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Stock market news live updates: Futures dip after stocks start Q3 with a rally, record Nasdaq close – Yahoo Finance

critical employment data.

PFE) coronavirus vaccine candidate showing progress in a trial phase — and the Federal Reserve’s pledge to keep the monetary spigots open “for years” — sent the Nasdaq Composite to a record close.

AMZN), Netflix (NFLX) Tesla (TSLA) and Microsoft (MSFT) to new record highs, with those companies riding the momentum of business models that are mostly perceived as coronavirus-proof. With the exception of Tesla, the high-flying tech shares are thriving from large numbers of consumers still working remotely.

Record-breaking surges in coronavirus infections are overshadowing market psychology, and setting the tone for the start of the second half of a turbulent year.

postponing plans to reopen indoor dining, with cases outside the Tri-state area skyrocketing. Meanwhile, a spike in California’s infections reportedly prompted the state to shutter indoor activities, including dining, to mitigate the spread.

Nevertheless, stocks closed out a breathtaking second-quarter rally that took them to their best overall quarter since 1998, and best second quarter on record. During that time frame, the S&P 500 saw a near-20% run-up during the April through June period, while the Dow and Nasdaq rose about 17.5% and 30%, respectively.

easing pedal for “years” as the recovery takes shape.

logged a gain of over 2.3 million jobs. Those figures came ahead of the June nonfarm payrolls report, which is forecast to show the battered U.S. economy created 3 million jobs last month — up from 2.5 million in May.” data-reactid=”23″>On Wednesday, ADP private payrolls data logged a gain of over 2.3 million jobs. Those figures came ahead of the June nonfarm payrolls report, which is forecast to show the battered U.S. economy created 3 million jobs last month — up from 2.5 million in May.

“We expect June nonfarm payrolls to rise by 2 million,” economists at Barclays said in a research note. They said the unexpected jump in May’s report could signal “a persistent improvement in the hiring rate” — but there was also the possibility that it was temporary.

“If so, this would suggest that the surge in May hiring was more of a one-off event and we could see some give-back in June employment,” the bank added.

However, investor expectations are more tied to new surges in COVID-19 infections, which are walloping the Sun Belt states and prompting more regions to rethink reopening plans. That may put a definitive cap on a market that’s skyrocketed since plunging to multi-year lows in when lockdowns first began in March.

6:15 p.m. ET: Stock futures open slightly lower

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:15 p.m. ET:

  • S&P 500 futures (ES=F): 3,101.75, off -1.25 (-0.04%)

  • Dow futures (YM=F): 25,557.00, down -18.00 (-0.07%)

  • Nasdaq futures (NQ=F): 10,257.25, down -11.50 (-0.11%)

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