Traders work the floor of the New York Stock Exchange.
On the heels of a market downturn, US stock futures had changed slightly on Wednesday evening.
Futures linked to the Dow Jones Industrial Average and the S&P 500 hovered near the flat line, while slipping 0.2% for the Nasdaq 100.
The move in futures follows Wednesday’s session which ended on a sour note. After bouncing around the flat line for most of the day, the Dow Jones Industrial Average turned south in the final hour of trading to register a loss of 345 points or 1.2%. The S&P 500 also dropped 1.2%, while the Nasdaq Composite dropped 0.8%.
Slide for shares with mixed news about the coronovirus crisis. On Wednesday morning, Pfizer announced that a final analysis showed that its vaccine was 95% effective against candidate Kovid-19. However, New York City announced during the afternoon that it was closing schools due to rising positivity rates.
“This is the perfect day that suggests what we are calling ‘Kovid Air Pocket’.” “We have a linear issue that you can’t get without going through bad news and some recession in the real economy,” Alicia Levine, chief strategist at BNY Investment Management, said Thursday. . “
Despite Wednesday’s conflict, Wall Street still saw a strong November. The S&P 500 has gained 9.1% month to date, while the small-cap Russell 2000 achieved an intraday record high on Wednesday.
Strengths for small stocks have been part of an outcome for cyclical stocks in recent weeks, after which growth-oriented tech stocks have greatly increased market rally from their March lows.
“You see that the market really wants to move in one direction, and then I think Vaccine News was definitely a catalyst to pick up a little bit. So I wouldn’t be surprised to see that the business lasted for some time. is.” Jeff Mills, chief investment officer of Bryn Mawr Trust, said of the rotation of cyclical names.
“I think I think the market leadership could be volatile over the next few months as you grapple with Kovid’s case and growing better news relative to the vaccine,” Mills continued.
On the earnings front, L Brands continued to have strong reports of retail names with beats on the top and bottom lines following the bell on Wednesday. The department’s story Messi is set to report its fiscal third quarter results on Thursday morning.
On Thursday morning, Kovid-19 will take another look at how the labor market will recover amid rising cases. Economists surveyed by Dow Jones expect readings for initial jobless claims to come in at 710,000, almost flat compared to the previous week.
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