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.

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

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.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

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.

CLICK HERE TO READ MORE ON FOX BUSINESS

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.

Source: Read Full Article

Lowe's forecasts lower 2020 profit than Wall Street expected

Existing home sales up due to a thriving economy

FOX Business’ Deirdre Bolton says millennials are buying more houses now that they’re reaching the typical home-buying age. Nicholas Wealth Management president David Nicholas warns that higher home sales will push up prices.

Lowe’s predicted lower profit this year than Wall Street projected after disappointing same-store sales at the end of 2019.

Continue Reading Below

Earnings at the Mooresville, North Carolina-based hardware retail chain will be as much as $6.65 a share, compared with the $6.67 that analysts surveyed by Refinitv had estimated.

Same-store sales rose 2.5 percent in the three months through January, missing the 3.6 percent that analysts expected. Companywide, Lowe's earned $509 million, or 66 cents a share, as revenue rose 2.4 percent to $16.03 billion. Adjusted earnings were 94 cents a share, exceeding the 91 cents that was anticipated.

Ticker Security Last Change Change %
LOW LOWE’S COMPANIES INC. 118.52 -4.39 -3.57%

“We delivered profitability that exceeded our expectations given strong expense management, improving gross margin and enhanced process execution,” CEO Marvin Ellison said in a statement. “Our sales growth was driven almost entirely by our U.S. brick and mortar stores, supported by our investments in technology, store environment and the Pro business.”

CLICK HERE TO READ MORE ON FOX BUSINESS

Lowe's shares were down 1 percent year-to-date through Tuesday, outperforming the S&P 500's 3.2 percent decline.

Source: Read Full Article

Stocks trade lower on renewed coronavirus fears

Stocks fall on coronavirus fears, global growth concerns

FOX Business’ Jackie DeAngelis discusses why investors were spurred to sell stocks over coronavirus fears on the floor of the New York Stock Exchange.

U.S. equity futures are pointing to a lower open on Friday after a spike in new coronavirus cases outside of China.

Continue Reading Below

The major futures indexes are indicating a decline of 0.4 percent.

Markets had been gaining on hopes the outbreak that began in central China might be under control following government controls that shut down much of the world's second-largest economy.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Sentiment was buoyed by stronger-than-expected U.S. economic data and rate cuts by China and other Asian central banks to blunt the economic impact.

But investors were jarred by South Korea's report of 52 new cases of the coronavirus, raising its total to 156, most of them since Wednesday.

CORONAVIRUS MAY SLASH $29 BILLION FROM AIRLINES' REVENUE

China reported 118 deaths and 889 new cases in the 24 hours through midnight Thursday.

That raised the death toll to 2,236 since December and total cases to 75,465.

The number of new cases reported each day has been declining but changes in how Chinese authorities count infections have raised doubts about the true trajectory of the epidemic.

In Asia, Japan's Nikkei shed 0.4 percent, Hong Kong's Hang Seng tumbled 1.1 percent and China's Shanghai Composite climbed 0.3 percent.

In Europe, London's FTSE  fell 0.6 percent, Germany's DAX slipped 0.2 percent  and France's CAC was down 0.5 percent.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 29219.98 -128.05 -0.44%
SP500 S&P 500 3373.23 -12.92 -0.38%
I:COMP NASDAQ COMPOSITE INDEX 9750.964579 -66.21 -0.67%

On Wall Street, the benchmark S&P 500 index lost 0.4 percent on Thursday after being down as much as 1.3 percent at one point. The Dow Jones Industrial Average fell 0.4 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS

Gold touched its highest price since early 2013, gaining $14.50 to $1.634.30. The 10-year Treasury’s yield sank to 1.49 percent from 1.57 percent late Wednesday.

The Associated Press contributed to this article.

Source: Read Full Article