Business & Investment

U.S. Stock Index Futures Eliminate Early Rise After Increased Unemployment Claims

US stock index futures have significantly abandoned their early rise on Thursday after data showed an increase in initial applications for unemployment benefits last week.

Corporate earnings reports continue to roll in in support of a stock recovery this week, while the European Central Bank provides dovish tweaks to interest rate and monetary policy guidance.

What are the major indexes doing?
  • Dow Jones Industrial Average 30 Futures

    It decreased by 43 points (0.1%) to 34,646.

  • S & P500 Futures
    + 0.04%

    It was 3.5 points or 0.1% off at 4,347.

  • Nasdaq-100 Futures
    + 0.09%

    Increased 4.25 points to 14,832.

Wednesday, Dow Jones Industrial Average

The S & P 500 closed at 34,798, up 286.01 points (0.8%).

Nasdaq Composite Index, up 0.8%
+ 0.20%

Increased by 0.9%.

What is driving the market?

All three major indices have recovered from the plunge on Monday over the past two days, as investors have been worried about the spread of the coronavirus delta variant behind COVID-19. Became a plus.

But Thursday’s US employment data could weaken the rebound.Labor Ministry said first unemployed allegations 51,000 increase It reached 419,000 in the seven days until July 17. This is the highest level in almost two months. However, this increase is concentrated in Michigan and Kentucky and may be related to the annual remodeling of car factories to build new models.

“As the federal program expires across the state, the total number of people who rely on government support continues to decline,” said Rubela Farooqi, Chief US Economist at High Frequency Economics. “Beyond the weekly turnover of claim data
Filing trends should remain down, reflecting issues related to seasonal adjustment. “

Stocks bounced off Monday’s plunge, and investors are citing alleviation of concerns about the effects of the epidemic of the coronavirus delta variant causing COVID-19.

“Concerns about the rapidly prevailing delta variant of the coronavirus are probably due to bright earnings results, or … because market participants may have reconsidered how limiting potential new measures are. It seems that it has continued to be relaxed, “said Charalambos Pissouros. , JFD Group Principal Investigator, Memo.

With that in mind, Pisoros predicts that the wider path of stocks will continue to be positive, and that a setback could trigger more buys “perhaps for fear of overlooking.” He said he was.

read: Do you think this is a “strange market” for now?Here’s more evidence

Some analysts said they were even weaker in the short term due to weak seasonal factors, delayed assessments, concerns about peak economic growth, and uncertainty about the spread of delta variants. We are exploring the possibilities of the economy.

In one chart: Why the S & P 500 is down 5%, or ready to go down further this summer

Investors will also see data on existing home sales in June, which is expected to rise from 5.8 million in May to an annual rate of 5.93 million. The June Leading Economic Indicators Index, scheduled to be released at 10 am, is projected to fall from 1.3% to 0.9%.

Which company is paying attention to?
  • Dow Inc.

    Stock prices rose in pre-market transactions after chemical companies Swayed by second quarter profits Earnings were higher than expected, boosted by soaring local prices amid rising demand.

  • Netgear Inc.

    Shares fell more than 15% after computer network companies reported their financial results for the second quarter. Less than expected on Wall Street About revenue and revenue.

  • Share Texas Instruments Inc.

    Down nearly 5% after third-quarter forecast late Wednesday Suggests slowing earnings growth In the global chip shortage.

  • Whirlpool Corporation.

    At the end of Wednesday, quarterly sales were reported to have increased by 32%, Boosting 2021 Guidance, Quote the ongoing demand for its kitchen and laundry equipment. Stocks fell 0.4%.

  • AT & T
    + 0.07%

    After exceeding expectations, it increased by 1% Latest financial results Telecom giants are less likely to leave customers in the wireless business, and the number of HBO Max service subscribers continues to grow.

  • Biogen
    + 0.82%

    Thursday’s pre-market trading rose 1.6% The company exceeded expectations In the second quarter, it revealed that it had already sold $ 2 million in a new controversial drug for Alzheimer’s disease.

  • Southwest Airlines Co., Ltd.

    Later 3.3% increase Net profit report After a loss of $ 915 million ($ 1.63 per share) in the same period last year when travel stagnated during the global epidemic, $ 348 million (57 cents per share) in the second quarter It increased.

U.S. Stock Index Futures Eliminate Early Rise After Increased Unemployment Claims U.S. Stock Index Futures Eliminate Early Rise After Increased Unemployment Claims

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