CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Dow Jones poised to extend its winning streak on Friday

We examine some of the recent developments in US markets as well as look at where futures suggest the Dow Jones Industrial Average will open on Friday, 5 June.

Dow Jones futures Source: Bloomberg

Key market moves in focus, Amazon share price likely to be closely watched

Futures markets suggest the Dow Jones Industrial Average (DJI) will extend its winning streak on Friday. Indeed, in spite of the civil unrest sweeping across the United States, the Dow has risen during every session this week, finishing out Thursdays session up 0.05% to 26,281 points.

During Thursday's session the best performing equities in the Dow were: Boeing (+6.4%), Travelers Companies (+3.0%), and Dow Inc (+2.5%); by comparison the worst performing Dow constituents were NIKE (-2.78%), UnitedHealth Group (-2.38%), and Procter & Gamble (-2.0%).

At Thursday’s close, the Dow has risen over 43% since the 18,213 point-low it recorded in March. Looking forward, as of 3:11am (EDT) and according to IG data, the Dow is set to open 271 points or 1.02% higher when trading resumes on Friday.

Elsewhere, S&P 500 and Nasdaq Composite futures were also trading in positive territory at the time of writing. This comes after key US technology stocks Apple, Microsoft, Facebook, Netflix and Amazon all traded lower on Thursday.

On a more granular level, Amazon – one of the world’s most dominant e-commerce and cloud companies – will likely be closely watched by investors on Friday, after billionaire Elon Musk reignited anti-trust talks around the company.

Mr Musk yesterday tweeted that it was ‘Time to break up Amazon. Monopolies are wrong!’ Amazon last traded at US$2,460 per share.

Economic data releases to watch

Outside of equity market developments, yesterday US initial jobless claims data showed that an additional 1.9 million Americans filed for unemployment for the week ending 30 May. During the previous week a total of 2.13 million Americans filed for unemployment.

While that development failed to break the Dow’s winning streak, as, Ian Lygen, from BMO Capital markets said when speaking to CNBC yesterday:

'Our core concern is that risk assets are poised for a classic buy-the-rumour sell-the-fact moment regardless of the actual NFP print tomorrow [today].'

Mr Lygen went on to say 'If ADP proves to be accurate in foretelling a less dramatic than consensus loss of jobs during May, such an event could easily be dismissed as 'priced in' and be followed by a round of profit-taking thereby putting downward pressure on risk ahead of the weekend.'

Nonfarm payroll data (NFP), unemployment rate data and average hour earnings data – covering the month of May – are all expected to be released today at 8:30am (EDT). Consumer credit data is set to be released at 3pm (EDT).

How to trade US stocks after-hours with IG

After-hours trading enables you to take a position on key US stocks – such as Apple, Netflix, Cisco and Tesla – outside normal trading hours.

IG offers after-hours trading on over 70 popular stocks. So, while most AU traders will only have access during the US stock market’s main window of 23.30 to 06.00 AEST, IG’s extended hours on All Session US shares mean you’ll have access for much longer.

  • CFDs on All Session US shares 18.00 to 10.00 Monday to Thursday, and 18.00 Friday to 07.00 Saturday AEST
  • Share trading on All Session US shares 21.00 to 07:30 Monday to Thursday, and 21.00 on Friday to 07.00 Saturday AEST

To get started, click here to create a live IG Trading Account now.

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

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