Futures Point to Retreat from Record Highs - InvestingChannel

Futures Point to Retreat from Record Highs

U.S. stock index futures are pointing to a slightly lower open on Wall Street Thursday morning after a record-setting session, as investors continue to monitor the global economic impact of the coronavirus outbreak.

Futures for the Dow Jones Industrials shed 43 points, or 0.2%, early Thursday to 29,294.


Futures for the S&P 500 picked back 6.25 points, or 0.2%, at 3,381.


Futures for the NASDAQ Composite slid 20.5 points, on 0.2%, to 9,713.


In corporate news, Morgan Stanley is buying e-Trade for $13 billion. The news sent e-Trade shares up more than 20% in the pre-market while Morgan Stanley dipped 4.7%.


U.S. jobless claims data for last week is due this morning, likewise, and January’s leading index reading.


China’s National Health Commission on Wednesday reported that 74,576 cases of the new coronavirus have now been confirmed, with 2,118 deaths on the mainland. Coronavirus cases are also spiking in South Korea. The country said confirmed cases have jumped to 82, more than double the previous number of cases.


S&P Global Ratings warned in a report on Thursday that Chinese lenders could be hit by as much as $1.1 trillion in questionable loans as the coronavirus ripples through China’s economy, while Goldman Sachs has said that markets are underestimating the potential fallout from the outbreak, suggesting the “risks of a correction are high.”


China’s central bank cut its one-year loan prime rate by 10 basis points overnight in an effort to mitigate the economic fallout from the coronavirus. A summary of the Federal Reserve’s January meeting also showed the U.S. central bank is monitoring the spread for any impact on the U.S. economy.


Overseas, in Japan, the Nikkei 225 added 0.3% Thursday, while in Hong Kong, the Hang Seng Index declined 0.2%,

Oil prices gained 49 cents to $53.78 U.S. a barrel.


Gold prices advanced eight dollars to $1,619.80 U.S. an ounce.

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%

ValueWalk

iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7

ValueWalk

Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]

ValueWalk

Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]

ValueWalk

Set Bing Home Page Image As Lock Screen In Windows 8

ValueWalk

Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT

ValueWalk