MicroVision MOVIA lidar gains support on NVIDIA DRIVE AGX platform
(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Weekly jobless claims fall more than expected
* Western Digital sinks after soft outlook
* Norwegian Cruise Line, Hilton post wider loss
* Futures: Dow up 0.13%, S&P flat, Nasdaq up 0.13%
(Adds quote details, updates prices)
By Medha Singh and Ambar Warrick
Aug 6 (Reuters) - Wall Street's main indexes were set for a
muted open on Thursday as investors awaited the government's new
stimulus package to prop up the economy, with data showing that
1.186 million Americans filed for unemployment claims.
Stock index futures pared losses after data showed jobless
claims fell slightly in the latest week after two consecutive
weeks of increases that triggered fears of a stalled recovery in
the labor market. Economists polled by Reuters had expected 1.415 million
claims.
The weekly jobless claims data comes ahead of the more
comprehensive monthly employment report due on Friday.
Despite worries about the economy, Wall Street's main
indexes are set for a second straight weekly gain due to heaps
of fiscal and monetary stimulus and better-than-feared
second-quarter earnings. The S&P 500 is 2% below its February
peak.
"Right now, people are taking a little bit of a pause
because we have some uncertainty over the virus, and stimulus
appears to be at a bit of a standstill," said Faron Daugs, chief
executive officer of Harrison Wallace Financial Group, based in
Libertyville, Illinois.
"With some of the pullback in the reopening, I wouldn't be
surprised if we have a slightly higher unemployment rate than
what is expected."
Top congressional Democrats and White House officials will
try again on Thursday to find a compromise on major issues
including the size of a federal benefit for tens of millions of
unemployed workers as they work towards a relief legislation.
At 8:44 a.m. ET, Dow e-minis 1YMcv1 were up 35 points, or
0.13%, S&P 500 e-minis EScv1 were up 0.25 points, or 0.01% and
Nasdaq 100 e-minis NQcv1 were up 14 points, or 0.13%.
The top decliner among the Nasdaq 100 index's components
was Western Digital WDC.O , which sank 12.2% in premarket trade
after the hard drive maker reported weaker-than-expected
fourth-quarter revenue and forecast a soft current quarter.
Norwegian Cruise Line Holdings Ltd NCLH.N and hotel
operator Hilton Worldwide Holdings Inc HLT.N dropped after
reporting wider-than-expected quarterly loss as their businesses
were ravaged by the pandemic. Bristol-Myers Squibb Co BMY.N gained 3.1% after the
drugmaker raised its annual profit forecast on hopes of a
recovery in demand for its hospital-administered drugs.
ViacomCBS Inc VIACA.O jumped 4.5% after beating analysts'
estimates for quarterly revenue due to high demand for
streaming.