Wall Street inches higher at open on recovery optimism

Stocks register gains on cautious hopes of economic recovery

Stocks register gains on cautious hopes of economic recovery

The Dow opened 51.67 points higher on Friday, reversing losses seen on Friday after Donald Trump said the White House was set to begin taking action to revoke Hong Kong's favoured trade status with the United States.

Those gains were capped, however, by a 7.7% drop in Pfizer shares.

US stock futures were higher in early trading on Tuesday as investors looked past civil unrest around the country and focused on the reopening of the economy from the coronavirus pandemic.

Futures for the NASDAQ Composite regained 33 points, or 0.3%, to 9,628.

Investors are balancing cautious optimism about the reopening of businesses shut down because of the coronavirus pandemic against worries that the civil unrest across the US over police brutality and racism could disrupt the economic recovery and widen the outbreak.

The pan-European STOXX 600 jumped over 1%. China's Shanghai Composite edged 0.2%, Hong Kong's Hang Seng gained 1.11% and Japan's Nikkei-225 rose 1.19%.

In Southeast Asia, where shutdowns are beginning to ease, Indonesia's benchmark jumped almost 2.0% and Singapore's surged 2.3%.

So far, Wall Street's momentum has not been derailed by the wave of daily unrest across the USA that began last week in Minneapolis as a protest over police brutality.

US cities erupt in more violence as Trump decries `lowlifes'
Video showed that looters began gathering in front of one of the blocked entryways of the Macy's store. Her father said Monday that he didn't learn of her arrest until media reports emerged Sunday.

Despite the bright mood across the region, fears persist about a possible resurgence in coronavirus outbreaks.

The euro was at a two-and-a-half-month high as the US dollar struggled.

"The market has shifted sights forward to the second half of the year and the prospects for the economy reopening for demand returning and hope what that means for corporate profits".

"How long can markets remain buoyant?" he asked.

More than 6 million coronavirus cases have been confirmed globally, including over 1.7 million in the USA, according to Johns Hopkins University. Payroll processor ADP issues its May survey of hiring by private USA companies on Wednesday.

The US equity market finished session higher on Monday, 01 June 2020, as optimism around economic reopening and better than expected US manufacturing data for May. Analysts surveyed by FactSet expect the report will show the economy lost 9 million jobs last month.

Crude oil prices were higher, with USA benchmark West Texas Intermediate up half a per cent to US$35.0 per barrel, though it had briefly breached the US$36 level earlier in the day. It fell 5 cents to $35.44 a barrel on Monday. Brent crude oil for August delivery rose 2.6% to $39.31 a barrel.

The U.S. dollar rose to 107.72 Japanese yen from 107.58 yen.

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