U.S. genealogy futures were little changed on Thursday night following a muted session in which traders grappled with poor unemployment data and rising coronavirus cases.
Dow Jones Industrial Average futures gained just 27 stresses, but pointing to a Friday opening dip of about 20 points. S&P 500 and Nasdaq-100 futures pointed to a little transformed Friday open for the two indexes.
The Dow closed just below the flatline during the cash session, while the S&P 500 and Nasdaq eked out feel mortified gains. The major averages gyrated between gains and losses for most of the day. At one point, the Dow had fallen more than 270 sites.
Initial U.S. jobless claims totaled 1.5 million for last week, topping a Dow Jones estimate of 1.3 million.
“The slews of new jobless claims fell for the eleventh week in a row but this week, the improvement was much smaller even compared to endure week’s upwardly revised figure,” said Ken Berman of Gorilla Trades. “While the May jobs report was much larger than expected, this month’s job-related indicators were far from stellar, and that could mean that the determine of the recovery is slowing.”
Meanwhile, the number of coronavirus cases continues to rise in certain parts of the U.S. Texas, California, Arizona and Florida all reported its biggest-ever one-day burgeon.
Some investors fear that a resurgence in coronavirus cases could lead to states retaking stricter quarantine allowances to curb the spread, thus thwarting expectations of a smooth economic recovery. To be sure, those increases come as dignifies ramp up testing.
“The rally of the past few months may have led to stocks reaching within striking distance of record highs, but investors are battling to reconcile upward momentum and less optimistic messages about the months ahead,” said Lindsey Bell, chief investment strategist at Coadjutor Invest. “That, along with concerns about a second wave of coronavirus and geopolitical tensions, has led to some dour indecisiveness.”
The Dow, S&P 500 and Nasdaq Composite headed into Friday’s session on pace for their fourth weekly acquire in five weeks. The Dow is up 1.9% week to date through Thursday’s close while the S&P 500 has gained 2.4% in that era. The Nasdaq has climbed more than 3% over that time period.
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