Stock futures trade lower on US job concerns

Dow ends off session highs

FOX Business’ Lauren Simonetti says a lot of Wednesday’s gains came from Boeing.

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U.S. equity futures are trading lower ahead of weekly jobless claims numbers.

The major futures indexes are indicating a decline of about 1 percent when trading begins on Thursday.

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Jobless claims are expected to surge to 1 million last week, with estimates running as high as 4 million as efforts to contain the coronavirus pandemic triggered a wave of layoffs and brought the U.S. economy to a virtual standstill. That would exceed by far the record-high number of 695 thousand claims filed in October 1982.

The Senate late Wednesday passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.

The unanimous vote came despite misgivings on both sides about whether it goes too far or not far enough and capped days of difficult negotiations as Washington confronted a national challenge unlike it has ever faced.

The 880-page measure is the largest economic relief bill in U.S. history. Majority Leader Mitch McConnell appeared somber and exhausted as he announced the vote — and he released senators from Washington until April 20, though he promised to recall them if needed.

SENATE PASSES $2 TRILLION CORONAVIRUS STIMULUS BILL IN UNANIMOUS VOTE

In Asian markets, Tokyo's Nikkei fell 4.5 percent, Hong Kong's Hang Seng was lower by 0.5 percent and China's Shanghai Composite slipped 0.6 percent.

Prices have swung wildly as business shutdowns spread around the world. Investors say they need to see a decline in numbers of new coronavirus infections before prices can bottom out.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 21200.55 +495.64 +2.39%
SP500 S&P 500 2475.56 +28.23 +1.15%
I:COMP NASDAQ COMPOSITE INDEX 7384.295089 -33.56 -0.45%

On Wednesday, the S&P 500 advanced to 2,475.66 and the Dow Jones Industrial Average rose 2.4 percent to 21,200.55. The Nasdaq lost 33.56 points to 7,384.30.

Global central banks have cut interest rates and injected money into financial markets.

The number of known infections has leaped past 450,000 people worldwide, and more than 20,000 have died, according to Johns Hopkins University. Overall, more than 112,000 have recovered.

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For most people, the new coronavirus causes mild or moderate symptoms such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness including pneumonia and death.

The Associated Press contributed to this article.

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Stock futures trade higher as deal reached on coronavirus stimulus

Stock market surges on hopes of a stimulus package

FOX Business’ Lauren Simonetti talks about the Dow Jones gaining 2,000 points, making it the biggest point gain the Dow has ever seen.

Stock futures turned positive as White House and Senate leaders struck an agreement late Tuesday on a sweeping deal on injecting nearly $2 trillion of aid into an economy ravaged by the coronavirus.

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Dow futures are indicating a gain of 1.2 percent when Wall Street opens for business on Wednesday.

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The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.

The final details had proved nettlesome. One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.

A vote in the Senate could come Wednesday.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 20704.91 +2,112.98 +11.37%
SP500 S&P 500 2447.33 +209.93 +9.38%
I:COMP NASDAQ COMPOSITE INDEX 7417.857035 +557.18 +8.12%

On Tuesday, the Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal. The Dow adding 11.4 percent, rising 2,112.98 points, its biggest point gain in history. The S&P 500 index leaped 9.4 percent.

In Asia, Japan's Nikkei jumped 8 percent, Hong Kong's Hang Seng added 3 percent and China's Shanghai Composite gained 2.2 percent.

Tokyo share prices were boosted by the decision to postpone the 2020 Olympics to July 2021 in view of the coronavirus pandemic.

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Economists and investors expect to see some dire measures of the impact of the virus in coming days and weeks, and few believe markets have hit bottom. Rallies nearly as big as this have punctuated the last few weeks, and none lasted more than a day.

The Associated Press contributed to this article.

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Stock futures gain ground as Congress moves closer to a stimulus deal

Dow, S&P extend losses after worst week since 2008 financial crisis

FOX Business’ Lauren Simonetti says investors want Congress to pass the stimulus relief package as soon as possible.

U.S. equity futures are pointing to a higher open when Wall Street begins trading on Tuesday as congressional and White House officials emerged from grueling negotiations at the Capitol over the $2 trillion coronavirus rescue package saying they expected to reach a deal Tuesday.

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This comes after the Federal Reserve promised support to the struggling economy.

The major futures indexes are indicating a gain of more than 3 percent or around 600 Dow points.

The Fed promised to buy as many Treasurys and other assets as needed to keep financial markets functioning.

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That came as Wall Street fell 3 percent after Congress failed to approve an economic support package. It would send checks to U.S. households and offer support for small businesses and the hard-hit travel industry, but Democrats say it favors companies too heavily at the expense of workers and public health.

In Asia, Japan's Nikkei rose 6 percent, The Hang Seng in Hong Kong was 3.3 percent higher and China's Shanghai Composite rose 0.4 percent.

The Fed's promise goes beyond the $700 billion in purchases announced last week.

The central bank said it will buy a wide range of investments, including corporate bonds for the first time, to improve trading in markets that help home buyers purchase houses, state and local governments borrow and businesses to get enough short-term cash to make payroll.

Treasury Secretary Steven Mnuchin, third from left, and White House Legislative Affairs Director Eric Ueland, left, walk to a meeting with Senate Minority Leader Sen. Chuck Schumer of N.Y. in his office on Capitol Hill, Monday, March 23, 2020, in Was

As Congress was locked in stalemate, the number of known infections worldwide jumped past 380,000. After just a few weeks, the United States has more than 46,000 cases and more than 600 deaths.

Also Monday, trading on the New York Stock Exchange went all-electronic for the first time after the trading floor was temporarily closed as a precaution. The exchange announced the move last week after two employees tested positive for the virus. The number of floor traders had dwindled sharply in recent years as more trading become electronic.

Wall Street and some other stock markets have lost nearly one-third of their value over the past month as business shutdowns spread and airlines, retailers and other industries suffer rising losses.

Economists increasingly say a recession seems inevitable. Analysts are slashing their forecasts for upcoming corporate profits. Forecasters say they cannot project how deep the downturn might be or how long it will last.

Professional traders say investors need to see a decline in numbers of new infections before markets can find a bottom.

Congress debated through the weekend on the rescue plan, but White House officials and congressional leaders are struggling to finalize it. Democrats blocked a vote to advance the package Monday. They want to steer more of the assistance to public health and workers.

Even if the two sides find a compromise, Congress may need to go through more rounds of similar negotiations if the outbreak isn't brought under control.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 18591.93 -582.05 -3.04%
SP500 S&P 500 2237.4 -67.52 -2.93%
I:COMP NASDAQ COMPOSITE INDEX 6860.673526 -18.84 -0.27%

On Wall Street, the benchmark S&P 500 fell 2.9 percent in another day of sudden swings. It was down as much as 4.9 percent and as little as 0.2 percent earlier in the day.

The Dow Jones Industrial Average fell 3 percent. The Nasdaq, which is dominated by technology companies, lost only 0.3 percent as tech shares held up better than the rest of the market.

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In energy markets, benchmark U.S. crude gained 97 cents to $24.35 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost $2.59 the previous session to close at $22.63. Brent crude, used to price international oils, added $1.00 to $28.04 per barrel in London. It lost $1.49 the previous session to $26.98.

The Associated Press contributed to this article.

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Stock futures recoup some losses from biggest rout since 1987

Dow plunges nearly 3,000 points amid growing coronavirus fears

The White House announces tougher guidelines for the country to hopefully slow coronavirus’ spread, sending markets into a tailspin.

U.S. equity futures are pointing to a higher open a day after markets suffered their steepest single-day loss since 1987.

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DOW DIVES NEARLY 3,000 POINTS

Dow futures were up 101 points, or 0.5 percent, ahead of the opening bell, but had been higher by as much as 800 points in overnight trading. S&P 500 and Nasdaq futures were higher by 1.1 percent and 0.9 percent respectively.

Treasury Secretary Steven Mnuchin is making the rounds on Capitol Hill discussing further stimulus measures that could be taken to boost the U.S. economy amid the coronavirus crisis.

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West Texas Intermediate crude oil futures for May delivery were up 2.1 percent at $29.62 a barrel while gold futures for April delivery traded lower by 1.4 percent at $1,466 an ounce.

The Dow Jones Industrial Average plunged 2,997 points, or 12.9 percent, during Monday’s session while the S&P 500 and Nasdaq Composite lost 12.3 percent and 12 percent, respectively. The drop was the steepest for all three of the major averages since the 1987 Black Monday crash.

WHAT IS THE VIX?

President Trump, during the coronavirus task force update on Monday, signaled the crisis could wade deep into July or August.

In Europe, London's FTSE fell 1 percent, Germany's DAX added 0.4 percent and France's CAC gained 0.9 percent.

In Asian markets on Tuesday, Japan's Nikkei added 0.1 percent, Hong Kong's Hang Seng gained 0.8 percent and China's Shanghai Composite slipped 0.3 percent.

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Dow futures claw back from Monday's market carnage

Dow closes down 1,000+ points

FOX Business’ Kristina Partsinevelos says gold acted as ‘a safe haven’ for investors after stocks ended in the red amid coronavirus fears.

U.S. equity futures are pointing to gains at the start of trading on Tuesday following Monday's plunge amidst the spread of coronavirus.

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The major futures indexes are indicating a rise of 0.8 percent or a gain of more than 200 Dow points.

In Monday's session, Wall Street suffered its worst session in two years, with the Dow Jones Industrial Average slumping more than 1,000 points on fears that a viral outbreak that began in China will weaken the world economy.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 27960.8 -1,031.61 -3.56%
SP500 S&P 500 3225.89 -111.86 -3.35%
I:COMP NASDAQ COMPOSITE INDEX 9221.280101 -355.31 -3.71%

Asian markets continued a retreat with Japan's Nikkei down 3 percent after returning from a holiday on Monday. Hong Kong's Hang Seng edged 0.2 percent lower and the Shanghai Composite sank 1.6 percent.

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Technology companies were among the worst hit by Monday's sell-off. Apple, which depends on China for a lot of business, slid 4.8 percent. Microsoft dropped 4.3 percent. Banks such as JPMorgan and Bank of America were also big losers.

Ticker Security Last Change Change %
AAPL APPLE INC. 298.18 -14.87 -4.75%
MSFT MICROSOFT CORP. 170.89 -7.70 -4.31%
JPM JP MORGAN CHASE & CO. 132.16 -3.65 -2.69%
BAC BANK OF AMERICA CORP. 32.73 -1.63 -4.74%

Cruise lines suffered step losses, as Carnival, Royal Caribbean Cruises and Norwegian Cruise Line were three of the top four decliners in the S&P 500, each falling around 9 percent.

American Airlines also dropped sharply, and after the market closed, United Airlines withdrew its earnings estimate for 2020 because of uncertainty over how long the virus outbreak will last.

Ticker Security Last Change Change %
CCL CARNIVAL CORP. 37.76 -3.93 -9.43%
RCL ROYAL CARIBBEAN CRUISES 96.61 -9.50 -8.95%
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD. 42.58 -4.39 -9.35%
AAL AMERICAN AIRLINES GROUP INC. 25.45 -2.37 -8.52%
UAL UNITED AIRLINES HLDG. 75.47 -2.54 -3.26%
GILD GILEAD SCIENCES INC. 72.90 +3.20 +4.59%

Gilead Sciences climbed 4.6 percent and was among the few bright spots. The biotechnology company is testing a potential drug to treat the new coronavirus. Bleach-maker Clorox was also a standout, rising 1.5 percent.

More than 79,000 people worldwide have been infected by the new coronavirus. China, where the virus originated, still has the majority of cases and deaths. The country's economy has been hardest hit as businesses and factories sit idle and people remain home-bound because the government has severely restricted travel and imposed strict quarantine measures to stop the virus from spreading. Economists have cut growth estimates for the Chinese economy.

CHINA'S CORONAVIRUS SURGES IN UNEXPECTED PLACES AS 79,000 INFECTED GLOBALLY

The ripple effects of the outbreak are being felt all around the world, as China is both a major importer of goods and a source of parts for intricate supply chains.

China's government promised tax cuts and other aid Monday to help companies recover despite anti-disease controls that shut down much of the world's second-largest economy last month. Economists say it is likely to be at least mid-March before automakers and other companies return to full production.

Crude oil prices slid 3.7 percent on Monday but were stable Tuesday. Benchmark U.S. crude oil rose 26 cents to $51.69 per barrel in electronic trading on the New York Mercantile Exchange. It fell $1.95 to settle at $51.43 a barrel on Monday. Brent crude oil, the international standard, gained 28 cents to $56.06 per barrel. On Monday, it dropped $2.17 to close at $55.77 a barrel.

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The rapid spread from China to other countries is upping anxiety about the growing threat the outbreak poses to the global economy.

The Associated Press contributed to this article.

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Dow futures plunge 400 points on coronavirus spread

All three major averages were in the red on Friday

FOX Business’ Jackie DeAngelis says coronavirus fears caused selling pressure on the floor of the New York Stock Exchange.

U.S. equity futures are pointing to a large decline in stocks on Monday morning on concerns about the spread of coronavirus outside China, with Italy, South Korea and Iran seeing a big jump in infections.

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The major futures indexes are indicating a decline of 1.3 percent when trading begins on Wall Street.

Economically sensitive oil is tumbling for a second day.U.S. crude is trading at $52.12, down 2.4 percent. Brent crude is trading at $57.05, down 2.5 percent.

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Safe-haven gold surged more than 1 percent to a fresh 7-year high. Currently at $1,663.

In Asian markets, Hong Kong's Hang Seng is down 1.5 percent and China's Shanghai Composite is off 0.3 percent. Japan's markets are closed for a holiday.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 28992.41 -227.57 -0.78%
SP500 S&P 500 3337.75 -35.48 -1.05%
I:COMP NASDAQ COMPOSITE INDEX 9576.590101 -174.37 -1.79%

The decline is a continuation of the selling the markets experienced on Friday. The S&P 500 index fell 1.1 percent, while the Dow Jones Industrial Average lost  0.8 percent and the tech-heavy Nasdaq Composite slipped 1.8 percent.

People line up to buy face masks at a store in Daegu, South Korea, Monday, Feb. 24, 2020. South Korea’s President Moon Jae-in on Sunday put the country on its highest alert for infectious diseases and says officials should take “unprecedented, powerf

South Korea reported another large jump in new virus cases Monday.The 161 new cases bring South Korea's total to 763 cases, and two more deaths raise its toll to seven.

China also Monday reported 409 new cases, raising the mainland's total to 77,150 after a zigzag pattern of increases in recent days. The 150 new deaths from the COVID-19 illness raised China's total to 2,592 and showed a spike after hovering around 100 for four days. All but one death were in Hubei province, where the outbreak emerged in December.

Tourists wearing sanitary masks walk in downtown Milan, Italy, Sunday, Feb. 23, 2020. In Lombardy, the hardest-hit region with 90 cases Coronavirus infections, schools and universities were ordered to stay closed in the coming days, and sporting even

Significant jumps in cases outside China have raised concern of the outbreak getting out of control.

South Korea has the third-highest national total behind China and Japan, and cases have rapidly increased in Italy and Iran in just a few days.

The Iranian health ministry said there were now 43 confirmed cases in Iran, which did not report its first case of the virus until Wednesday.

In Italy’s northern Lombardy region, which includes the nation’s financial capital, Milan, the governor announced Sunday that the number of confirmed cases stood at 110. Italy now has 152 cases, the largest number outside of Asia, including three deaths.

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As Italy scrambled to check the spread of the virus, authorities announced that all Carnival events had been called off as well as major league soccer matches in the stricken region. Cinemas and theaters were also ordered shuttered, including Milan's legendary La Scala.

The Associated Press contributed to this article.

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