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Business

Wall Street closes higher after biggest payrolls jump on record

NEW YORK (Reuters) – Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday as investors headed into their long holiday weekend buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well under way.

All three major U.S. stock averages advanced, with the benchmark S&P 500 posting its fourth straight daily gain.

Massive stimulus and hopes for a speedy economic rebound have returned the S&P 500 and the Dow to 7.6% and 12.6% below their record highs reached in February.

The indexes registered strong gains for the week.

The U.S. economy added 4.8 million jobs USNFAR=ECI in June according to the Labor Department, 1.8 million more than analysts expected, setting a second consecutive record.

Massive rehiring sent the unemployment rate USUNR=ECI down to 11.1%. [nL1N2E82LC]

“There was a lot to like in economic data for the week,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “And there’s still talk that there will be more stimulus from Washington after they get back from the Fourth of July break.”

Still, even with May and June’s consecutive record payroll gains, the labor market has still recovered only a fraction of the 22 million jobs lost in the March-April plunge.

The recovery of the U.S. economy, now in its sixth month of recession, could stall as new cases of COVID-19 hit record levels and several states hit hardest by the resurgence halted or reversed plans to reopen their economies. [nL1N2E81ES]

On Thursday, Florida reported a record-shattering 10,000 new cases of the disease, worse than any European country reported at the peak of their outbreaks. [nL8N2E94GS]

“With the spikes (in new COVID-19 cases) we’ve seen the larger states – Texas, California and Florida – those states have taken steps to turn back their re-opening plans,” Nolte added. “And that will slow the overall growth and consumer spending in those regions.”

In the coming weeks, market participants will train their focus on second-quarter reporting season. In aggregate, analysts now expect S&P earnings to have dropped by 43.1% as companies grappled with plunging demand and disrupted supply chains.

The Dow Jones Industrial Average .DJI rose 92.39 points, or 0.36%, to 25,827.36, the S&P 500 .SPX gained 14.15 points, or 0.45%, to 3,130.01 and the Nasdaq Composite .IXIC added 53.00 points, or 0.52%, to 10,207.63.

The CBOE Volatility index , a barometer of investor anxiety, logged its largest weekly point drop since the week ending May 8.

Of the 11 major sectors in the S&P 500, all but real estate .SPLRCR and communications services .SPLRCL closed higher, with materials .SPLRCM enjoying the largest percentage gain.

Microsoft Corp (MSFT.O) provided the biggest boost to the S&P 500, and in June retained its top spot as the most globally invested stock, according to data from trading platform eToro.

Tesla Inc (TSLA.O) jumped 8.0% after the electric car maker’s second-quarter vehicle deliveries beat Wall Street estimates. [nL4N2E92OP]

Advancing issues outnumbered declining ones on the NYSE by a 1.90-to-1 ratio; on the Nasdaq, a 1.28-to-1 ratio favored advancers.

The S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 123 new highs and 10 new lows.

Volume on U.S. exchanges was 10.03 billion shares, compared with the 13.24 billion average over the last 20 trading days.

(This story corrects index that has recovered since February to the Dow instead of the Nasdaq, paragraph three)

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Business

Record job growth powers Wall Street, Nasdaq hits all-time high

(Reuters) – Wall Street opened higher on Thursday, with the Nasdaq hitting an all-time high as data showed the U.S. economy added jobs at a record pace in June, the latest signal of a rebound in business activity following the easing of coronavirus-led lockdowns.

Nonfarm payrolls rose by 4.8 million jobs in June, the Labor Department’s closely watched monthly employment data showed, the most since the government began keeping records in 1939, although a recent surge in COVID-19 cases has threatened the fledgling recovery.

All 11 major S&P sectors were trading higher and gains were led by financials, basic materials and energy stocks.

“The strong rebound would normally be an unambiguously positive sign that a recovery is under way (but) it is being accompanied by a sharp rise in new infections, which was what caused the collapse in the first place,” said Mike Bell, global market strategist at JP Morgan Asset Management in London.

“It is therefore too soon to say for certain that this recovery in employment sounds the all-clear for investors.”

Several states are scaling back or pausing reopenings to tackle the spike in infections and analysts have warned of another selloff in financial markets if the damage to Corporate America mounts.

Third-quarter earnings for S&P 500 companies are now expected to tumble 25%, compared with a forecast of a 2.7% drop on April 1, according to Refinitiv data. In the second quarter, earnings are forecast to have plunged 43%.

“People are less concerned about earnings than they are about the guidance and what companies say about the next six months and 2021,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York.

At 10:10 a.m. ET, the Dow Jones Industrial Average was up 431.49 points, or 1.68%, at 26,166.46, the S&P 500 was up 46.08 points, or 1.48%, at 3,161.94, and the Nasdaq Composite was up 147.27 points, or 1.45%, at 10,301.90.

Tesla Inc jumped 8.5% and was set for a fourth straight session of gains after beating Wall Street estimates for second-quarter vehicle deliveries.

Travel-related stocks were also among the biggest gainers, with cruise line operators Carnival Corp, Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd rising more than 2%.

Coty Inc added 5.3% after it named former top executive of L’Oreal, Sue Nabi, as its chief executive officer.

Advancing issues outnumbered decliners more than 8-to-1 on the NYSE and 3-to-1 on the Nasdaq.

The S&P index recorded 30 new 52-week highs and no new low, while the Nasdaq recorded 84 new highs and six new lows.

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Business

S&P, Nasdaq close higher on vaccine hopes, improving data

NEW YORK (Reuters) – The S&P 500 and Nasdaq indexes closed higher on Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely.

Pfizer Inc’s shares rose more than 3% after the drugmaker said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials.

The gains put Pfizer among the top boosts to both the S&P 500 and Dow Industrials while helping improve the mood on Wall Street even as the U.S. Centers for Disease Control and Prevention reported an increase of 43,644 new cases of the coronavirus. U.S.-listed shares of BioNTech rose as much as 18.9% before fading into the close, ending down 3.9%.

“Pfizer news was certainly an impetus for the market to move even higher but in general it is this very positive momentum, looking beyond this re-spreading of the virus, looking beyond that to eventual treatments, eventual vaccine and eventual safe openings of the economy,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Investors were also encouraged by some upbeat economic data as coronavirus-induced lockdowns have eased. A report on Wednesday showed a slump in global manufacturing had ebbed in June, with U.S. figures hitting their highest level in more than a year.

On Thursday, all eyes will be on the Labor Department’s nonfarm payrolls report.

The Dow Jones Industrial Average fell 77.91 points, or 0.3%, to 25,734.97, the S&P 500 gained 15.57 points, or 0.50%, to 3,115.86 and the Nasdaq Composite added 95.86 points, or 0.95%, to 10,154.63.

The Dow was held in check partly by a 1.6% fall in Boeing Co shares, which lost ground for a second straight day following a 14% surge on Monday.

Updates on the progress in various COVID-19 vaccine programs are being closely watched by investors, and have been partly responsible for Wall Street’s recent rally.

The S&P 500 closed its best quarter since 1998 on Tuesday, fueled also by unprecedented levels of fiscal and monetary stimulus. Minutes from the Federal Reserve’s June policy meeting showed policymakers broadly agreed to make full use of the tools at the central bank’s disposal to support a recovery from the recession triggered by the coronavirus pandemic.

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

The ADP National Employment Report on Wednesday showed U.S. private payrolls increased by 2.369 million jobs, but still less than expected in June.

FedEx Corp jumped 11.7% after posting better-than-expected quarterly profit and revenue, helped by a surge in pandemic-fueled home deliveries.

Drugmaker Amgen Inc climbed 8.2% after a federal appeals court upheld two patents for the drugmaker’s multibillion-dollar rheumatoid arthritis drug Enbrel.

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and no new lows; the Nasdaq Composite recorded 83 new highs and 11 new lows.

Volume on U.S. exchanges was 10.57 billion shares, compared with the 13.46 billion average for the full session over the last 20 trading days.

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Business

S&P, Nasdaq close higher on vaccine hopes, improving data

NEW YORK (Reuters) – The S&P 500 and Nasdaq indexes closed higher on Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely.

Pfizer Inc’s shares rose more than 3% after the drugmaker said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials.

The gains put Pfizer among the top boosts to both the S&P 500 and Dow Industrials while helping improve the mood on Wall Street even as the U.S. Centers for Disease Control and Prevention reported an increase of 43,644 new cases of the coronavirus. U.S.-listed shares of BioNTech rose as much as 18.9% before fading into the close, ending down 3.9%.

“Pfizer news was certainly an impetus for the market to move even higher but in general it is this very positive momentum, looking beyond this re-spreading of the virus, looking beyond that to eventual treatments, eventual vaccine and eventual safe openings of the economy,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Investors were also encouraged by some upbeat economic data as coronavirus-induced lockdowns have eased. A report on Wednesday showed a slump in global manufacturing had ebbed in June, with U.S. figures hitting their highest level in more than a year.

On Thursday, all eyes will be on the Labor Department’s nonfarm payrolls report.

The Dow Jones Industrial Average fell 77.91 points, or 0.3%, to 25,734.97, the S&P 500 gained 15.57 points, or 0.50%, to 3,115.86 and the Nasdaq Composite added 95.86 points, or 0.95%, to 10,154.63.

The Dow was held in check partly by a 1.6% fall in Boeing Co shares, which lost ground for a second straight day following a 14% surge on Monday.

Updates on the progress in various COVID-19 vaccine programs are being closely watched by investors, and have been partly responsible for Wall Street’s recent rally.

The S&P 500 closed its best quarter since 1998 on Tuesday, fueled also by unprecedented levels of fiscal and monetary stimulus. Minutes from the Federal Reserve’s June policy meeting showed policymakers broadly agreed to make full use of the tools at the central bank’s disposal to support a recovery from the recession triggered by the coronavirus pandemic.

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

The ADP National Employment Report on Wednesday showed U.S. private payrolls increased by 2.369 million jobs, but still less than expected in June.

FedEx Corp jumped 11.7% after posting better-than-expected quarterly profit and revenue, helped by a surge in pandemic-fueled home deliveries.

Drugmaker Amgen Inc climbed 8.2% after a federal appeals court upheld two patents for the drugmaker’s multibillion-dollar rheumatoid arthritis drug Enbrel.

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and no new lows; the Nasdaq Composite recorded 83 new highs and 11 new lows.

Volume on U.S. exchanges was 10.57 billion shares, compared with the 13.46 billion average for the full session over the last 20 trading days.

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Business

S&P, Nasdaq higher on vaccine hopes, improving economic data

(Reuters) – The S&P 500 and Nasdaq rose on Wednesday as rising hopes of a COVID-19 vaccine offset fears of another round of lockdowns following a record surge in coronavirus cases in the United States.

A COVID-19 vaccine developed by Pfizer Inc and German biotech firm BioNTech showed promise and was found to be well tolerated in early-stage human trial, the companies said.

Pfizer’s shares rose 4.8% on the news, one of the biggest boost to the S&P 500 index, while BioNTech gained 3%, helping improve the mood on Wall Street after the United States registered 47,000 new coronavirus cases on Tuesday, the biggest one-day spike since the start of the pandemic.

Updates on the progress in various COVID-19 vaccine programs are being closely watched by investors, and have been partly responsible for Wall Street’s recent rally. The S&P 500 closed its best quarter since 1998 on Tuesday.

The market in general has reacted positively to these bits of news as they are all tied to the COVID situation, said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. “The COVID-19 is the linchpin to the market right now.”

The S&P 500 on Tuesday secured its biggest quarterly percentage gain in more than two decades fueled by unprecedented levels of fiscal and monetary stimulus.

Investors have also focused on signs of an economic recovery with the easing of coronavirus-induced lockdowns. Data on Wednesday showed a slump in global manufacturing was easing in June, with U.S. figures hitting their highest level in more than a year.

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

On Thursday, all eyes will be on the Labor Department’s nonfarm payrolls report.

“The manufacturing number adds a boost to investor confidence. And now the market is positioning itself in anticipation for tomorrow’s numbers,” Bakhos added.

The ADP National Employment Report on Wednesday showed U.S. private payrolls increased by 2.369 million jobs, but still less than expected in June.

At 11:43 a.m. ET the Dow Jones Industrial Average was down 19.88 points, or 0.08%, at 25,793.00, the S&P 500 was up 8.47 points, or 0.27%, at 3,108.76 and the Nasdaq Composite was up 56.63 points, or 0.56%, at 10,115.39.

Battered cruise line operators Norwegian Cruise Line Holdings Inc, Royal Caribbean Cruises Ltd and Carnival Corp rose between 3.6% and 6.0%.

Drugmaker Amgen Inc rose 5% after a federal appeals court upheld two patents for the drugmaker’s multibillion-dollar rheumatoid arthritis drug Enbrel.

FedEx Corp jumped 14.3% after posting better-than-expected quarterly profit and revenue, helped by a surge in pandemic-fueled home deliveries.

Declining issues nearly matched advancers on the NYSE and outnumbered them 1.46-to-1 on the Nasdaq.

The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 64 new highs and eight new lows.

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Politics

Biden attacks Trump's handling of COVID-19 as U.S. cases rise

WILMINGTON, Del. (Reuters) – Democratic presidential candidate Joe Biden on Tuesday launched a fresh attack on President Donald Trump’s “historic mismanagement” of the coronavirus pandemic as the number of confirmed cases in many states rises.

Speaking in his hometown of Wilmington, Delaware, the former vice president argued that earlier action by Trump would have reduced the number who fell ill and the economic impact of the virus.

“The American people don’t make enormous sacrifices over the past four months so … you can waste all their efforts they have undertaken with your midnight rantings and tweets,” said Biden, who delivered the speech to reporters in a high school gymnasium.

Biden released an updated plan to tackle the pandemic, which would include more COVID-19 testing and hiring at least 100,000 contract tracers.

He predicted that the coronavirus outbreak would likely worsen with the onset of the flu season, and said preparations should include more flu vaccines.

Biden said that, if elected, he would ask the federal government’s top disease expert, Dr. Anthony Fauci, to serve another term.

Trump and his allies say the toll of the virus – which has killed more than 126,000 Americans, according to a Reuters tally – could have been larger without travel bans he put in place for visitors from China, and later from Europe.

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They have argued the increasing confirmed cases in recent weeks are largely attributable to more testing, although the rate of positive tests has also been rising.

Trump campaign spokeswoman Courtney Parella said Biden was “fearmongering and rooting against America’s success” while Trump led a public and private-sector mobilization that had slowed the spread of the virus.

The Republican president is trailing Biden in opinion polls ahead of the Nov. 3 election amid the pandemic’s health and economic crises, and nationwide protests against police brutality.

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Business

S&P 500 poised for best quarter since 1998; Boeing weighs on Dow

NEW YORK (Reuters) – The S&P 500 on Tuesday was poised to close out its best quarter in more than two decades as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the U.S. economy was on the horizon.

But gains were kept in check by comments from Anthony Fauci, the U.S. government’s top infectious diseases expert, who said there was no guarantee the United States will have an effective COVID-19 vaccine and warned the virus spread “could get very bad,” a reminder that a full economic recovery could be a long road.

The Dow slipped, pressured by a drop of more than 6% in Boeing Co (BA.N), as the airplane maker gave back some of Monday’s 14% surge after Norwegian Air (NWC.OL) canceled orders for 97 aircraft and said it would claim compensation.

“There is a huge game of musical chairs going on here and that is really favoring the Nasdaq and it is really punishing the indices that have the megacap and very familiar names like Boeing,” said Peter Kenny, founder, Kenny’s Commentary LLC and Strategic Board Solutions LLC in Denver.

“That will turn to some extent once we get this under control and kind of get this relatively all-clear signal from the authorities – the political figures and the health authorities.”

The Dow Jones Industrial Average .DJI fell 36.27 points, or 0.14%, to 25,559.53, the S&P 500 .SPX gained 20.8 points, or 0.68%, to 3,074.04 and the Nasdaq Composite .IXIC added 108.80 points, or 1.1%, to 9,982.95.

While coronavirus cases continue to surge in many states, the U.S. economy is showing signs of pickup, with data indicating consumer confidence increased much more than expected in June.

Analysts warned that portfolio rebalancing at the end of the quarter could lead to choppy trading in the session.

The benchmark S&P 500 has rebounded more than 37% from its March 23 closing low and is up nearly 19% for the quarter on unprecedented levels of fiscal and monetary stimulus and the easing of restrictions.

But it is still down about 5% on the year, and gains in June stood under 1% due to the flare-up in virus cases that has threatened to delay reopenings and derail a tentative economic recovery. Federal Reserve Chairman Jerome Powell reiterated in comments on Tuesday that the path of the economy is “highly uncertain.”

Simmering U.S.-China tensions also weighed on sentiment, with Washington beginning to eliminate Hong Kong’s special status under U.S. law in response to China’s national security law for the territory. China said it would retaliate.

Nine of the 11 major S&P 500 sectors were trading higher, with technology .SPLRCT stocks leading the pack with a 1% gain.

Micron Technology Inc (MU.O) jumped 3.9% as it forecast higher-than-expected current-quarter revenue on strong demand for its chips that power notebooks and data centers.

The company’s results also boosted other chipmakers, with the Philadelphia semiconductor index .SOX up 2.1%.

Uber (UBER.N) rose 4.7% after reports that the ride-hailing services company was in talks to buy food-delivery app Postmates.

Advancing issues outnumbered declining ones on the NYSE by a 1.48-to-1 ratio; on Nasdaq, a 1.58-to-1 ratio favored advancers.

The S&P 500 posted 8 new 52-week highs and 1 new low; the Nasdaq Composite recorded 67 new highs and 15 new lows.

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Politics

Biden says he will consider asking for a classified briefing on possible Russian bounties

WILMINGTON, Del. (Reuters) – Democratic presidential candidate Joe Biden said on Tuesday he will consider asking for a classified briefing on allegations that Russia offered bounties for the killing of American troops in Afghanistan.

Democratic lawmakers are seeking more information on the claims, after the New York Times reported that President Donald Trump had received a written intelligence briefing on the suspected Russian program in late February.

“If it doesn’t get cleared up quickly, I will seek and ask if I can be briefed,” Biden said during a press briefing in Wilmington, Delaware.

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Business

Wall Street gains on hopes of stimulus-powered rebound, Boeing boost

(Reuters) – Wall Street rose on Monday and the S&P 500 edged closer to its biggest quarterly gain since 1998 as investors clung to hopes of a stimulus-backed economic rebound, while a jump in Boeing shares boosted the blue-chip Dow.

The planemaker (BA.N) rose 7.7% after the Federal Aviation Administration confirmed on Sunday it had approved key certification test flights for the grounded 737 MAX that could begin as soon as Monday.

A spike in virus infections in Southern and Western states last week sparked a sell-off in equities, but the threat of a deeper-than-feared recession has led investors to expect that the Federal Reserve or Congress will step in with more stimulus.

“The market believes that the Fed has its back,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

“If things get really bad, the Fed will step in with additional monetary easing and basically reach into their bag of tricks to do whatever they need to support the market.”

All 11 major S&P 500 sub-indexes were in the black, with industrial .SPLRCI and material .SPLRCM stocks leading gains.

The benchmark S&P 500 .SPX has rebounded about 39% since its March lows and is now trading above its 200-moving average price, an indicator of long-term momentum, as the U.S. economy shows signs of picking up.

Data on Monday showed contracts to buy previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around. Later this week, investors will focus on employment and consumer confidence data for June.

“Any positive data based on actual spending is going to be well received, given the backdrop where there are a lot of questions about where we are in this reopening phase,” said Keith Buchanan, portfolio manager at GlobAlt Investments in Atlanta.

Still, the BlackRock Investment Institute downgraded U.S. equities to “neutral”, citing risks of fading fiscal stimulus, an extended epidemic as well as renewed U.S.-China trade tensions.

Analysts at Morgan Stanley said a further injection of cash was critical to the bank’s thesis for a “V”-shaped U.S. economic recovery.

Although a $3 trillion aid bill was passed by the House of Representatives in May, the Republican-controlled Senate has not taken up the package and lawmakers are not expected to move toward another coronavirus bill until sometime in July.

At 12:49 P.M. ET, the Dow Jones Industrial Average .DJI rose 475.43 points, or 1.9%, to 25,490.98, the S&P 500 .SPX gained 38.14 points, or 1.27%, to 3,047.19 and the Nasdaq Composite .IXIC added 103.00 points, or 1.06%, to 9,860.22.

Coty Inc (COTY.N) jumped 12.7% after the company said it would buy a 20% stake in Kim Kardashian West’s makeup brand for $200 million.

Advancing issues outnumbered declining ones on the NYSE by a 3.43-to-1 ratio; on the Nasdaq, a 2.43-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week highs and no new lows; the Nasdaq Composite recorded 47 new highs and 15 new lows.

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Business

Wall Street set to open higher on hopes of stimulus, rebound

(Reuters) – Wall Street’s main indexes were set to rise on Monday following a selloff last week as investors weighed hopes of more stimulus and improving data against a resurgence in global coronavirus cases.

The three indexes had tumbled more than 2% on Friday as several U.S. states imposed business restrictions in response to the surge in COVID-19 cases. The global death toll from the respiratory illness crossed half a million on Sunday, with about one-quarter of them in the United States.

The benchmark S&P 500 .SPX has rallied since a coronavirus-driven crash in March, up about 16% since April and set for its best quarter since 1998, partly on a raft of U.S. fiscal and monetary stimulus.

This week, investors will focus on employment, consumer confidence and manufacturing data for June for signs of whether the U.S. economy will continue to rebound after indications of a pickup in May.

“The market is taking a tremendous amount of comfort in the fact that as long as we contain the virus, the economy is going to recover very fast and you’re going to see cyclical stocks start to rally again,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York.

At 8:06 a.m. ET, Dow e-minis 1YMcv1 were up 203 points, or 0.81%, S&P 500 e-minis EScv1 were up 15.25 points, or 0.51% and Nasdaq 100 e-minis NQcv1 were up 6.75 points, or 0.07%.

Among stocks, Boeing Co (BA.N) rose 7.5% in premarket trade after the Federal Aviation Administration confirmed on Sunday it had approved key certification test flights for the grounded 737 MAX that could begin as soon as Monday.

Boeing suppliers were also up, with Spirit AeroSystems Holdings Inc (SPR.N) rising 5.7%.

Gilead Sciences Inc (GILD.O) edged 2.8% higher as it priced its COVID-19 drug candidate remdesivir at $2,340 for a five-day treatment in the United States and some other developed countries.

Facebook Inc (FB.O) looked set to extend declines from Friday as a report said PepsiCo Inc (PEP.O) was set to join a growing number of companies pulling ad dollars from the social media platform.

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