July 28, 2021

Futures rally, zero in on records as markets try to extend win streak

Futures rallied in Thursday’s after-hours session, suggesting Wall Street would extend the previous day’s gains — and perhaps test new highs on Friday — after a rough start to the week.

On Thursday, stocks notched slim gains in rangebound trading, but managed to stretch an improbable win streak into a third day, as traders struggled to decipher the meaning behind a surprise rise in unemployment.

The head-spinning reversal from Monday’s drubbing to Thursday mini-rally was part of the market’s attempt to calibrate a resurgence of COVID-19 cases against a red-hot economic expansion that continues to gain momentum. Even amid the turmoil and uncertainty, the major benchmarks are within striking distance of record highs set just over a week ago.

Sentiment took a hit after data Thursday showed an unexpected jump in jobless claims, which last week set a fresh pandemic-era low. New…

Read full article here: finance.yahoo.com