Futures recede as COVID-19 case tally hits another record

10 Juillet, 2020, 20:23 | Auteur: Auguste Feret

US stocks opened higher on Thursday after data pointed to a declining trend in weekly jobless claims, with investors also weighing the risk of another business shutdown as US COVID-19 cases soared.

The Nasdaq notched an intraday record high yesterday but all the three main stock indexes finished lower as investors booked profits following a strong run on the back of upbeat economic data.

The United States saw more than 60,000 new COVID-19 infections on Wednesday, setting a single-day global record while Florida and Texas reported a record one-day increase in deaths.

A slate of economic data, including a record monthly payrolls addition, has pointed to a revival in business activity in June, fueling the US stock market's stimulus-driven rally. About 41 of the 50 US states have reported an increase in cases over the last two weeks that has forced Americans to take new precautions, with several states backpedaling on reopening plans.

The benchmark S&P 500 has risen more than 40% from its March lows and is now about 7.8% below its February record high. S&P 500 e-minis were down 20.25 points, or 0.64 percent and Nasdaq 100 e-minis were down 48.5 points, or 0.45 percent.

United, Spurs, Southampton awarded wrong VAR decisions
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Froome to bid adios to Ineos at the end of the year
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Celtic to launch quest for 10-in-a-row against Hamilton
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Technology sectors firmed 1.2%, the most among 10 of the 11 major S&P sectors trading higher.

At 10.05am ET, the Dow Jones Industrial Average was up 196.92 points, or 0.76%, at 26,087.10, the S&P 500 was up 23.65 points, or 0.75%, at 3,168.97, and the Nasdaq Composite was up 112.00 points, or 1.08%, at 10,455.89.

Cisco Systems Inc rose 2% as Morgan Stanley upgraded its rating on the network gear maker's stock to "overweight".

Advancing issues outnumbered decliners by a 1.53-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq.

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