Earlier, Dow futures had fallen more than 100 points.
The overnight moves followed a slump during the regular trading session on Wednesday as gloomy economic data and anemic bank earnings fueled concerns over the
The Dow Jones Industrial Average dropped 445.41 points, or 1.9%, to 23,504.35 during Wednesday’s session. The S&P 500 slid 2.2% to 2,783.36 while the Nasdaq Composite closed 1.4% lower at 8,393.18.
Central to Thursday’s session will be the Labor Department’s report on last week’s initial jobless claims, which economists polled by Dow Jones expect to total 5 million.
The jobless figures have proved a key retrospective gauge for those tracking the ailing health of the U.S.
Manufacturing in the New York area also slumped by its biggest margin ever to a historic low, surpassing the levels seen in the throes of the Great Recession.
Energy stocks remain under pressure after U.S.
The Dow and S&P 500 remain more than 20% and 17.9% below their respective all-time highs set in February as marketplace jitters over the spread of the novel
Despite the recent dismal economic data, some market strategists pointed to a slowdown in the daily number of new U.S.
JPMorgan’s Marko Kolanovic said Wednesday evening that such improvements in
“It’s going to be limited: I’m talking baby steps,” he added. “But that tells us that by the summertime, we may more substantially recover. And sometime next year — maybe the second half of next year — the economy reaches the high watermark. Which means that the market could reach a high watermark in the first half of next year.”
Stock futures ticked lower Wednesday evening as President Donald Trump again advocated for a gradual reopening of the U.S.
The president said that there are also public health costs the result of keeping state economies closed. Lost income and benefit coverage, the president said, can also lead to significant and negative health outcomes.
“There has to be a balance. You know, there’s also death involved in keeping [the economy] closed,” Trump said from the White House. “We have to get back to work.”
“With all of that being said, we’re going to start with states and with governors that have done a great job. And they’re going to open it up as they see fit,” he said.