Futures Point To Lower Open For Wall Street

Initial signs from the U.S. Futures Index suggest that Wall Street might open lower on Thursday.

The spike in new coronavirus cases in several U.S. states is a concern for investors. The downbeat forecast of the European Union -U.S. trade tensions also is a challenging factor for markets.

Asian shares finished mostly lower, while European shares were trading higher.

As of 8.10 am ET, the Dow futures were losing 219.00 points, the S&P 500 futures were down 21.75 points and the Nasdaq 100 futures were sliding 27.75 points.

The U.S. major averages closed Wednesday at steep losses. The Dow is down 758.70 points or 2.9 percent at 25,397.40, the Nasdaq is down 256.30 points or 2.5 percent at 9,875.07 and the S&P 500 is down 85.36 points or 2.7 percent at 3,045.93.

On the economic front, the Commerce Department’s Durable Goods Orders for May will be issued at 8.30 am ET. The consensus is for an increase of 10 percent, while it was down 17.2 percent in the prior month.
The Gross Domestic Product for the first quarter will be released at 8.30 am ET. The consensus is for a decline of 5.00 percent, while it was down 5.00 in the prior month.

The Labor Department’s Jobless Claims for the week will be revealed at 8.30 am ET. The consensus is for 1,380K, down from 1508K in the prior week.

The Corporate Profits for the first quarter will be issued at 8.30 am ET. In the prior quarter, the Aftertax profits were down 11.1 percent.

The Energy Information Administration or EIA’s Natural Gas report for the week will be released at 10.30 am ET. In the prior week, the change was up 85 bcf.

Seven-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $7.095 trillion.

The Fed Money Supply for the week was 4.30 pm ET. The M2 weekly change was $100.1 billion.

Asian stocks fell on Thursday amid concerns. Markets in China, Taiwan and Hong Kong were closed for the Dragon Boat Festival.

Japanese stocks ended lower. The Nikkei average fell 274.53 points, or 1.22 percent, to 22,259.79 while the broader Topix index closed 1.18 percent lower at 1,561.85.

Australian markets hit their lowest level in more than a week. The benchmark S&P/ASX 200 index tumbled 148 points, or 2.48 percent, to 5,817.70, while the broader All Ordinaries index ended down 153.60 points, or 2.53 percent, at 5,928.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 3.35 points or 0.07 percent. The German DAX is gaining 6.44 points or 0.03 percent, the U.K. FTSE 100 Index is losing 23.89 points or 0.39 percent.

The Swiss Market Index is sliding 5.75 points or 0.06 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.092 percent.

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