Credit Suisse chief executive of American stock strategist Jonathan Golub on how tech stocks are doing in the wake of the coronavirus outbreak and whether you should invest in big tech now.
US equity futures traded lower during Thursday’s session on Wall Street.
The major futures indices suggest a decline of 0.5 percent.
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Investors see Fed Chairman Jerome Powell’s speech as part of the US Federal Reserve’s annual Jackson Hole symposium. Officials have in the past used the meeting, which will be held online this year, to make announcements on the market.
This year, forecasters expect Powell to talk about inflation and the importance of Congress providing more economic aid after its last round of stimulus expired. Agreements between parties have prevented an agreement.
POWELL EDGES STRAIGHT AHEAD FED’S STATUS ON INFLATION
While keeping the Fed interest rate close to zero, Powell said Congress should take action sooner.
There is also a complete plate with economic data planned.
The Department of Commerce is expected to drop its second-quarter gross domestic product second-quarter reading at a year-on-year rate of 32.5%, a slight improvement from the initial (forward) estimate of -32.9% released last month , which was the worst annual decline on record,.
At the same time, the Labor Department is expected to say that the number of applications for unemployment benefits decreased to 1 million, slightly lower from the previous week of 1,106 million. Since the cuts began, 57.4 million people have applied for unemployment benefits.
NEW HOUSE SALE SURGE IN JULY, HIGHEST SINCE 2006
Finally, the National Association of Realtors will release its index of pending home sales for July. Economists are looking for a 3% increase from 116.1 in June, which was the highest reading in 14 years.
Discount retailers Dollar General and Dollar Tree will lead a string of retail-related earnings on Thursday morning, including clothing retailers Burlington Stores and Abercrombie & Fitch.
Gap reports this afternoon along with PC makers Dell Technologies and HP.
In Europe, London’s FTSE is down 0.4%, Germany’s DAX is down 0.5% and France’s CAC is down 0.7%.
In Asia, the Nikkei in Tokyo fell 0.4%, Hang Kong’s Hang Seng lost 0.8% and China’s Shanghai Composite won 0.6%.
The Wall Street benchmark S&P 500 index hit another high and closed 1% on strong gains for technology stocks on Wednesday, although most other companies fell in the index.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 28331.92 | +83.48 | + 0.30% |
| SP500 | S&P 500 | 3478.73 | +35.11 | + 1.02% |
| I: COMP | NASDAQ COMPOSITE INDEX | 11665.060312 | +198.59 | + 1.73% |
The Dow Jones industrial average rose 0.3% to 28,331.92. The Nasdaq composite, which weighs heavily with technology stocks, climbed 1.7% to 11,665.06, its third-straight record high.
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Benchmark U.S. crude oil was down 17 cents at $ 43.21 a barrel in electronic trading on the New York Mercantile Exchange. The contract received 4 cents to $ 43.39 on Wednesday. Brent crude, which is used to price international oils, is not much changed at $ 45.63 a barrel in London. It fell 22 cents the perverted session to $ 45.64.
The Associated Press contributed to this article.
