Gary Caltubum, president of Caltubum Capital Management, Phil Blancato, CEO of Ladenburg Thalmann Asset Management, and Krythrin Rooney, chief strategist at Bullitk Capital Markets, provide insights into today’s markets.
US equity futures are trading lower, indicating that sales will continue from the previous session.
The key futures index indicates a 0.4% decline as the trading session begins on Thursday on Wall Street.
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Potential market-moving economic reports are just a few taps.
The Labor Department said the number of claims for unemployment benefits fell to 840,000 last week, 20,000 from 860,000 in the previous week and the lowest reading since March 14 before the coronavirus lockdown.
The Census Bureau expects sales of new homes to decline by ally%% from July to August, with a seasonally adjusted annual rate of 5,000,000,000. It is much stronger than the expected reading of 901,000 in July, the highest since December 2006.
Between the disruption of the presidential election and the battle over the Supreme Court seat vacated by the death of Justice Ruth Bader Ginsberg Market players are feeling less optimistic that the Federal Reserve and Congress will help the U.S. economy.
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In Asia, Japan’s benchmark Nikkei 225 fell 1.1%, Hong Kong’s Hang Seng 1.8% and China’s Shanghai Composite 1.7%.
In Europe, London’s FTSE fell 1%, Germany’s DX fell 0.7% and France’s CAC fell 0.9%.
Wall Street experienced more whiplash on Wednesday as the stock closed at a broadly lower level, destroying gains from the previous day. The S&P 500 fell 2.4% to 3,236.92, beating its previous gain. Extensive selling gained momentum in the afternoon, although technology stocks suffered the most.
| Ticker | Security | The last | Change | Change% |
|---|---|---|---|---|
| Me: DJI | Dow Jones average | 26763.13 | -525.05 | -1.92% |
| SP500 | S&P 500 | 3236.92 | -78.65 | -2.37% |
| I: Comp | Nasdaq Composite Index | 10632.985307 | -330.65 | -3.02% |
The Dow Jones Industrial Average lost 1.9% to 26,763.13. Nasdaq composite slide 3% to 10,632.99.
Johnson & Johnson grew 0.2% as they began a final study to try to prove whether a single dose of the COVID-19 vaccine could protect against coronavirus.
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In energy trading, the benchmark US crude fell 36 cents to .5 39.57 a barrel in electronic trading on the New York Mercantile Exchange. Internationally, Brent crude is down 35 cents at 41 41.42.
The Associated Press contributed to this story.
