Stimulus package will get ‘pushback’ for causing $5T US debt: Steve Moore
Economist Steve Moore weighs in on Congress’ economic relief plan and infrastructure spending.
U.S. equity futures are trading lower heading into the final trading day of the week.
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The major futures indexes suggest a decline of 0.4% when the opening bell rings.
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Investors remain cautiously optimistic about prospects for a new round of government aid as the economic recovery seemingly stalls.
The latest U.S. government report on jobless claims reaffirmed that employment remains a weak spot in the economy, even as vaccine distribution ramps up in the hopes of eventually ending the pandemic.
The number of Americans seeking unemployment benefits fell slightly last week to 793,000. The job market improved somewhat last summer but has slowed since the fall.
ANOTHER 793,000 AMERICANS FILED FOR UNEMPLOYMENT BENEFITS LAST WEEK
Friday's economic report will be the University of Michigan’s preliminary index of consumer sentiment for February. The Refinitiv estimate is a reading of 80.8, almost two points above January’s final reading of 79.0.
In Asia, Japan's Nikkei 225 index lost 0.1% to 29,520.07. Most Asian markets were closed to mark the Lunar New Year.
Although another day of choppy trading on Wall Street left the major U.S. stock indexes nearly flat Thursday, the S&P 500 and Nasdaq composite still snagged all-time highs.
|I:DJI||DOW JONES AVERAGES||31430.7||-7.10||-0.02%|
|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 gainers after two relatively weak days, almost single-handedly outweighing losses by energy stocks, banks and companies that rely on consumer spending.
The Dow Jones Industrial Average slipped less than 0.1% to 31,430.70 a day after setting a record high. The tech-heavy Nasdaq gained 0.4%, to 14,025.77. Its previous all-time high was Tuesday.
DISNEY+ IS ADDING UP FOR THE MAGIC KINGDOM AS SERVICE BLOWS BY SUBSCRIBER PROJECTIONS
After the bell, The Walt Disney Company revealed in its earnings announcement that its 15-month old streaming service, Disney+, totaled 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 take as the coronavirus pandemic keeps its theme parks either shuttered entirely or operating at reduced capacity.
Even though the company reported its first profit after two straight quarters of losses, it reported its third straight revenue decline of $16.2 billion, a 22% decrease compared to $20.8 billion a year ago.
Shares of online dating service operator Bumble soared 63.5% on their first day of trading. And cannabis stocks fell broadly a day after surging amid a buying spree fueled partly by members of the same online forum that hyped GameStop and other beaten-down companies in recent weeks.
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In other trading, U.S. benchmark crude lost 62 cents to $57.61 per barrel in electronic trading on the New York Mercantile Exchange. It gave up 44 cents overnight to $58.24. Brent crude, the international standard, shed 60 cents to $60.54 per barrel.
The Associated Press contributed to this article.
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