Skip to main content

US Market | Futures Indicator: Stock futures jump as Wall Street awaits latest jobless claims numbers

Thomas Franck




A woman walks by the Wall Street subway station sign on March 23, 2020 in New York City.
A woman walks by the Wall Street subway station sign on March 23, 2020 in New York City.
Angela Weiss | AFP | Getty Images

Futures contracts tied to the major U.S. stock indexes jumped higher early Thursday, suggesting Wall Street may be set for gains on Thursday after the government’s next jobless claims report.
Dow Jones Industrial Average futures rose 259 points, implying a Thursday opening gain of about 220 points. S&P 500 and Nasdaq futures also pointed to opening gains for the two indexes on Thursday.
The overnight moves followed a drop in the Dow and S&P 500 during normal trading hours on Wednesday.
Dow industrials lost 218.45 points (0.9%) to close at 23,664.64 as UnitedHealth and Travelers Companies each shaved off north of 20 points. The S&P 500 dipped 0.7% on Wednesday as a 3.5% decline in utilities stocks and a 2.6% retreat in energy offset gains in information technology and discretionary stocks.
The Nasdaq Composite, the only major index to post a gain on Wednesday, rose 0.5% thanks to gains in lockdown plays Netflix (up 2.2%) and Amazon (up 1.4%).
U.S. traders will on Thursday digest the Labor Department’s latest report on jobless claims. Another 3.05 million workers are expected to have filed for benefits during the week ended May 2, which would bring the total number of Americans seeking unemployment benefits over the last six weeks to about 33 million.
The Labor Department’s prior jobless claims reports have shown that the number of Americans who have filed for unemployment insurance benefits amid government-imposed business closures has reached historic benchmarks. Claims numbers since March now exceed the 22.442 million positions added to the American economy since November 2009, when the U.S. economy began to add jobs back to the economy after the Great Recession.
Investors are also bracing for the Labor Department’s key jobs report on Friday, when economists expect to see the U.S. unemployment rate to have rocketed to 16% in April from 4.4% in March. Dow Jones economists expect nonfarm payrolls to have declined by about 21 million last month.
Meanwhile, China posted better-than-expected exports for April. Data from the General Administration of Customs released on Thursday showed exports rose 3.5% in April, versus expectations of a 15.7% decrease from economists in a Reuters poll. Recent data out of China, where the earliest cases of the coronavirus were reported, have been closely watched by investors as the country was one of the first to ease lockdown measures.
In corporate news, Peloton reported revenues surged 66% during its fiscal third quarter as more Americans bought fitness equipment for at-home use during the coronavirus pandemic. Critically, Peloton said it is seeing demand from new customers who’ve been inspired to buy one of its bikes amid the Covid-19 outbreak.

Comments

Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post.

washingtonpost.com By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in