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US pre-open: Futures point to losses ahead of jobless data

By Iain Gilbert

Date: Thursday 04 Jun 2020

US pre-open: Futures point to losses ahead of jobless data

(Sharecast News) - Wall Street futures had stocks opening lower on Thursday following a strong rally in the previous session.
As of 1230 BST, Dow futures were down 0.39%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.44% and 0.15% lower, respectively.

The Dow closed 527.24 points higher on Wednesday as major indices rallied on growing optimism regarding the reopening of several US states.

Thursday's main focus will be the Department of Labor's latest unemployment claims data at 1330 BST, with consensus estimates predicting the report to reveal another 1.8m Americans filed for jobless benefits during the week ended 30 May. Last week 2.1m Americans lodged new claims.

Protests across the US as a result of the death of unarmed African-American man George Floyd at the hands of Minneapolis police officer Derek Chauvin, rising tensions between Washington and Beijing and the ongoing Covid-19 pandemic were all very much so still in focus as well.

Market participants will also keep a keen eye on moves across the pond, with the European Central Bank's policy decision scheduled for 1245 BST. The ECB is expected to announce its intention to expand its €750bn Pandemic Emergency Purchase Program.

Elsewhere on the macro front, Challenger jobs cuts data will be released shortly, while trade balance figures will also be posted 1330 BST.

In the corporate space, coronavirus-stricken Royal Caribbean Cruises has offered up to $2bn in senior notes and convertible bond that mature in 2023 in order to help the group repay debt, while shares in Wells Fargo were upgraded to 'hold' by analysts at Deutsche Bank.


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