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Dow futures win ahead of bank profits: China Tensions Lurk

The market minute on Tuesday

  • Global stocks slide after the Wall Street sell-off last night as global coronavirus infections exceed 13 million.
  • US infections continue to rise to 3.3 million, with 135,000 deaths, leading to business closings in California and questions about the pace of domestic economic recovery.
  • China’s trade data surprise positively: imports rose 2.7%, but the US trade surplus remains high at $ 29.4 billion in June.
  • The oil price is pulling back as the dollar finds buyers and investors question the strength of demand. The OPEC ministerial meeting is scheduled for Wednesday.
  • US stock futures suggest that JPMorgan, Citigroup, and Wells Fargo earnings and inflation data for June will be firmer on Wall Street at 8:30 am Eastern Time.

US stock futures rose Tuesday after a wild session on Wall Street yesterday where the Dow returned nearly 600 points on a late afternoon slump as investors saw bank profits, US-China tensions and acceleration of coronavirus infections in major economies followed the world.

However, traders could still get confused after yesterday̵

7;s sell-off, and a steady rise in the CBOE’s key volatility measure, the VIX, should keep investors cautious on the way to start trading.

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