Futures extended their gains slightly after ADP and Moody’s Analytics reported private payrolls fell by another 2.76 million in May. The ADP number was far less than the 8.75M estimate. The reason for the wide disparity was not immediately clear.
Dow futures gained 218 points, or 0.9%. Futures for the S&P 500 added 0.6%. Nasdaq 100 futures were higher by 0.4%.
The Nasdaq 100 index, which tracks the 100-largest nonfinancial companies in the Nasdaq Composite, entered Wednesday less than 1% from its record high set Feb. 19. The index has rallied 42.6% from an intraday low set on March 23. Those gains have been provided in large part by stocks that benefited from people staying at home due to the coronavirus. During premarket trading, the Invesco QQQ Trust — which tracks the Nasdaq 100 — traded 0.3% higher.
The S&P 500 is up 1% so far in June, bringing its gain from its pandemic low in March to more than 40%.
On Tuesday, stocks rose as optimism around reopening businesses overshadowed concerns about the global pandemic, U.S.-China trade tensions and nationwide protests. Equities got an extra boost in the final hour of trading and closed around their session highs.
