Economist Steve Moore evaluates Congress’ economic relief plan and infrastructure spending.
US stock futures are trading lower on the last trading day of the week.
The main future indices point to a drop of 0.2% when the opening bell rings.
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Investors remain cautiously optimistic about the prospects for a new round of government aid, as the economic recovery appears to be stalling.
The latest US government report on unemployment insurance claims reaffirmed that employment remains a weak point in the economy, even as vaccine distribution increases in hopes of ending the pandemic.
The number of Americans seeking unemployment insurance fell slightly last week to 793,000. The labor market improved slightly last summer, but has slowed since the fall.
OTHER 793,000 AMERICANS ASKED FOR UNEMPLOYMENT BENEFITS IN THE LAST WEEK WEEK
Friday’s economic report will be the preliminary index of consumer opinion at the University of Michigan for February. Refinitiv’s estimate is a reading of 80.8, almost two points above the final reading in January of 79.0.
In Europe, London’s FTSE changed little, Germany’s DAX fell 0.6% and France’s CAC fell 0.1%
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 turbulent Wall Street trading left the main US stock indices almost stagnant on Thursday, the S&P 500 and the Nasdaq compound still hit historic highs.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | AVERAGES DOW JONES | 31430.7 | -7.10 | -0.02% |
| SP500 | S&P 500 | 3916.38 | +6.50 | + 0.17% |
| 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 gains after two relatively weak days, almost alone overcoming losses from energy stocks, banks and companies that depend on consumer spending.
The Dow Jones Industrial Average fell less than 0.1%, to 31,430.70 a day, after reaching a record high. The high-tech Nasdaq gained 0.4% to 14,025.77. His previous record was on Tuesday.
DISNEY + IS INCLUDING FOR THE KINGDOM OF MAGIC AS EXPLOSIONS OF SERVICES BY SUBSCRIBER PROJECTIONS
After the bell, The Walt Disney Company revealed in its earnings announcement that its 15-month streaming service, Disney +, totaled 94.9 million subscribers – adding 21 million new customers. The success of the company’s streaming services made up for the losses the company continues to suffer as the coronavirus pandemic keeps its theme parks fully closed or operating at reduced capacity.
Although the company reported its first profit after two consecutive quarters of losses, it reported its third consecutive drop in revenue of $ 16.2 billion, a drop of 22% compared to $ 20.8 billion a year ago.
Shares in online dating services operator Bumble rose 63.5% on its first trading day. And marijuana stocks plummeted a day after rising amid a wave of purchases fueled in part by members of the same online forum that disclosed GameStop and other defeated companies in recent weeks.
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In other negotiations, US reference oil lost 36 cents to $ 57.90 a barrel in e-commerce on the New York Mercantile Exchange. He gave up 44 cents overnight to $ 58.24. Brent crude, the international standard, dropped 28 cents to $ 60.86 a barrel.
The Associated Press contributed to this article.