Stock futures remained lower despite an improvement in the jobs market and strong earnings from AT&T and Tesla.
JOBLESS CLAIMS FALL
U.S. weekly jobless claims dipped to 787,000 lower than the 860,000 expected. Continuing claims, which track the total number of unemployed persons collecting benefits, fell to 8.37 million, also better than expected.
STOCK FUTURES SLIP
Dow Jones futures were off 37 points, a decline of 0.15%, while the tech-heavy NASDAQ Composite and S&P 500 saw similar declines. Declines today will follow through from Wednesday’s selling.
|I:DJI||DOW JONES AVERAGES||28210.82||-97.97||-0.35%|
|I:COMP||NASDAQ COMPOSITE INDEX||11484.694182||-31.80||-0.28%|
EARNINGS IN FOCUS
Profits jumped 105% from the year-ago period to $0.76 per share, ahead of the $0.57 cent estimate, while total revenues climbed 39% to $8.77 billion, above the $8.36 billion that was expected.
AT&T shares also higher after revenue came at $42 billion, slightly higher than expected and Coca-Cola reported stronger than expected profit and revenue.
Earnings also expected from American Airlines and Northrup Grumman.
|AAL||AMERICAN AIRLINES GROUP INC.||12.74||-0.06||-0.43%|
|NOC||NORTHROP GRUMMAN CORPORATION||308.37||-0.68||-0.22%|
STIMULUS TALKS ONGOING
On stimulus, Wednesday, lawmakers appeared to make a breakthrough on the next round of fiscal stimulus, but the timing is still uncertain.
White House Chief of Staff Mark Meadows signaled to FOX Business a deal is near. “I can tell you the negotiations have entered a new phase which is more on the technical side of trying to get the language right if we can agree upon the numbers,” Meadows told Maria Bartiromo. “We’re still apart. Still a number of issues to work on, but the last 24 hours have moved the ball down the field.”
On MSNBC, Speaker of the House Nancy Pelosi also said there are hopes for a deal, noting she intends to resolve the “appropriations piece” of the bill Wednesday afternoon.
This as COVID-19 cases tick higher. According to the latest data from Johns Hopkins University, new infections of COVID-19 grew at the fastest rate in nearly three months, with more than 60,000 new cases reported on Tuesday.
Additionally, New York, which was one of the early epicenters of the pandemic, said it had more than 2,000 new cases on Wednesday, the highest number since May.
In other economic news, existing-home sales for September will be released later in the trading day, with economists looking for a reading of 6.1 million, up from a prior reading of 6 million.
Leading indicators and the Energy Information Administration’s weekly natural gas inventory report will also be scrutinized.
After the market closes, investors will focus on results from Intel Co., Boston Beer, Capital One Financial Inc., Mattel Inc. among others.
|COF||CAPITAL ONE FINANCIAL CORP.||73.72||-3.55||-4.59%|
West Texas Intermediate crude oil moved up slightly to $40.15 a barrel, while gold fell to $1,920.40 an ounce.
FOX Business’ Suzanne O’Hallorhan contributed to this story.