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U.S. stock futures were flat on Thursday night as rising cases of coronavirus on Wall Street and its potential economic impact continue to weigh on.
The Dow Jones Industrial Average traded 24 points higher or 0.1% lower. S&P 500 futures rose 0.1% and Nasdaq 100 futures rose 0.3%.
Earlier this Thursday, the Dow fell more than 300 points during the regular session, marking its second straight daily decline. The S&P 500 pulled back 1%, leaving just 0.8% higher for the week after rising on Monday amid positive vaccine news.
That loss is due to coronavirus cases and hospitalization, a CNBC analysis of data prepared by Johns Hopkins University showed that at least 47% of new cases occur daily in at least 47 states. During hospitalization, there has been an increase in at least 46 states.
Sentiment rallied on Thursday after the country’s economic outlook remained uncertain, according to Federal Reserve Chairman Jerome Powell. “With the virus spreading, the next few months can be challenging,” he said.
Strict social-distance measures have also been re-adopted in some parts of the country following the resurgence of coronavirus cases. In Chicago, Mayor Lori Lightfoot told residents in the city to cancel their Thanksgiving plans and stay indoors as the case escalates. In New York State, Governor Andrew Cuomo said a new curfew would be imposed on bars, restaurateurs and gyms on Friday.
MRB Partners partner Philip Colmar wrote in a note that the global economic recovery will “be sustained, but the V-shaped part is over, and we have already made a two-step forward and a slow transition of one back.”
Disney, Cisco jump on earnings
Shares of Disney and Cisco of Dow members rose sharply after hours of trading, beating analyst expectations after the two companies’ quarterly results were reported.
Disney then trades more than 3% higher, as the company says it now has 73 million paid subscribers to its streaming service, Disney +. The media giant also reported lower-than-expected losses in the quarter.
Cisco popped up more than 6% behind strong earnings and revenue. The company also issued more guidance than expected for the current quarter.
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