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Futures stagnate after tech rout on Wall Street

 


Stock futures closed in on breakeven on Thursday night after trading hours, following a volatile session that saw big tech stocks sell off sharply again, causing the market to fall. as a whole despite encouraging unemployment data.

The liquidation of the regular Thursday sessions was led by high-profile tech stocks like Amazon (AMZN), Facebook (FB) and Apple (AAPL), which drove the Nasdaq to its worst day in about a week. The price action reflected how investors, who have been pushing stocks relentlessly since late spring, are now rethinking the outlook for a sharp economic rebound in the wake of a COVID-19 pandemic that still raging and no immediate budgetary boost on the table.

In this sense, another 860,000 workers filed for unemployment in the last period, but this figure remained below 1 million for a third consecutive week. In a partly encouraging sign, persistent claims of a closely watched measure of the health of real-time labor markets have fallen below 13 million. However, new housing starts fell sharply last month, new data showed, pointing to concern that a hot real estate market could cool down despite historically low interest rates.

On Wednesday, the Fed signaled that interest rates near zero will stay at least for the next three years, as the U.S. economy continues to face risks from the ongoing pandemic. Federal free market committees recently voiced expectations that interest rates would stay near zero until at least the end of 2023.

Fed officials have revalued their economic projections for this year and now forecast a shallower decline in real growth and lower unemployment by year-end compared to previous estimates. But officials have suggested that the earlier, faster-than-expected economic recovery could be jeopardized in the absence of further fiscal stimulus.

With U.S. interest rates stuck at record highs for years into the future and the Fed withholding further QE measures, the path to recovery will depend on vaccine progress, virus dynamics, budget support and presidential electoral politics, said Mark Haefele, chief investment officer at UBS Global Wealth Management.

Our base scenario is the continuation of the reopening dynamic, the general availability of vaccines by 2Q21 and a possible compromise on the American fiscal stimulus. The US presidential competition could cause some short-term volatility before its final resolution, he added.

6:30 p.m. ET Thursday: Stock futures open near unchanged mark

Here are the main developments in the stock markets, at 6:30 p.m. ET Thursday:

  • S&P 500 Futures (ES = F): 3350.00, flat

  • Dow Futures (YM = F): 27817, flat

  • Future Nasdaq (NQ = F): 11075.00, flat

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, United States, October 30, 2019. REUTERS / Brendan McDermid

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, United States, October 30, 2019. REUTERS / Brendan McDermid

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