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.

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).

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