U.S. stock futures climb as Wall Street reports continuous rallies. On Monday morning, the U.S. stock futures traded higher after Wall Street posted back to back rallies amid the anticipation of the worldwide economy reopening soon.
Dow Jones Industrial Average futures gained 88 points showing an opening gain of about 134 points. S&P 500 and Nasdaq 100 futures also reported a positive open for the two indexes on the day.
On Thursday and Friday, the S&P 500 rose more than 1%. On Friday, traders ignored the one-month job losses as they eye global economic reopening.
On Friday, Apple announced that it will initiate the reopening of U.S. stores this week. The company also said that it will begin temperature checks and will also allow limited customers inside the store at once.
Italian Prime Minister Giuseppe Conte said that Italy could minimize its lockdown measures if the outbreak remains under control.
“The world very much remains on the path to reopening, a process that will accelerate over the coming weeks,” Adam Crisafulli, founder of Vital Knowledge said. “However, the S&P 500 is still overbought at current levels even as expectations of a gradual resumption of economic activity continue to increase,” Crisafulli added.
The S&P 500 traded more than 33%. According to a report these figures were supported by stocks such as Facebook, Amazon, Apple, Netflix, Google-parent Alphabet, and Microsoft. Stocks of all these companies jumped more than 20% since late March.
MGM Resorts has surged more than 70% and Disney soared 27.3% at that time.