Stocks look set for a higher open Monday as economic data, from Monday’s ISM manufacturing survey release to Friday’s April jobs report put the strength of the U.S. economy in focus.
Dow Jones Industrial Average
futures have gained 197 points, or 0.6%, while
futures have risen 0.5%, and
futures have advanced 0.3%.
April’s job report, due Friday, will get all the attention but there’s plenty of data to look at before then. The Institute for Supply Management manufacturing survey, which economists expect will come in at 65, will be released on Monday, given investors a sense of both the strength of the labor market and how quickly prices are rising. Thursday’s initial jobless claims—expected to come in at 549,000— will also give us a read on how April’s job market ended, before the Bureau of Labor Statistics publishes the jobs report on Friday, where 975,000 jobs are forecast to have been added. Investors expect to see continued year-over-year growth in economic activity and job gains as states reopen and trillions of fiscal stimulus dollars are in circulation.
“Friday’s April jobs report is the dominant US event this week,” writes Citigroup economist Andrew Hollenhorst.
Here are five stocks making moves in Monday’s premarket action:
(MRNA) stock rose 3.5% after the company announced a deal with the Vaccine Alliance to supply 500 million Covid-19 vaccine doses.
(FDX) stock gained 1% after getting upgraded to Outperform from Peer Perform at Wolfe Research.
(DKNG) stock gained 1.6% after getting upgraded to Outperform from Market Perform at Cowen.
(GOOGL) stock gained 0.6% after getting upgraded to Buy from Hold at China Renaissance.
(CLX) stock dropped 1.5% after getting downgraded to Underweight from Overweight at Wells Fargo.
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