US equity futures rose slightly in overnight trading, pointing to gains at the opening on Tuesday, the last trading day of a volatile month for stocks.
Dow futures rose 80 points, or 0.45%. The S & P 500 and the Nasdaq-100 should also open higher with a plus of 0.45% and 0.50% respectively.
Wells Fargo shares fell nearly 2% after close of trading after the bank announced it would lower its third-quarter dividend to meet the Federal Reserve stress test. Bank of America, Citi, JPMorgan and Goldman Sachs said their dividends would stay the same.
Chip Micron shares rose 5% on Monday after close of trading after the earnings report was better than expected. Micron gave a strong forecast for sales ahead. Lululemon's shares increased nearly 4% in expanded trading after they acquired the home fitness company Mirror for $ 500 million.
The Dow rose 580 points on Monday, supported by a 14.4% increase in Boeing shares when certification flights for the Boeing 737 Max began on Monday. The S & P 500 also recorded an increase of 1.5%. Monday's gains put the 500-share index in positive territory for the volatile month of June.
The Nasdaq Composite rose 1.2%, supported by growth at Netflix, Microsoft, Facebook and Apple.
"It was not a day when the only driving force was simply rising expectations of further economic improvement as the top five sector performances [Monday] included two cyclical sectors – industry and commodities – a growth sector – communications services – and two defensive sectors . Utilities and staple, "Jim Paulsen, chief investment strategist at Leuthold Group, told CNBC. Monday "was characterized by broad participation in a strong rally."
The strong growth on Monday was against the backdrop of increasing coronavirus cases in the United States, and states are trying to reopen after the shutdown. U.S. governors are declining or delaying reopening plans as Covid 19 cases emerge across the country. New Jersey governor Phil Murphy announced that the state would delay Thursday's resumption of indoor dining.
Despite the recent surge in cases, stocks will grow for a month in June. The Dow rose 0.8% and the S&P 500 rose 0.3% in June. The tech-heavy Nasdaq Composite has returned more than 4% this month.
Federal Reserve chairman Jerome Powell and Treasury secretary Steven Mnuchin will testify before the House's Financial Services Committee at 12:30 p.m. on Tuesday. The joint hearing will look at the Fed and Treasury response to the coronavirus pandemic.
In a comment he will make on Tuesday, Powell said there is uncertainty about the prospects for the economy after the coronavirus pandemic.
"Production and employment remain well below their pre-pandemic levels. The road ahead for the economy is extremely uncertain and will largely depend on our success in containing the virus," said Powell. "A complete recovery is unlikely until people are confident that it is safe to get back into a wide range of activities." The way forward will also depend on the policy measures taken at all levels of government to provide assistance and support the recovery for as long as necessary, "Powell added.
The Conference Board's Consumer Confidence Index will be released on Tuesday at 10:00 a.m. Economists surveyed by Dow Jones expect 91 in June versus 86.6 in May.
FedEx will announce fourth quarter earnings on Tuesday after the bell.
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