Stock futures rose Thursday night after a tech-led selloff on Wall Street during the regular session.
All three major indices ended the day lower, with the S&P 500 and Nasdaq posting their biggest declines in four weeks. Apple (AAPL), a stock that weighed relatively on each of the major indices, fell for the most part since June 11 amid a big decline in big tech stocks and an Axios report that the company was facing to a multi-state consumer protection investigation.
Investors also nervously watched signs of a downturn in the virus-affected economy, and new jobless claims last week have risen for the first time since March. New jobless claims reached around 1.42 million, up from just over 1.3 million the previous week.
“As we have seen in several other economic indicators, initial claims data indicates that the economy has lost some momentum lately after the solid improvement that occurred during much of April and May, when activity restrictions were loosening across much of the nation. ” JP Morgan economist Daniel Silver wrote in a note.
Virus cases also rose, and US cases topped 4 million on Thursday, doubled in the past six weeks, and now account for about a quarter of the world total, according to Johns Hopkins data. New deaths in each of California and Florida were on record as of Thursday’s counts, and the number of deaths in the United States rose to more than 143,000. California cases increased by more than 12,000 for the second-highest increase since the start of the pandemic.
Individual companies have also raised the alarm about the pace of recovery in their respective industries. Southwest CEO Gary Kelly told Yahoo Finance on Wednesday that it will probably take five to 10 years for business travel to recover to pre-pandemic levels.
Market participants also continue to monitor progress in Washington on talks for another round of coronavirus stimulus measures. Treasury Secretary Steven Mnuchin said Thursday that White House and Senate Republicans had a “fundamental agreement” on a Republican stimulus bill of about $ 1 trillion, which would not rule out future stimulus, according to Bloomberg. . The Republican plan would also include another round of $ 1,200 stimulus checks for taxpayers, under the same income thresholds as the first round.
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6:09 pm ET Thursday: Stock futures rise after liquidation
These were the main moves at the start of the overnight session for US stock futures, Starting at 6:09 pm ET:
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S&P 500 futures (ES = F): 3,234.25, up to 6.75 points or 0.21%
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Dow futures (YM = F): 26,580.00, up to 37 points, or 0.14%
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Nasdaq futures (NQ = F): 10,583.75, up to 35.5 points, or 0.34%
NEW YORK, NEW YORK – MARCH 20: Traders, some wearing medical masks, work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading in the flat will temporarily go fully electronic beginning Monday to protect employees from the spread of the coronavirus. The Dow fell more than 500 points on Friday as investors continue to show concern over COVID-19. (Photo by Spencer Platt / Getty Images)
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