Jobless claims surpassed expectations for the seventh-straight week
Dow Jones Industrial Average (DJI) futures are eyeing a modest move below fair value this morning. The latest batch of weekly jobless claims is weighing on Wall Street, with the 3.8 million unemployment filings toppling the 3.5 million estimate. The ugly numbers --a seventh straight week surpassing analyst estimates -- are overshadowingthe latest corporate reports from the likes of McDonald's (MCD) and Microsoft (MSFT). Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are drifting lower as well, despite FAANG giant Facebook (FB) reporting a first-quarter earnings beat thanks to stabilizing ad revenue.
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Options bulls flocked to Gilead Sciences stock yesterday.Facebook stock was rallying even before its quarterly report. Plus, AstraZeneca teams up with Oxford University; Twitter daily active users soar; and Dunkin' dinged by sales numbers.Due out today is the employment cost index, personal income, consumer spending, core inflation data, and the Chicago purchasing managers index (PMI). Apple (AAPL), Amazon.com (AMZN), Dow (DOW), Dunkin' Brands (DNKN), Kellogg (K), and Visa (V) will throw their hats into the earnings ring.
News of a possible COVID-19 vaccine out of Gilead Sciences (GILD) propped up Asian markets on Thursday, sparking a 2.1% pop for the Nikkei in Japan. China's Shanghai Composite, meanwhile, tacked on 1.3% as investor attention turned towards a slight expansion in the country's manufacturing activity for April, though a private survey also released provided contradicting information.
European markets are sliding below the breakeven midday, after the Euro zone gross domestic product (GDP) reading for the first quarter contracted by a record 3.8%. Meanwhile, the bourses are unpacking the European Central Bank's (ECB) latest monetary policy decision to keep interest rates steady, while scaling back lending conditions for banks. The French CAC 40 is down 1.2%, the German DAX is down 1.3%, and the London FTSE 100 is 1.7% lower.