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US STOCKS-Futures drift lower ahead of jobless claims data

Published 06/18/2020, 06:54 PM
Updated 06/18/2020, 07:00 PM
© Reuters.

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* Futures: Dow down 0.12%, S&P off 0.11%, Nasdaq up 0.06%

By Medha Singh and Devik Jain
June 18 (Reuters) - Futures tracking the S&P 500 and Dow
indexes edged lower on Thursday as caution over an uptick in
COVID-19 infections in parts of the United States and China
weighed on the mood ahead of a weekly jobless claims report.
A resurgence in coronavirus cases has upended bets of a
swift post-pandemic economic recovery, with the S&P 500 .SPX
and the Dow .DJI snapping a three-day winning streak on
Wednesday.
Several U.S. states including Texas, Florida and Oklahoma
have reported a surge in new infections, however, Trump said
late on Wednesday that the United States would not close
businesses again. The chief epidemiologist of China's Center for Diseases
Prevention and Control said on Thursday Beijing's latest
coronavirus outbreak had been brought under control.
After recent data showed a record rise in U.S. retail sales
and a surprise addition in jobs in May, investors will now look
to the Labor Department's weekly jobless claims report, the most
timely indicator of economic health.
The number of Americans filing for state unemployment
benefits is likely to fall for the eleventh straight week, but
still remain elevated following mass furloughs and layoffs
during the nationwide lockdowns. At 6:17 a.m. ET, Dow e-minis 1YMcv1 were down 31 points,
or 0.12%. S&P 500 e-minis EScv1 were down 3.5 points, or 0.11%
and Nasdaq 100 e-minis NQcv1 were up 5.75 points, or 0.06%.
Carnival Corp CCL.N fell 3.6% in premarket trading after
reporting a quarterly net loss of $4.4 billion and projecting a
loss for the rest of the year after the pandemic brought its
cruise business to an effective standstill. Royal Caribbean Cruises Ltd RCL.N and Norwegian Cruise
Line Holdings Ltd NCLH.N dropped 2.2% and 3.2%, respectively.

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