Feb 20, 2020

US Markets | Futures Indicator: US futures point to slightly higher open after new record highs on Wall Street

Elliot Smith

U.S. stock index futures are pointing to a slightly higher open on Wall Street Thursday morning after closing at fresh record highs, as investors continue to monitor the global economic impact of the coronavirus outbreak.
At around 2:35 a.m. ET, Dow futures were 22 points higher and pointed to an implied positive open of more than 23 points, while futures on the S&P 500 and Nasdaq were fractionally higher.
Tech shares led the S&P 500 and Nasdaq Composite to new record highs on Wednesday, and some cautious optimism looks set to carry into Thursday’s trade.
China’s National Health Commission on Wednesday reported that 74,576 cases of the new coronavirus have now been confirmed, with 2,118 deaths on the mainland.
S&P Global Ratings warned in a report on Thursday that Chinese lenders could be hit by as much as $1.1 trillion in questionable loans as the coronavirus ripples through China’s economy, while Goldman Sachs has said that markets are underestimating the potential fallout from the outbreak, suggesting the “risks of a correction are high.”
Minutes published Wednesday from the most recent U.S. Federal Reserve meeting showed that policymakers were cautiously optimistic about the prospect of holding interest rates steady this year.
Market focus will also remain attuned to corporate earnings on Thursday, with Domino’s Pizza, Norwegian Cruise Line and ViacomCBS among those reporting before the bell, while Dropbox is set to report after the close of trade.
U.S. jobless claims data for last week is due at 8:30 a.m. ET and January’s leading index reading will be published at 10 a.m. ET.

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