Pippa Stevens, Eustance Huang
Dow futures indicated an opening drop of more than 300 points at Thursday’s open. S&P 500 futures and Nasdaq-100 futures also pointed to opening losses.
The moves came after the Senate unanimously approved a $2 trillion economic relief package late Wednesday, which aims to cushion the blow from the
The Senate rushed to pass the bill as data
National weekly initial jobless claims data are expected to be out around 8:30 a.m. ET. Street strategists are projecting record-shattering numbers. Citi is the most bearish, with estimates of roughly 4 million claims.
On Wednesday California Gov. Gavin Newsom said that the state has seen 1 million unemployment claims in less than two weeks as the pandemic has led to businesses being shut down across the state.
“I think it’s key to not apply pre-crisis fundamentals against post-crisis prices to try to determine where value sits,” Jablonski said.
On Wednesday, the Dow climbed more than 2%, or 495.64 points to close at 21,200.55. Boeing and Nike fueled the 30-stock index, rising 24% and 9%, respectively. The S&P 500 also registered a gain, climbing 1.1%. The Nasdaq Composite was the relative
Stocks rallied for much of the day after the White House and Senate agreed on a $2 trillion
Wednesday’s gains extended Tuesday’s historic rally, which saw the Dow register its best day since 1933 and post its largest single-day point gain in history. Tuesday
In what’s been a bout of extreme volatility
Despite the gains, the major averages still have a lot of ground to make up for before returning to record highs. The S&P 500 is 27% below its February all-time high, while the Dow is trading 28.3% below its record.
Former Fed Chairman Ben Bernanke said Wednesday that current Chairman Powell has been “extremely proactive,” while noting that markets could still be in for steeper declines ahead.
“It is possible there’s going to be a very sharp, short, I hope short, recession in the next quarter because everything is shutting down of course,” he said on CNBC’s “Squawk Box.” But he did sound an optimistic note, saying that there could also be a “fairly quick rebound.”
—CNBC’s Jacob Pramuk contributed reporting.