Stocks were poised to continue their rally into the U.S. long weekend, as investors shrug off the latest news of economic damage from the coronavirus—and welcome another effort by the Federal Reserve to limit the pain.
Early Thursday morning, futures on the Dow Jones Industrial Average were up 1.3%, while futures on the S&P 500 and the Nasdaq Composite were 1.1% and 0.9% higher, respectively. The indexes, lower earlier, rallied despite news that 6.6 million people filed initial claims for unemployment benefits in the latest week. The upswing came as the Fed unveiled financing totaling $2.3 trillion to support the economy.
The market’s relative strength continues an upbeat day of trading on Wednesday, when the Dow rose 3.4%, bringing its gain for the week to 11.3%, buoyed by a range of factors including favorable data on the spread of the coronavirus and the exit of Sen. Bernie Sanders from the presidential race.
The S&P 500 also rose 3.5% and is up 10.5% for the week. The same numbers for the Nasdaq Composite are 2.6% and 9.7%, respectively.
Lifting stocks Thursday was news that global growth in new cases of the coronavirus slowed to 6.1% from 6.3%, and U.S. new-case growth dropped to 8.7% from 9.1%, according to data compiled by Deutsche Bank.
Overseas, stocks were mixed. Japan’s Nikkei 225 was slightly lower, while Hong Kong’s Hang Seng Index gained 1.4%. The U.K.’s FTSE 100 Index was up 0.7%.
Oil prices, however, haven’t stopped moving higher, with a gain of 6.7% Thursday, after rising 6.2% Wednesday, a rally based on hope that both OPEC and non-OPEC producers will reach a deal to reduce output at a meeting on Thursday.
That has shares of energy producers higher as well.
Apache (ticker: APA) shares were 12.3% higher in premarket trading, partly because the company announced an oil discovery earlier this week. Stock in the oil-services provider Halliburton (HAL) was up 6.9%. Shares of the diversified oil giant Exxon Mobil (XOM) were up 2.4%.
Higher oil prices aren’t derailing airline shares, although jet fuel is a large expense for air carriers. Southwest Airlines (LUV) shares have risen 2% in premarket trading. Delta Air Lines (DAL) stock was up 3.5%. Alaska Air (ALK) shares have risen almost 5%.
Airlines have been badly beaten up by the Covid-19 outbreak. Shares of large U.S. air carriers were down about 56% year to date on average.
Pfizer (PFE) stock was up 0.5% in premarket trading. The Wall Street Journal reported the company identified a lead coronavirus-drug candidate.
Finally, Xerox (XRX) shares are falling, with a loss of 4% in premarket trading. Citigroup double-downgraded shares from Buy all the way to Sell. Typically, Wall Street analysts move ratings one notch at a time, moving from Buy to Hold to Sell.
Write to Al Root at allen.root@dowjones.com
https://www.barrons.com/articles/stocks-moving-premarket-xerox-pfizer-exxon-mobil-halliburton-51586433412
2020-04-09 13:09:00Z
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