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Phil Blancato, CEO of Ladenburg Thalmann Asset Management, explains how global news and politics can impact the economy and markets.
US equity futures are trading higher after a winning first quarter.
The main futures indices are higher with the Nasdaq in the lead with a gain of 0.9%.
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For the quarter, the Dow Jones ended up 7.8%, while the S&P 500 was up 5.8% and the Nasdaq up 2.8%.
The new quarter begins with a multitude of economic data.
The Labor Department came out with its tally of new unemployment benefit claims for the past week. Expectations are at 680,000, down slightly from 684,000 the week before, which was the lowest since the start of the coronavirus pandemic.
THE ADP EMPLOYMENT REPORT SHOWS THE BIGGEST EARNINGS SINCE SEPTEMBER
A key figure to watch will be the ISM Manufacturing Purchasing Managers Index for March. It is expected to rise slightly by half a point to 61.3, which would be the highest since May 2004 and mark the 10th consecutive month of expansion. A number greater than 50 indicates an expanding manufacturing sector.
Construction spending is expected to contract 1% in February after rising 1.7% the month before.
In Europe, London’s FTSE rose 0.7%, Germany’s DAX rose 0.6%, and France’s CAC rose 0.4%.
Asian stock markets followed Wall Street higher on Thursday after Japan and South Korea announced surprisingly strong economic data and President Biden announced a $ 2.3 trillion U.S. infrastructure spending plan .
BIDEN’S $ 2.5T INFRASTRUCTURE PLAN INCLUDES PRO-UNION LEGISLATION
Japan’s Tankan index of trading conditions for major manufacturers has moved into positive territory for the first time since 2019.
Tokyo’s Nikkei 225 index rose 0.7%, Hong Kong’s Hang Seng 1.9% and China’s Shanghai Composite Index rose 0.7%.
Investors oscillate between optimism that coronavirus vaccines will allow businesses to return to normalcy and concern over rising infections in the United States and some European countries. This has prompted some to reimpose travel curbs.
| Teleprinter | security | Last | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 32981.55 | -85.41 | -0.26% |
| SP500 | S&P 500 | 3972.89 | +14.34 | + 0.36% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13246.870661 | +201.48 | + 1.54% |
On the last trading day of the quarter, the benchmark S&P 500 rose 0.4% to 3,972.89. The Dow Jones Industrial Average lost 0.3% to 32,981.55. The Nasdaq composite climbed 1.5% to 13,246.87.
The 10-year Treasury yield was 1.71%.
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In energy markets, benchmark US crude rose 93 cents to $ 60.05 a barrel on electronic trading on the New York Mercantile Exchange. The contract fell from $ 1.39 on Wednesday to $ 59.16. Brent, the base of international oil prices, added 78 cents to $ 63.52 a barrel in London. It lost 60 cents the previous session to $ 63.54.
The Associated Press contributed to this article.
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