If the stock market has a catalyst right now, it’s arguably crude.
That volatile commodity rose for the sixth-straight day, raising hopes of improving demand as economies reopen. Meanwhile, major overseas indices are mostly higher again, and bond yields firmed but aren’t migrating much from where they’ve camped out for weeks.
Economic reopenings continue to raise hopes in both the stock and crude markets. This could be a fickle metric because the virus doesn’t seem to be taking a break, judging from recent statistics. The of private businesses out today showed April job losses of more than 20 million, which could steer attention toward the government’s this Friday. However, it might not give too much insight into Friday’s data since that includes government jobs, too.
Earnings season shifted into high gear this morning with General Motors (NYSE:) checking in following reports after the close yesterday from Disney (NYSE:) and Beyond Meat (NASDAQ:).