Economist Steve Moore weighs in on Congress’s economic contingency plan and infrastructure spending.
US stock futures are trading lower towards the last trading day of the week.
Major futures indices suggest a 0.2% drop when the bell rings.
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Investors remain cautiously optimistic about the prospects for another round of government support as the economic recovery appears to be stagnant.
The latest US government report on unemployment claims reaffirmed that employment remains a weak spot in the economy, even as vaccine distribution increases in hopes of eventually ending the pandemic.
The number of Americans claiming unemployment benefits fell slightly last week to 793,000. The labor market improved somewhat over the summer, but has slowed since the fall.
ANOTHER 793,000 AMERICANS HAVE SUBMITTED UNEMPLOYMENT BENEFITS FOR WEEK
Friday’s economic report is the University of Michigan’s preliminary consumer sentiment index for February. Refinitiv’s estimate is a value of 80.8, almost two points above the closing value of 79.0 in January.
In Europe, the FTSE in London changed little, the German DAX declined by 0.6% and the French CAC by 0.1%
In Asia, Japan’s Nikkei 225 index lost 0.1% to 29,520.07. Most Asian markets were closed to celebrate the Lunar New Year.
While another day of choppy trading on Wall Street left major US stock indices nearly flat on Thursday, the S&P 500 and Nasdaq composite still held record highs.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 31430.7 | -7.10 | -0.02% |
| SP500 | S&P 500 | 3916.38 | +6.50 | + 0.17% |
| I: COMP | NASDAQ COMPOSITE INDEX | 14025.774352 | +53.24 | + 0.38% |
The S&P 500 rose 0.2% to 3,916.38. Technology stocks led the winners after two relatively weak days, almost only outweighing the losses of energy stocks, banks and companies that depend on consumer spending.
The Dow Jones Industrial Average fell less than 0.1% to 31,430.70 a day from a record high. The tech-heavy Nasdaq gained 0.4% to 14,025.77. The previous record level was Tuesday.
DISNEY + ADDS FOR THE MAGIC KINGDOM AS SERVICE BLOWS THROUGH SUBSCRIBER PROJECTIONS
After the bell, The Walt Disney Company revealed in its profit announcement that its 15-month-old streaming service, Disney +, had a total of 94.9 million subscribers, adding 21 million new customers. The success of the company’s streaming services has offset the losses the company continues to suffer as the coronavirus pandemic keeps its theme parks completely closed or running at reduced capacity.
While the company reported its first profit after two consecutive quarters of losses, it posted its third consecutive revenue decline of $ 16.2 billion, down 22% from $ 20.8 billion a year ago.
Shares of online dating service provider Bumble were up 63.5% on the first day of trading. And cannabis stocks fell globally a day after rallying amid a buying wave sparked in part by members of the same online forum that has hypnotized GameStop and other downcast companies in recent weeks.
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In other trades, US benchmark crude lost 36 cents to $ 57.90 a barrel in electronic trading on the New York Mercantile Exchange. It gave up 44 cents to $ 58.24 overnight. Brent crude, the international standard, shed 28 cents to $ 60.86 a barrel.
The Associated Press contributed to this article.