Stock futures flat as traders weigh virus resurgence and its impact on the economy


Traders work the floor of the New York Stock Exchange.

NYSE

U.S. stock futures were flat on Thursday night as Wall Street continues to grapple with the rising number of coronavirus cases and its potential economic impact.

Dow Jones Industrial Average futures traded 24 points higher, or less 0.1%. S&P 500 futures gained 0.1% and Nasdaq 100 futures advanced 0.3%.

Earlier on Thursday, the Dow dropped more than 300 points during the regular session, notching its second straight daily decline. The S&P 500 pulled back 1%, leaving it just 0.8% higher for the week after surging on Monday amid positive vaccine news.

Those losses came as the number of coronavirus cases, and hospitalizations, keeps climbing in the U.S. A CNBC analysis of data compiled by Johns Hopkins University showed average daily new cases are up by at least 5% over the past week in at least 47 states. Hospitalizations, meanwhile, rising in at least 46 states.

Sentiment on Thursday soured even further after Federal Reserve Chairman Jerome Powell said the country’s economic outlook remained uncertain. “With the virus spreading, the next few months could be challenging,” he said.

The resurgence in coronavirus cases has also led some parts of the country to re-adopt stricter social-distancing measures. In Chicago, Mayor Lori Lightfoot asked residents to cancel their Thanksgiving plans and stay indoors as cases rise in the city. In New York state, Gov. Andrew Cuomo said new curfews on bars, restaurants and gyms will take effect on Friday.

Phillip Colmar, partner at MRB Partners, said wrote in a note that the global economic recovery “will be sustained, but the V-shaped portion is over, and we have already transitioned to a slower pace of two-steps forward and one back.”

Disney, Cisco jump on earnings

Shares of Dow members Disney and Cisco rose sharply in after-hours trading after both companies reported quarterly results that beat analyst expectations.

Disney traded more than 3% higher after the bell as the company said it now has 73 million paid subscribers for its streaming service, Disney+. The media giant also reported a smaller-than-expected loss for the quarter.

Cisco popped more than 6% on the back of strong earnings and revenue. The company also issued better-than-expected guidance for the current quarter.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.



Source link

Discover

Sponsor

spot_imgspot_img

Latest

Chair Powell ‘was dead right’

The Federal Reserve triggered an afternoon rally in the stock market Wednesday after officials looked past inflation fears and kept rates unchanged. CNBC's...

GM extending plant shutdowns at three plants due to chip shortage

General Motors employees work on the assembly line Friday, April 26, 2019 at Fairfax Assembly & Stamping Plant in Kansas City, Kansas. The...

Supreme Court sides with Facebook in robocall case

The Supreme Court turned to its grammar books to deliver a victory for Facebook on Thursday in an under-the-radar case about whether the...

Corlex Capital offers pro athletes restaurant franchise options for $100,000

Retired NBA player Theo Ratliff attends 'The Made Man Awards 2017' at 595 North on January 26, 2017 in Atlanta, Georgia.Marcus Ingram |...