Dow Futures Point to Further Gain as Chinese Economy Shows Faster Recovery after Pandemic

Dow Jones Futures edged slightly higher, pointing to a higher opening on the first trading day in June and extending its gain in May.

 

As of 15:00 local time in Thailand (GMT+7), Dow Jones Futures rose 90 points or 0.35% to 25,468 points. S&P 500 Futures gained 0.23% and Nasdaq Futures advanced 0.02%.

 

The U.S. stock markets aimed to extended their gains on Monday, following the positive momentum from Asia stock markets in which HSI jumped more than 3.3% and China rose more than 2.2% after the Caixin/Markit Manufacturing Purchasing Manager’s Index for May reported at 50.7, beating the forecast of 49.6 by Reuters poll.

On Sunday, Chinese National Bureau of Statistics reported the official manufacturing Purchasing Manager’s Index at 50.6, slightly lower than the 50.8 reading in April. Still, the index was able to stand above 50.0, indicating a net gain.

 

Meanwhile, the investors continued to weigh their positive sentiment on the reopening economy after months of lockdown, which caused about 20% of U.S. workers to go unemployed.

However, the fast recovery of Chinese economy, as shown in its economic data, gives hope to investors for a faster-than-expected recovery in the post-pandemic time.

 

SET Index rose 19.09 points or 1.42% to 1,361.94 points.