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Dow Futures Fold Ahead Before Last Week’s Profit Flourishing, Unemployment Claims, and New Powell


US stock index futures indicated modest losses at the start of Thursday’s session, as investors prepared for a new set of economic results and reports, including weekly jobless claims. Market participants will hear from the President of the Federal Reserve, Jerome Powell, for the third time this week since his interview with CBS 60 Minutes.

How are the benchmarks doing?

Futures for the Dow Jones Industrial Average

traded 112 points, or 0.5%, down to 24,407 those of the S&P 500 index

traded 15.25 points, or 0.5%, down to 2,953.25, while futures on the Nasdaq-100

traded 34.25 points lower to reach 9.451.25, a decrease of 0.4%.

Wednesday the Dow
+ 1.52%

collected 369.04 points, or 1.5%, to finish at 24,575.90. The S&P 500
+ 1.66%

the Dow Jones Market Data index climbed 48.67 points, or 1.7%, to end at 2,971.61, its highest level since March 6. The Nasdaq composite
+ 2.07%

up 190.67 points, or 2.1%, closing at 9,375.78.

What drives the market?

On Thursday, markets will wade into a swamp of economic reports, including the weekly results of jobless claims that have been largely overlooked by bullish investors in favor of a rampant reopening of the U.S. economy.

A weekly report on Thursday is expected to show that about 2.35 million people claimed unemployment benefits during the week ended May 16, which would likely bring the total number of Americans unemployed during the COVID pandemic- 19 to almost 40 million on a seasonally adjusted basis.

See: The economy is finally recovering from the coronavirus, but the harmful effects have not disappeared for a long time

This represents approximately one in five workers in the workforce.

Admittedly, the weekly figure represents a deceleration of the recent unsightly trend of job losses, but can still be a serious reminder of the balance sheet that the viral pandemic has exerted on the American economy in recent months.

In addition to jobless claims due at 8:30 a.m. (Eastern time), investors will be monitoring a survey of conditions in businesses in the Philadelphia area, the Philadelphia Fed Index, which is expected to be published at the same time. The Markit flash PMIs, providing an early reading of services and manufacturing activity for May, are expected at 9:45 a.m., while a report on existing home sales for April is expected at 10 a.m., with a composite measure key economic indicators, including building permits and factory orders, due at the same time.

Investors to Monitor Fed Stakeholders Fed tapping event with Powell and Fed Gov.Lael Brainard at 2 p.m., which will focus on how the pandemic has changed job prospects, inflation and the transmission of monetary policy to households and businesses.

Before that, New York Fed chairman John Williams will speak at 10 a.m. and Fed vice chairman Richard Clarida at 1 p.m.

On Wednesday, the publication of an account of the April federal government meeting showed that policymakers discussed how to convince the market that the central bank intended to maintain federal funds rates, which are currently between 0% and 0.25%, levels for a long time.

Lily: Fed officials discuss ways to convince markets that rates will stay low for a long time

Which titles are targeted?
  • Macys Inc.

    announced that it has appointed Felicia Williams as interim financial director effective June 1.

  • L Brands Inc.

    announced a larger than expected loss in the first quarter and said it remains committed to divesting from its Bath & Body Works business.

  • Aurora Cannabis Inc.

    said it was acquiring the US company Reliva LLC for around $ 40 million in a stock transaction.

  • Take-Two Interactive Software Inc.
    + 3.23%

    the stock was up after the video game publisher exceeded Wall Street estimates.

  • Intel Corp.
    + 4.66%

    On Wednesday, announced the acquisition of Rivet Networks to increase Wi-Fi offerings for its PC products.

  • Before the opening bell on Thursday, the results of BJs Wholesale Club Holdings Inc.
    + 1.86%
    Hormel Foods Corp.
    + 1.26%
    PLC Medtronic
    + 1.08%
    Best buy

    and TJX Cos.
    + 1.17%

    are waiting.

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