outbreaks, for example in 2018 when 33 people died. By far the worst epidemic affecting the DRC is measles, which has infected almost 370,000 people and killed 6,779 since 2019.
    Hong Kong Leads Global Markets Higher

    Hong Kong Leads Global Markets Higher

    Hong Kong's autonomy is guaranteed by a 1997 agreement under which it was returned to China from the UK. Amnesty International said authorities should facilitate a socially-distanced vigil rather than ban it.
  • Lionel Messi concedes football will 'never be the same again' after coronavirus

    Lionel Messi concedes football will 'never be the same again' after coronavirus

    Because of the pandemic, the clubs, the authorities and related businesses are also facing uncertain financial futures. La Liga will resume on June 11 when Sevilla will play Real Betis.
    Burns routs Woodley in UFC return to Vegas

    Burns routs Woodley in UFC return to Vegas

    I feel so good right now". "I don't know why I am at peace - not with losing, not with defeating, not with losing to Gilbert". Woodley says the loss to Burns was nothing like the defeat he suffered to UFC Welterweight Champion Kamaru Usman at UFC 235 .
    Players make Major League Baseball  counteroffer in bid to save 2020 season

    Players make Major League Baseball counteroffer in bid to save 2020 season

    The owners take the "L" on prorating, and now can negotiate up from an unrealistically short ask on the length of the season. In exchange, players would be allowed to opt-out of playing this season, receiving only service time instead of a salary.
  • US Open plan in the works, including group flights, COVID-19 tests

    US Open plan in the works, including group flights, COVID-19 tests

    The French Open has been postponed until September instead of May while Wimbledon has been canceled for the first time since 1945. Private flights will be organized from some key airports such as Paris, Vienna, Frankfurt, Buenos Aires, and Dubai.
    Ontario government extends all COVID-19 emergency orders until June 9

    Ontario government extends all COVID-19 emergency orders until June 9

    But the union said it has been calling on the province to step in at the facility. The province conducted 18,525 tests, doubling the output of earlier in the week.
    Music Industry Observes Tuesday Black Out Tuesday 'in Solidarity with Black Community

    Music Industry Observes Tuesday Black Out Tuesday 'in Solidarity with Black Community

    They are working on a greater plan of action, to be announced, and say they "are and will be in this fight for the long haul". Columbia noted that "we stand together with the black community against all forms of racism, bigotry, and violence".
  • Province to provide update on COVID-19 response

    Province to provide update on COVID-19 response

    Her warning was paired with a reminder that June 1 marks the start of Seniors Week in Alberta. Hinshaw said health officials are monitoring a spike in active cases in the Edmonton Zone .
    Sony Has Delayed This Week's PS5 Games Event

    Sony Has Delayed This Week's PS5 Games Event

    In its tweet, it stated that it felt now wasn't the right to celebrate and it wanted to "allow more important voices to be heard". This led to the decision to postpone the event without any indication on when it'll actually be held.
    Ravalli County confirms 1 new case of COVID-19

    Ravalli County confirms 1 new case of COVID-19

    Here is a summary of new cases and other COVID-19 stats reported Monday by health officials across Nebraska & Iowa. The Dickinson County Health Department has reported the county's fourth and fifth confirmed cases of COVID-19.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.