Stock futures trade mixed as selling continues
Stocks are on the brink of a 3-day losing streak
Delancey Strategies President Jared Levy, Heritage Capital’s Paul Schatz and Spotlight Asset Group CIO Shana Sissel on the Federal Reserve, IPO “mania” and today’s markets.
U.S. equity futures are trading mixed heading into the final trading day of the week.
Dow futures are suggesting a decline of 0.2%.
Another slide in technology companies helped pull stocks lower on Wall Street Thursday, extending losses from the day before.
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The markets will pay close attention to the University of Michigan’s preliminary index of consumer sentiment for September. It’s expected to edge up almost a point to 75 from August’s final reading of 74.1. The Conference Board will also be out with its leading economic index for August. Watch for a month-over-month increase of 1.3%, slightly trailing July’s 1.4% rise.
Asian shares were mostly higher Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus pandemic.
On Friday, Japan's benchmark Nikkei gained 0.2%, Hong Kong's Hang Seng rose 0.5% and China's Shanghai Composite rose 2.1%.
In Europe, London's FTSE was down 0.2%, Germany's DAX gained 0.1% and France's CAC was off 0.3%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43268.94 | -120.66 | -0.28% |
| SP500 | S&P 500 | 5916.98 | +23.36 | +0.40% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18987.468095 | +195.66 | +1.04% |
While Wall Street took more losses Thursday, the selling eased toward the end of the day. The S&P 500 fell 28.48 points to 3,357.01. The Dow Jones Industrial Average lost 130.40 points, or 0.5%, to 27,901.98. It had been down 384 points.
The Nasdaq composite, which is heavily weighted with technology stocks, slid 140.19 points, or 1.3%, to 10,910.28.
The selling came a day after the Federal Reserve said it will keep interest rates at nearly zero for years to support the wheezing economy. The statement failed to encourage Wall Street and the S&P 500 recorded its first loss in four days Wednesday.
The number of U.S. workers applying for jobless benefits has been coming down slowly, but it remains historically high. Such signs of a weaker recovery and a potential second wave of the virus are weighing on investors.
Another possibility for the downward turn the U.S. market has taken the past two days is the diminishing odds that Congress will deliver more aid for the economy anytime soon after benefits for unemployed workers and other stimulus expired recently. Investors say such aid is crucial for the recovery.
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In energy trading, benchmark U.S. crude gained 19 cents to $41.16 a barrel. Brent crude, the international standard, added 21 cents to $43.51 a barrel.
The Associated Press contributed to this article.