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Business

Wall Street jumps on record payrolls surge

NEW YORK (Reuters) – Wall Street advanced on Thursday as investors headed into their long holiday weekend buoyed by a record payrolls jump, which provided assurance that the U.S. economic recovery was well under way.

All three major U.S. stock averages were more than 1% higher, with the S&P 500 set to post its fourth straight daily advance and the Nasdaq on course to reach a second straight all-time closing high.

Massive stimulus and hopes for a speedy economic rebound have returned the S&P 500 and the Nasdaq to about 7% and 12% below their record highs reached in February.

The indexes are all on track for solid weekly percentage gains.

The U.S. economy added 4.8 million jobs in June according to the Labor Department, 1.8 million more than analysts expected, setting a second consecutive record.

Massive rehiring sent the unemployment rate down to 11.1%.

“A lot of these numbers when you dig into the report – average weekly hours people are working, average hourly earnings … those things are just showing that we are getting back to work,” said Justin Hoogendoorn, head of Fixed Income Strategic Analytics at Piper Sandler in Chicago. “And that’s what’s going to allow the stock market to continue to perform well.”

Even with May and June’s consecutive record payroll gains, the labor market has still recovered only a fraction of the 22 million jobs lost in the March-April plunge.

The recovery of the U.S. economy, now in its sixth month of recession, could stall as new cases of COVID-19 hit record levels and several states hit hardest by the resurgence halted or reversed plans to reopen their economies.

On Thursday, Florida reported a record-shattering 10,000 new cases of the disease, worse than any European country reported at the peak of their outbreaks.

In the coming weeks, market participants will train their focus on second-quarter reporting season. In aggregate, analysts now expect S&P earnings to have dropped by 43.1% as companies grappled with plunging demand and disrupted supply chains.

The Dow Jones Industrial Average rose 298.31 points, or 1.16%, to 26,033.28, the S&P 500 gained 36.36 points, or 1.17%, to 3,152.22 and the Nasdaq Composite added 120.31 points, or 1.18%, to 10,274.94.

All 11 major sectors in the S&P 500 were trading in the black, with energy shares enjoying the largest percentage gain.

Microsoft Corp provided the biggest boost to the S&P 500 and the Nasdaq, and in June retained its top spot as the most globally invested stock, according to data from trading platform eToro.

Airlines, battered by pandemic-related travel restrictions, gained altitude. The S&P 1500 Airlines index was up 1.2%

Tesla Inc jumped 7.8% after the electric car maker’s second-quarter vehicle deliveries beat Wall Street estimates.

Advancing issues outnumbered declining ones on the NYSE by a 2.98-to-1 ratio; on Nasdaq, a 1.68-to-1 ratio favored advancers.

The S&P 500 posted 35 new 52-week highs and no new lows; the Nasdaq Composite recorded 115 new highs and 10 new lows.

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Business

Record job growth powers Wall Street, Nasdaq hits all-time high

(Reuters) – Wall Street opened higher on Thursday, with the Nasdaq hitting an all-time high as data showed the U.S. economy added jobs at a record pace in June, the latest signal of a rebound in business activity following the easing of coronavirus-led lockdowns.

Nonfarm payrolls rose by 4.8 million jobs in June, the Labor Department’s closely watched monthly employment data showed, the most since the government began keeping records in 1939, although a recent surge in COVID-19 cases has threatened the fledgling recovery.

All 11 major S&P sectors were trading higher and gains were led by financials, basic materials and energy stocks.

“The strong rebound would normally be an unambiguously positive sign that a recovery is under way (but) it is being accompanied by a sharp rise in new infections, which was what caused the collapse in the first place,” said Mike Bell, global market strategist at JP Morgan Asset Management in London.

“It is therefore too soon to say for certain that this recovery in employment sounds the all-clear for investors.”

Several states are scaling back or pausing reopenings to tackle the spike in infections and analysts have warned of another selloff in financial markets if the damage to Corporate America mounts.

Third-quarter earnings for S&P 500 companies are now expected to tumble 25%, compared with a forecast of a 2.7% drop on April 1, according to Refinitiv data. In the second quarter, earnings are forecast to have plunged 43%.

“People are less concerned about earnings than they are about the guidance and what companies say about the next six months and 2021,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York.

At 10:10 a.m. ET, the Dow Jones Industrial Average was up 431.49 points, or 1.68%, at 26,166.46, the S&P 500 was up 46.08 points, or 1.48%, at 3,161.94, and the Nasdaq Composite was up 147.27 points, or 1.45%, at 10,301.90.

Tesla Inc jumped 8.5% and was set for a fourth straight session of gains after beating Wall Street estimates for second-quarter vehicle deliveries.

Travel-related stocks were also among the biggest gainers, with cruise line operators Carnival Corp, Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd rising more than 2%.

Coty Inc added 5.3% after it named former top executive of L’Oreal, Sue Nabi, as its chief executive officer.

Advancing issues outnumbered decliners more than 8-to-1 on the NYSE and 3-to-1 on the Nasdaq.

The S&P index recorded 30 new 52-week highs and no new low, while the Nasdaq recorded 84 new highs and six new lows.

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Business

S&P, Nasdaq higher on vaccine hopes, improving economic data

(Reuters) – The S&P 500 and Nasdaq rose on Wednesday as rising hopes of a COVID-19 vaccine offset fears of another round of lockdowns following a record surge in coronavirus cases in the United States.

A COVID-19 vaccine developed by Pfizer Inc and German biotech firm BioNTech showed promise and was found to be well tolerated in early-stage human trial, the companies said.

Pfizer’s shares rose 4.8% on the news, one of the biggest boost to the S&P 500 index, while BioNTech gained 3%, helping improve the mood on Wall Street after the United States registered 47,000 new coronavirus cases on Tuesday, the biggest one-day spike since the start of the pandemic.

Updates on the progress in various COVID-19 vaccine programs are being closely watched by investors, and have been partly responsible for Wall Street’s recent rally. The S&P 500 closed its best quarter since 1998 on Tuesday.

The market in general has reacted positively to these bits of news as they are all tied to the COVID situation, said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. “The COVID-19 is the linchpin to the market right now.”

The S&P 500 on Tuesday secured its biggest quarterly percentage gain in more than two decades fueled by unprecedented levels of fiscal and monetary stimulus.

Investors have also focused on signs of an economic recovery with the easing of coronavirus-induced lockdowns. Data on Wednesday showed a slump in global manufacturing was easing in June, with U.S. figures hitting their highest level in more than a year.

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

On Thursday, all eyes will be on the Labor Department’s nonfarm payrolls report.

“The manufacturing number adds a boost to investor confidence. And now the market is positioning itself in anticipation for tomorrow’s numbers,” Bakhos added.

The ADP National Employment Report on Wednesday showed U.S. private payrolls increased by 2.369 million jobs, but still less than expected in June.

At 11:43 a.m. ET the Dow Jones Industrial Average was down 19.88 points, or 0.08%, at 25,793.00, the S&P 500 was up 8.47 points, or 0.27%, at 3,108.76 and the Nasdaq Composite was up 56.63 points, or 0.56%, at 10,115.39.

Battered cruise line operators Norwegian Cruise Line Holdings Inc, Royal Caribbean Cruises Ltd and Carnival Corp rose between 3.6% and 6.0%.

Drugmaker Amgen Inc rose 5% after a federal appeals court upheld two patents for the drugmaker’s multibillion-dollar rheumatoid arthritis drug Enbrel.

FedEx Corp jumped 14.3% after posting better-than-expected quarterly profit and revenue, helped by a surge in pandemic-fueled home deliveries.

Declining issues nearly matched advancers on the NYSE and outnumbered them 1.46-to-1 on the Nasdaq.

The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 64 new highs and eight new lows.

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Business

Wall Street gains on vaccine hopes, improving economic data

(Reuters) – Wall Street opened higher on Wednesday as rising hopes of a COVID-19 vaccine reversed premarket losses, overshadowing fears of another round of lockdowns following a record surge in coronavirus cases in the United States.

A COVID-19 vaccine developed by Pfizer Inc and German biotech firm BioNTech showed promise and was found to be well tolerated in early-stage human trials.

Pfizer’s shares jumped 4.1% on the news, while BioNTech gained 3%, helping improve the mood on Wall Street after the United States registered 47,000 new coronavirus cases on Tuesday, the biggest one-day spike since the start of the pandemic.

Updates on the progress in various COVID-19 vaccine programs are being closely watched by investors, and have been partly responsible for Wall Street’s recent rally. The S&P 500 closed its best quarter since 1998 on Tuesday.

Investors have also focused on signs of an economic recovery with the easing of coronavirus-induced lockdowns. Data on Wednesday showed that a slump in global manufacturing was easing in June, with U.S. figures hitting their highest level in more than a year.

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction.

On Thursday, all eyes will be on the Labor Department’s nonfarm payrolls report.

At 10:17 a.m. ET, the Dow Jones Industrial Average was up 113.35 points, or 0.44%, at 25,926.23, the S&P 500 was up 16.78 points, or 0.54%, at 3,117.07. The Nasdaq Composite was up 40.39 points, or 0.40%, at 10,099.15.

Battered cruise line operators Norwegian Cruise Line Holdings Inc, Royal Caribbean Cruises Ltd and Carnival Corp rose between 3.6% and 6%.

Macy’s Inc edged up 1.7% after it reported a staggering $3.58 billion quarterly loss, led by a $3 billion impairment charge due to COVID-19 induced-store shutdowns.

FedEx Corp jumped 16.0% after posting better-than-expected quarterly profit and revenue, helped by a surge in pandemic-fueled home deliveries.

Advancing issues outnumbered decliners by a 2.76-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.39-to-1 ratio on the Nasdaq.

The S&P index recorded 7 new 52-week highs and no new lows, while the Nasdaq recorded 48 new highs and 6 new lows.

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Politics

Biden to attack Trump's handling of COVID-19 as U.S. cases rise

WASHINGTON (Reuters) – Democratic presidential candidate Joe Biden on Tuesday will launch a fresh attack on President Donald Trump’s “historic mismanagement” of the coronavirus pandemic as the number of confirmed cases in many states rises.

Speaking at 1 p.m. EDT (1700 GMT) in his hometown of Wilmington, Delaware, the former vice president will argue that earlier action by Trump would have reduced the number who fell ill and the economic impact of the virus, said an aide who previewed his speech and who spoke on condition of anonymity.

Biden will accuse Trump of “outright ignoring the crisis” as cases rise again, the aide said.

“Biden will walk through the timeline of Trump’s inaction and failures, and highlight the common-sense actions that Trump refused to take to get the virus under control,” the aide said.

At least 2.6 million cases of the coronavirus have been reported in the United States and more than 126,000 deaths, more cases and fatalities than any other country, according to a Reuters tally.

Trump and his allies say the toll of the virus could have been larger without travel bans he put in place for visitors from China, and later from Europe.

They have argued the increasing confirmed cases in recent weeks are largely attributable to more testing, although the rate of positive tests has also been rising.

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Trump campaign spokeswoman Courtney Parella said Biden was “fearmongering and rooting against America’s success” while Trump led a public and private-sector mobilization that had slowed the spread of the virus.

The Republican president is trailing Biden in polls ahead of the Nov. 3 election amid the pandemic’s health and economic crises, and nationwide protests against police brutality.

A June 22-23 Reuters/Ipsos poll found that only 37% of Americans approved of the way Trump has responded to the pandemic, the lowest since the pandemic began.

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Business

Wall Street set for lower open after strong quarterly rebound

(Reuters) – Wall Street was set to open lower on Tuesday as coronavirus-related worries and simmering U.S.-China tensions weighed on sentiment at the end of what is expected to be the S&P 500’s best quarter since 1998.

The benchmark index has rebounded about 18% since April on a raft of fiscal and monetary stimulus and the easing of restrictions, but is still down about 5% on the year as a resurgence in virus cases fuels fears of a new round of lockdowns.

With California and Texas marking a record spike in cases on Monday, investors are counting on more stimulus to shore up the domestic economy.

“While traders remain curiously cautious waiting for the next catalyst, they are also keeping risk on a short leash into the long weekend,” said Stephen Innes, markets strategist at AxiCorp.

“COVID-19 de-risking playbooks are still in play and investors are not aggressively buying dips while booking profit quickly.”

Federal Reserve Chair Jerome Powell, who is due to testify before the U.S. House of Representatives Financial Services Committee at 12:30 p.m. ET, said in prepared remarks that the outlook for the world’s biggest economy was “extraordinarily uncertain”.

Sino-U.S. tensions are heating up again with Washington beginning to eliminate Hong Kong’s special status under U.S. law in response to China’s national security law for the territory. China’s parliament passed the legislation on Tuesday and the country said it would retaliate.

“If the environment between the United States and China continues to deteriorate, the market is not going to be happy, but because very little has been known about what’s going on with those new laws, it’s not having much of an impact yet,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.

Analysts also warned of increased volatility as traders rebalance their portfolios at the end of the quarter.

Meanwhile, kicking off a data-heavy week for Wall Street, consumer confidence is expected to have climbed to 91.8 in June from 86.6 in May. Data on manufacturing activity and employment are due on Wednesday and Thursday.

At 8:34 a.m. ET, Dow e-minis 1YMcv1 were down 127 points, or 0.50%, S&P 500 e-minis EScv1 were down 11 points, or 0.36% and Nasdaq 100 e-minis NQcv1 were down 26 points, or 0.26%.

In premarket moves, Boeing Co (BA.N) tumbled 3.1% after Norwegian Air (NWC.OL) canceled orders for 97 aircraft and said it would claim compensation.

Micron Technology Inc (MU.O) jumped 5.5% as it forecast higher-than-expected current-quarter revenue on strong demand for its chips that power notebooks and data centers.

Uber Technologies Inc (UBER.N) rose 3.8% after reports said the ride-hailing services company was in talks to buy food-delivery app Postmates.

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Business

Wall Street ends higher on Boeing bump, stimulus eyed

NEW YORK (Reuters) – Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound, while a surge in Boeing shares helped boost the blue-chip Dow.

The planemaker’s (BA.N) shares jumped more than 14% after a 737 MAX took off on Monday from a Seattle-area airport on the first day of certification flight testing with U.S. Federal Aviation Administration and company test pilots, a crucial moment in Boeing’s worst-ever crisis.

A spike in virus infections in Southern and Western states last week sent the S&P 500 down nearly 3%, but the threat of a deeper-than-feared recession has led investors to expect more stimulus measures from the Federal Reserve or Congress.

But the sting of rising infections was blunted by the pricing of the antiviral drug remdesivir, which has been shown to alter the course of COVID-19, by Gilead Sciences (GILD.O). The company also agreed to send nearly all of its supply of the drug to the United States over the next three months.

While the S&P 500 is up more than 17% for the quarter, the index is down slightly for the month, as stocks have been buffeted by signs of progress in battling the coronavirus and a recent resurgence in cases.

“For all the up, for all the down, volatility isn’t going anywhere,” said Willie Delwiche, investment strategist at Baird in Milwaukee. “Maybe that is the lesson of June, these one-day moves seem impressive but you string 20 of them together and you’ve got nothing.”

The Dow Jones Industrial Average .DJI rose 580.25 points, or 2.32%, to 25,595.8, the S&P 500 .SPX gained 44.19 points, or 1.47%, to 3,053.24 and the Nasdaq Composite .IXIC added 116.93 points, or 1.2%, to 9,874.15.

Each of the 11 major S&P sectors was in positive territory, led by industrial .SPLRCI stocks.

The benchmark S&P 500 .SPX has rebounded about 36% from its March 23 closing low. Monday’s gains pushed the index above its 200-day moving average, a technical support level it had fallen through with last week’s decline.

Data on Monday showed contracts to buy previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around. Later this week, investors will focus on employment and consumer confidence data.

Still, Wall Street was looking for more stimulus measures to buttress the economy. Analysts at Morgan Stanley said a further injection of cash was critical to the bank’s thesis for a “V”-shaped U.S. economic recovery.

The BlackRock Investment Institute downgraded U.S. equities to “neutral,” citing risks of fading fiscal stimulus, an extended epidemic as well as renewed U.S.-China trade tensions.

Although a $3 trillion aid bill was passed by the House of Representatives in May, the Republican-controlled Senate has not taken up the package and lawmakers are not expected to move toward another coronavirus bill until sometime in July.

Coty Inc (COTY.N) jumped 13.4% after the company said it would buy a 20% stake in Kim Kardashian West’s makeup brand for $200 million.

Advancing issues outnumbered declining ones on the NYSE by a 3.02-to-1 ratio; on Nasdaq, a 1.96-to-1 ratio favored advancers.

The S&P 500 posted 1 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 17 new lows.

Volume on U.S. exchanges was 10.57 billion shares, compared to the 13.54 billion average for the full session over the last 20 trading days.

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Business

Wall Street ends lower as coronavirus surge prompts renewed restrictions

NEW YORK (Reuters) – Wall Street’s major indexes tumbled more than 2% on Friday as several U.S. states imposed business restrictions in response to a surge in coronavirus cases.

Some U.S. states that were spared the brunt of the initial coronavirus outbreak or moved early to lift restrictions are seeing a resurgence in new infections. On Friday, Texas and Florida ordered bars to close down again.

“You’re seeing a pretty dramatic increase in cases,” said Kevin Grogan, managing director of investment strategy at Buckingham Strategic Wealth in St. Louis. “If people start feeling again like it’s not safe to eat out or go shopping, that could have a really negative impact on the stock market.”

A Wall Street Journal report that the Phase 1 U.S.-China trade deal could be at risk placed additional pressure on U.S. stocks. According to that report, Chinese officials warned that “meddling” in Hong Kong and Taiwan could lead Beijing to back away from its commitment to purchase U.S. farm goods.

“It added another log into the risk aversion fire,” said Edward Moya, senior market analyst at OANDA in New York, of the report on China.

Among sectors, financial, communication services and energy shares outpaced the broader S&P 500 in declines. S&P 500 bank shares plummeted 6.1% after the Federal Reserve limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

Renewed concerns over the novel coronavirus pandemic have threatened to derail a strong rally for Wall Street that has erased much of the S&P 500’s steep losses from March. The benchmark index ended below its 200-day moving average, an indicator of long-term momentum.

The uptick in coronavirus cases likely triggered a test of that technical level, said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis.

The Dow Jones Industrial Average fell 730.05 points, or 2.84%, to 25,015.55, the S&P 500 lost 74.71 points, or 2.42%, to 3,009.05 and the Nasdaq Composite dropped 259.78 points, or 2.59%, to 9,757.22.

For the week, the S&P 500 fell 2.87%, the Dow lost 3.31%, and the Nasdaq shed 1.87%.

Facebook Inc shares shed 8.3%, weighing the most on the S&P 500, after Unilever PLC and Verizon Communications Inc joined an advertising boycott that called out the social media giant for not doing enough to stop hate speech on its platforms.

Nike Inc shares dropped 7.6% as the footwear maker, hurt by store closures due to the pandemic, posted a surprise quarterly loss.

Gap Inc shares surged 18.8% after the retail chain entered a 10-year deal with rapper and fashion designer Kanye West to create a line of clothing under his Yeezy brand.

Friday also marked the reconstitution of the FTSE Russell indexes, including the large-cap Russell 1000 and small-cap Russell 2000. Daily trading volume is often among its highest levels of the year during the reconstitution, though volume this year has spiked on several occasions amid steep market sell-offs.

Volume on U.S. exchanges was 16.43 billion shares, compared to the 13.44 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 3.99-to-1 ratio; on Nasdaq, a 3.57-to-1 ratio favored decliners.

The S&P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 59 new highs and 28 new lows.

(This story refiles to fix grammar in paragraph seven)

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Business

Wall Street falls as Fed action weighs on bank stocks, virus cases surge

(Reuters) – Wall Street’s major indexes dropped on Friday as the United States set a new record for a one-day increase in coronavirus cases and bank stocks fell following the Federal Reserve’s move to cap shareholder payouts.

The S&P 500 banks sub-index .SPXBK declined 3.9% after the Fed limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

In the previous session, banks stocks had powered Wall Street’s main indexes higher, helping them offset investor fears due to rising virus infections in several U.S. states, including Texas, Oregon and Utah.

Cases rose across the United States by at least 39,818 on Thursday. Texas, which has been at the forefront of easing restrictions, paused its reopening plans ater the state recorded its one of the biggest jumps in new infections.

The uptick in cases has also threatened to derail a strong rally for Wall Street that brought the S&P 500 within 9% of its February all-time high on the back of record government stimulus measures.

“There’s a fight in the market between folks who believe that the economic resurgence is unstoppable and those who believe that there is more trouble ahead,” said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland, Ohio.

“It’s more probable that the scenario is not as rosy as the market thinks.”

At 9:51 a.m. ET, the Dow Jones Industrial Average .DJI was down 282.16 points, or 1.10%, at 25,463.44, the S&P 500 .SPX was down 22.98 points, or 0.75%, at 3,060.78. The Nasdaq Composite .IXIC was down 83.15 points, or 0.83%, at 9,933.86.

Nike dropped 4.3% as the footwear maker posted reported a surprise quarterly loss hurt by store closures due to the pandemic.

Facebook Inc (FB.O) shed 3.8% after Verizon Communications Inc (VZ.N) joined an advertising boycott that called out the social media giant for not doing enough to stop hate speech on its platforms.

Data showed U.S. consumer spending rebounded by the most on record in May, but the gains are not likely to be sustainable, as income declined and expected to fall further as millions lose their unemployment checks starting next month.

Friday also marks the reconstitution of the FTSE Russell indexes, including large cap Russell 1000 .RUI and small cap Russell 2000 , that often marks one of the biggest trading volume days of the year.

Declining issues outnumbered advancers for a 2.96-to-1 ratio on the NYSE and for a 3.12-to-1 ratio on the Nasdaq.

The S&P index recorded four new 52-week highs and no new low, while the Nasdaq recorded 34 new highs and five new lows.

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Business

Wall Street set to open lower as banks fall, virus cases surge

(Reuters) – Wall Street was set to open slightly lower on Friday as bank stocks fell following the Federal Reserve’s move to cap shareholder payouts and the United States set a new record for a one-day increase in coronavirus cases.

U.S. lenders Bank of America Corp (BAC.N), JPMorgan Chase & Co (JPM.N), Goldman Sachs (GS.N) fell between 1.8% and 4% after the Fed limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

In the previous session, banks stocks had powered Wall Street’s main indexes higher, helping them offset investor fears due to rising virus infections in several U.S. states.

The uptick in cases has also threatened to derail a strong rally for Wall Street that brought the S&P 500 within 9% of its February all-time high on the back of record government stimulus measures.

“There’s a fight in the market between folks who believe that the economic resurgence is unstoppable and those who believe that there is more trouble ahead,” said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland, Ohio.

“It’s more probable that the scenario is not as rosy as the market thinks.”

At 8:35 a.m. ET, Dow e-minis 1YMcv1 were down 144 points, or 0.56%. S&P 500 e-minis EScv1 were down 6 points, or 0.2% and Nasdaq 100 e-minis NQcv1 were up 0.25 points, or flat.

Nike slipped 3.6%, the most among the 27 of 30 blue-chip Dow Jones Industrials .DJI constituents trading before the bell, as the footwear maker posted its first loss in more than two years hurt by store closures.

Facebook Inc (FB.O) fell 1.1% after Verizon Communications Inc (VZ.N) joined an advertising boycott that called out the social media giant for not doing enough to stop hate speech on its platforms.

A U.S. Commerce Department report showed personal income dropped 4.2% in May after surging 10.5% in April. Separately, a reading of core personal consumption expenditures price index edged up 0.1% last month after easing 0.4% in April.

Friday also marks the reconstitution of the FTSE Russell indexes, including large cap Russell 1000 .RUI and small cap Russell 2000 , that often marks one of the biggest trading volume days of the year.

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