Stock futures fall before unemployment claims report

US equity futures are trading lower, indicating that selling from the previous session will continue.

Major futures indices are pointing to a 0.4% drop when the Thursday Wall Street trading session begins.

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There are some economic reports that are likely to move the market.

The Ministry of Labor is expected to say that the number of unemployment benefits claims decreased to 840,000 last week, down 20,000 from the previous week’s tally of 860,000 and the lowest reading since March 14, just before the coronavirus lockdown.

The Census Bureau is expected to say new home sales fell 0.1% in August from July to the seasonally adjusted annual rate of 895,000. This is slightly lower than the much stronger-than-expected July reading of 901,000, the highest since December 2006.

Market players are less optimistic about the actions the US Federal Reserve and Congress are taking to aid the US economy amid the presidential election distortions and the battle for the Supreme Court seat left vacant by the death of Judge Ruth Bader Ginsburg.

The second round of PPP could do a lot to support small businesses, says FED BOWELL

In Asia, the Japanese Nikkei 225 is down 1.1%, the Hang Seng in Hong Kong is down 1.8% and the Chinese Shanghai Composite is down 1.7%.

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In Europe, the FTSE in London is down 1%, the German DAX is down 0.7% and the French CAC is down 0.9%.

Wall Street saw more hits on Wednesday as stocks ended broadly lower, wiping out the previous day’s gains. The S&P 500 index fell 2.4% to 3,236.92, erasing earlier gains. The broad sell-off accelerated in the afternoon, although tech stocks were responsible for the biggest losses.

ribbonSafetythe lastThey changeThey change%
I am: DJIDow Jones averages26763.13-525.05-1.92%
SP500Standard & Poor’s 5003236.92-78.65-2.37%
I: COMPNasdaq Composite Index10632.985307-330.65-3.02%

The Dow Jones Industrial Average lost 1.9% to 26,763.13. The Nasdaq Composite Index fell 3% to 10,632.99.

Johnson & Johnson rose 0.2% as it began a massive final study to try to prove whether a single dose of the COVID-19 vaccine can protect against the coronavirus.

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In energy trading, benchmark US crude fell 36 cents to $ 39.57 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, lost 35 cents to $ 41.42 a barrel.

The Associated Press contributed to this story.

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