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US STOCKS-S&P, Dow futures dip ahead of jobless claims report

Published 09/07/2020, 11:48
Updated 09/07/2020, 11:54
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* Futures: Dow slips 0.22%, S&P down 0.07%, Nasdaq up 0.41%

By Medha Singh
July 9 (Reuters) - Futures tracking the S&P 500 and Dow
indexes edged lower on Thursday ahead of the closely watched
weekly jobless claims report, with investors weighing the risk
of another business shutdown amid soaring U.S. COVID-19 cases.
A batch of upbeat economic data including the record pace of
job additions in June has underscored that the stimulus-fueled
domestic economy was on the path to recovery.
The benchmark S&P 500 has risen more than 40% from its March
lows and is now about 7% below its February record high.
The Labor Department's most timely data on the economy is
expected to show 1.38 million Americans filed for state
unemployment benefits in the latest week, down from 1.43 million
claims in the prior week. The report is expected at 8:30 a.m.
ET.
The United States reported more than 60,000 new COVID-19
infections on Wednesday, setting a single day global record.
While the recent surge has forced some states to roll back
their reopening plans, market experts expect only a delay in
U.S. economic recovery, with many seeing growth returning in
2021.
The three main indexes charged ahead in the final hour of
trading on Wednesday, with Nasdaq logging its fourth record
closing high this month powered by technology stocks.
At 6:10 a.m. ET, Dow e-minis 1YMcv1 were down 57 points,
or 0.22% and S&P 500 e-minis EScv1 were down 2.25 points, or
0.07%. Nasdaq 100 e-minis NQcv1 were up 44 points, or 0.41%.
Cisco Systems Inc CSCO.O rose 2% in premarket trading as
Morgan Stanley upgraded its rating on the network gear maker's
stock to "overweight".

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