Stocks extended gains Wednesday as investors set their sights on more major cities’ plans to reopen businesses in the near-term as the coronavirus pandemic eased.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="More dour economic figures underscored the damage wrought by the COVID-19 crisis, with U.S. employers shaving off nearly 2.8 million private payrolls in May, according to a&nbsp;report Wednesday from ADP.” data-reactid=”17″>More dour economic figures underscored the damage wrought by the COVID-19 crisis, with U.S. employers shaving off nearly 2.8 million private payrolls in May, according to a report Wednesday from ADP.

However, markets shrugged off the data, which as the data beat consensus expectations by a mile. On average, Wall Street economists expected private sector job losses to total 9 million for the month, according to a Bloomberg survey.

“The ADP report isn’t always a reliable predictor of the [nonfarm payrolls] data, but it suggests that the pace of job loss moderated noticeably between April and May, even though it remained substantial relative to pre-COVID-19 norms,” JPMorgan Chase economist Daniel Silver wrote in a note on Wednesday.

“This is a message broadly consistent with some other related signals, and the labor market likely has benefitted from the easing of restrictions on activity in many places in recent weeks,” he added.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Equities in Europe and Asia also rose after a survey from Caixin/IHS Markit showed China’s services sector purchasing managers’ index (PMI) jumped to 55.0 in May, the highest since October 2010. Meanwhile, crude oil prices held at a three-month high above $36 per barrel, after a Bloomberg report cast some doubt over the likelihood of OPEC and its allies agreeing to extend oil production cuts this month.” data-reactid=”21″>Equities in Europe and Asia also rose after a survey from Caixin/IHS Markit showed China’s services sector purchasing managers’ index (PMI) jumped to 55.0 in May, the highest since October 2010. Meanwhile, crude oil prices held at a three-month high above $36 per barrel, after a Bloomberg report cast some doubt over the likelihood of OPEC and its allies agreeing to extend oil production cuts this month.

Market participants largely looked past ongoing protests, looting and unrest that has taken place over multiple days in major metropolitan areas across the country.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“The reason the market is not paying attention yet is the market doesn’t believe it’s going to impact the economy, nor earnings,” Paul Schatz, Heritage Capital chief investment officer, told Yahoo Finance’s&nbsp;The First Trade.” data-reactid=”23″>“The reason the market is not paying attention yet is the market doesn’t believe it’s going to impact the economy, nor earnings,” Paul Schatz, Heritage Capital chief investment officer, told Yahoo Finance’s The First Trade.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Some health professionals, however, voiced concerns that mass gatherings could exacerbate the spread of the coronavirus. Still, the most recent data on new case growth has held in-line with recent trends so far, with confirmed cases in the U.S. rising 1.2% to 1.82 million between Monday and Tuesday afternoon, or about in-line with the seven-day trend, according to Bloomberg-compiled data.” data-reactid=”24″>Some health professionals, however, voiced concerns that mass gatherings could exacerbate the spread of the coronavirus. Still, the most recent data on new case growth has held in-line with recent trends so far, with confirmed cases in the U.S. rising 1.2% to 1.82 million between Monday and Tuesday afternoon, or about in-line with the seven-day trend, according to Bloomberg-compiled data.

Multiple cities extended curfews as officials tried to implement measures to curb instances of violence. New York City, which has seen crowds gather over the past five days, extended its curfew through Sunday and moved up the start time to 8 p.m., after initially instating a curfew Monday evening.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Despite the ongoing mass gatherings and property damage, many mayors affirmed their plans to push ahead with reopening plans, in a move to lessen the drag on economic activity following weeks of social distancing measures and forced business closures. New York City Mayor Bill de Blasio said Tuesday that the city was still slated to begin reopening on June 8, regardless of whether protests were still taking place at that point. Chicago similarly planned to push ahead into the next phase of its reopening process Wednesday, despite days’ worth of unrest, Mayor Lori Lightfoot&nbsp;said.” data-reactid=”26″>Despite the ongoing mass gatherings and property damage, many mayors affirmed their plans to push ahead with reopening plans, in a move to lessen the drag on economic activity following weeks of social distancing measures and forced business closures. New York City Mayor Bill de Blasio said Tuesday that the city was still slated to begin reopening on June 8, regardless of whether protests were still taking place at that point. Chicago similarly planned to push ahead into the next phase of its reopening process Wednesday, despite days’ worth of unrest, Mayor Lori Lightfoot said.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="While earnings season has slowed considerably this week, some notable companies still comprised the earnings calendar. Zoom (ZM), the video communications company viewed as a major beneficiary of the widespread work-from-home phenomenon, posted a 170% increase in sales for the three months to April 30 alongside a surge in users, and said it planned to expand hiring for the rest of the year.” data-reactid=”27″>While earnings season has slowed considerably this week, some notable companies still comprised the earnings calendar. Zoom (ZM), the video communications company viewed as a major beneficiary of the widespread work-from-home phenomenon, posted a 170% increase in sales for the three months to April 30 alongside a surge in users, and said it planned to expand hiring for the rest of the year.

9:31 a.m. ET: Stocks open higher

Here were the main moves in markets, as of 9:32 a.m. ET:

  • S&P 500 (^GSPC): +21.97 points (+0.71%) to 3,102.79

  • Dow (^DJI): +230.14 points (+0.89%) to 25,972.79

  • Nasdaq (^IXIC): +30.27 points (+0.31%) to 9,638.82

  • Crude (CL=F): +$0.06 (+0.16%) to $36.87 a barrel

  • Gold (GC=F): -$25.30 (-1.46%) to $1,708.70 per ounce

  • 10-year Treasury (^TNX): +4.6 bps to yield 0.726%

8:30 a.m. ET: Dunkin’ is making the donuts, and people are buying them again

A motorist reaches to the jar to leave a tip for workers at a drive-thru window of a Dunkin Donuts as a stay-at-home order reamins in force for residents while still dealing with the dangers of the new coronavirus Tuesday, April 28, 2020, in Denver. (AP Photo/David Zalubowski)A motorist reaches to the jar to leave a tip for workers at a drive-thru window of a Dunkin Donuts as a stay-at-home order reamins in force for residents while still dealing with the dangers of the new coronavirus Tuesday, April 28, 2020, in Denver. (AP Photo/David Zalubowski)
A motorist reaches to the jar to leave a tip for workers at a drive-thru window of a Dunkin Donuts as a stay-at-home order reamins in force for residents while still dealing with the dangers of the new coronavirus Tuesday, April 28, 2020, in Denver. (AP Photo/David Zalubowski)

The Donut indicator? In a regulatory filing, Dunkin’ Donuts underscored the market’s growing optimism over a recovery, noting that comparable store sales have shown “significant sequential improvement” in the last few weeks:

Dunkin’ U.S. comparable store sales have been improving week-over-week during the second quarter. As of the week ended May 23, 2020, quarter-to-date comparable store sales declines were approximately 23 percent for open stores. During the week ended May 23, 2020, comparable store sales declined 15 percent for open stores, representing a significant sequential improvement over the decline of 25 percent for the week ended April 25, 2020, as reported on the Company’s first quarter earnings call on April 30, 2020.

The coffee giant attributed the rise to a boost from drive-thru locations; brisk traffic during 11 a.m to 2 p.m. and higher ticket orders; and more mobile app usage that facilitates deliveries and curbside pick-ups.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Dunkin’s stock (DNKN) rose over 1% in pre-market action, in line with a broader market that was poised to jump at the opening bell.” data-reactid=”59″>Dunkin’s stock (DNKN) rose over 1% in pre-market action, in line with a broader market that was poised to jump at the opening bell.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="8:20 a.m. ET Stocks remain in the green after grim ADP data” data-reactid=”61″>8:20 a.m. ET Stocks remain in the green after grim ADP data

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The U.S. economy lost an additional 2.76 million jobs last month, according to ADP’s May private payrolls data. However, traders continue to bid up stocks decisively with the focus remaining on the economy’s slow recovery from coronavirus lockdowns.” data-reactid=”62″>The U.S. economy lost an additional 2.76 million jobs last month, according to ADP’s May private payrolls data. However, traders continue to bid up stocks decisively with the focus remaining on the economy’s slow recovery from coronavirus lockdowns.

Here were the main moves in markets, as of 8:20 a.m. ET:

  • S&P 500 futures (ES=F): 3,092.00, +15.00 (+0.49%)

  • Dow futures (YM=F): 25,887.00, +186.00 (+0.72%)

  • Nasdaq futures (NQ=F): 9,680.25, +32.50 (+0.34%)

  • Crude (CL=F): $36.30, off -0.51 (-1.39%)

  • Gold (GC=F): -$8.40 (-0.48%) to $1,725.60 per ounce

  • 10-year Treasury (^TNX): +1.7 bps to yield 0.697%

7:25 a.m. ET Wednesday: Stock futures extend gains

Here were the main moves in markets, as of 7:25 a.m. ET:

  • S&P 500 futures (ES=F): 3,090.75, up 13.75 points (+0.45%)

  • Dow futures (YM=F): 25,873.00, up 172 points (+0.67%)

  • Nasdaq futures (NQ=F): 9,679.75, up 32 points (+0.33%)

  • Crude (CL=F): -$0.58 (-1.58%) to $36.23 a barrel

  • Gold (GC=F): -$8.40 (-0.48%) to $1,725.60 per ounce

  • 10-year Treasury (^TNX): +1.7 bps to yield 0.697%

7:01 a.m. ET Wednesday: Home purchase applications rise for seventh straight week

An index tracking mortgage applications for home purchases rose 5% over last week for the week ending May 29, seasonally adjusted, the Mortgage Bankers Association said in its weekly report Wednesday.

This marked the seventh straight advance for the index in a protracted rebound from early April, when the coronavirus pandemic and social distancing measures were at their peak and led to a slump in housing market activity. The unadjusted index for purchases also rose 19% versus the same week last year.

“The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement. “However, there are still many households affected by the widespread job losses and current economic downturn. High unemployment and low housing supply may restrain a more meaningful rebound in purchase applications in the coming months.”

Applications for refinances, however, fell 9% from the previous week for a seventh straight week of declines.

“After reaching a peak of 76 percent earlier this year, refinances now account for less than 60 percent of activity, and the index is now at its lowest level since February 21,” Kan said.

6:06 p.m. ET Tuesday: Stock futures open little changed

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:06 p.m. ET:

  • S&P 500 futures (ES=F): 3,078.75, up 1.75 points (+0.06%)

  • Dow futures (YM=F): 25,699.00, down 2 points (-0.01%)

  • Nasdaq futures (NQ=F): 9,654.25, up 6.5 points (+0.07%)

Protesters demonstrate on June 2, 2020, during a "Black Lives Matter" protest in New York City. - Anti-racism protests have put several US cities under curfew to suppress rioting, following the death of George Floyd while in police custody. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)Protesters demonstrate on June 2, 2020, during a "Black Lives Matter" protest in New York City. - Anti-racism protests have put several US cities under curfew to suppress rioting, following the death of George Floyd while in police custody. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Protesters demonstrate on June 2, 2020, during a “Black Lives Matter” protest in New York City. – Anti-racism protests have put several US cities under curfew to suppress rioting, following the death of George Floyd while in police custody. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

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