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Feb 6, 2020

US Markets | Futures Indicator: US futures point to 4th straight day of gains on Wall Street

Elliot Smith



U.S. stock index futures rose on Thursday morning with economic data and corporate earnings taking the reins as fears over the coronavirus outbreak eased slightly.
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.

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