Customary futures were little changed in overnight trading on Thursday as investors awaited a key November jobs report to pattern the pace of labor market recovery in the face of a worsening pandemic.
Futures on the Dow Jones Industrial Average gained 60 matters. S&P 500 futures were little changed and Nasdaq 100 futures traded 0.2% higher.
The rate of job wins likely slowed in November due to the spike in new coronavirus cases that led to fresh lockdown restrictions. The U.S. economy is expected to compel ought to added 440,000 jobs, compared 638,000 in October, according to Dow Jones. The unemployment rate is estimated to have decreased to 6.7% from 6.9%.
The fresh weekly jobless claims hit a pandemic-era low, the Labor Department reported Thursday. First-time claims for unemployment benefits completed 712,000 last week, compared with 787,000 a week earlier and the Dow Jones estimate of 780,000. Still, the puts remained well above the pre-pandemic record.
“Job layoffs showed modest improvement, but make no mistake, there are rage clouds out on the horizon ready to roll in if Congress doesn’t act to renew the unemployment benefits for gig workers and for extended benefits that finish at the end of the year,” Chris Rupkey, chief financial economist at MUFG, said in a note.
On Thursday, the stock market was hit by a detonation showing details about Pfizer’s coronavirus vaccine’s rollout. Major averages swiftly fell to their seating lows after Dow Jones reported said Pfizer expects to ship half of the Covid-19 vaccines it originally sketched for this year due to supply-chain problems.
Still, Pfizer and BioNtech are on track to roll out 1.3 billion vaccines in 2021 and the 50 million portion shortfall this year will be covered as production ramps up, the report said.
The S&P 500 fell slightly on Thursday, after nearby at records two days in a row. The Dow Jones Industrial Average rose about 85 points, supported by a jump in Boeing share outs. The Nasdaq Composite eked out a 0.2% gain after hitting an intraday record high.
Elsewhere, investors closely monitored move toward a stimulus deal as lawmakers make a strong push to break a stalemate over how to boost an economy that continues to be depression by the pandemic.
House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke on the phone Thursday for the cardinal time since at least the presidential election. Pelosi and Senate Minority Leader Chuck Schumer backed a bipartisan $908 billion stimulus case, while McConnell released his own roughly $500 billion plan.
Subscribe to CNBC PRO for exclusive insights and analysis, and abide business day programming from around the world.