S&P 500 futures trade lower in premarket amid fears for a second wave of coronavirus infections after the partial reopening of businesses in many countries. S&P 500 has gained over 35% since the March lows, and many investors might take some profits off the table.
Investors ignored the dismal employment data on Friday, and focus on the reopening. U.S. nonfarm payrolls (NFP) showed that the economy lost 20.50 million jobs in April while the unemployment rate jumped from 4.4%to 14.7%. Apple will reopen some of its stores in Idaho, South Carolina, Alabama and Alaska.
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European Stocks Turn Lower After A Positive Start
European markets are trading lower by midday despite the positive opening on Monday morning. Travel and energy shares are trading lower as investors turn cautious after in Germany the reproduction rate jumped over the weekend to 1.1 after lockdown eased. The Dax index is 1.25% lower at 10,768. The CAC 40 is 1.75% lower at 4,470. The FTSE Mib is 0.59% lower at 17,339. FTSE 100 is 0.361% lower at 5,915.
Crude Oil Price Digest Recent Highs
Brent crude oil price is 0.51% lower at $30.80 as investors taking some profits off the table after increased worries for a second coronavirus wave. The WTI June delivery futures is 1.54% higher at $25.09 per barrel. Gold price trades higher by midday adding 0.20% lower at 1,703, while silver price is 0.65% higher at 15.51.