US Markets | Futures Indicator: US futures point to 4th straight day of gains on Wall Street
At around 2:20 a.m. ET, Dow futures were up 156 points and indicated an implied positive open of more than 165 points, while futures on the S&P 500 and Nasdaq were also higher.
Wall Street looks for a fourth straight day of gains after the Dow jumped 480 points on Wednesday and the S&P 500 closed at another record high, erasing the losses from the sharp sell-off on the initial coronavirus scare.
The death toll in China rose to 563 as of Wednesday night, with a total of 28,018 cases confirmed as drugmakers race to find a vaccine.
Markets will also be lifted by the announcement from China’s Ministry of Finance that Beijing is set to halve tariffs on hundreds of U.S. imports worth around $75 billion.
Tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, which will take effect on Feb. 14.
Traders will also be attuned to corporate earnings, with Bristol-Myers Squibb and Estee Lauder among those reporting before the bell, while numbers from T-Mobile and Uber are due after the close of trade.
In corporate news, Tesla shares tumbled 17% on Wednesday, derailing a historic rally after a senior executive said the coronavirus outbreak would delay deliveries of its Model 3 cars, with analysts wary of the stock’s soaring value.
On the data front, jobless claims for last week are due at 8:30 a.m. ET alongside fourth-quarter preliminary productivity figures and unit labor costs.
Rises in January private payrolls and services sector activity offered a further boost to investor risk appetite on Wednesday.