· Futures contracts tied to the major U.S. stock indexes were little changed in the overnight session Wednesday evening as investors took a breather after the turbulence of the prior three regular sessions.
Dow Jones Industrial Average futures were up just 2 points, implying an opening slip of about 3 points. S&P 500 and Nasdaq futures also pointed to a little changed Thursday open.
U.S. traders will on Thursday digest the Labor Department’s latest report on jobless claims.
Another 4.3 million workers are expected to have filed for benefits last week, which would bring the total number seeking benefits to over 26 million since states started shutting down in the second half of March in an effort to slow the virus.
Domino’s Pizza, Eli Lilly and Southwest Airlines will all report earnings on Thursday.
· S&P 500 Price Forecast – Stock Markets Recover Slightly on Wednesday
The S&P 500 has rallied a bit during the trading session on Wednesday, reaching towards the 50 day EMA during what has been a little bit in the way of quiet trading. Ultimately, the 50 day EMA has gone flat, so at this point I think it is highly likely that we have seen the top of the range for the time being. I think what we are likely to see is a continued “fading the rallies” type of scenario in this market. Because of this, I am very suspicious of days like Wednesday and look at them as opportunities to get short yet again. After all, the market has been hammered due to the coronavirus slowdown and the fact that we have a very murky picture ahead of us when it comes to global growth.
· Asian stock markets rose on Thursday as the combination of a rebound in crude prices from historic lows and the promise of more U.S. government aid to cushion the coronavirus-ravaged economy helped calm nervous markets.
Better-than-expected U.S. corporate earnings also lifted equities, analysts said, though overall sentiment remained fragile as the pandemic cut a destructive path through the world economy.
MSCI’s broadest index of Asia Pacific shares outside of Japan bounced from two-week lows to be up 0.6% at 460.43 points.
· Japanese stocks rose on Thursday, as sellers covered their positions after Wall Street rebounded overnight on the promise of more U.S. government aid to ease the economic damage inflicted by the coronavirus health crisis.
The Nikkei share average rose 1.52% to 19,429.44 after three straight sessions of losses. The broader Topix gained 1.36% to 1,425.98.
· Chinese stocks ended weaker on Thursday, as mounting economic uncertainty sparked by the coronavirus pandemic kept share prices under pressure, stopping investors from chasing the rebound from the previous session.
The Shanghai Composite index closed 0.2% lower at 2,838.50.
· European stocks mixed with earnings, economic data and oil prices in focus
European stocks were mixed Thursday morning as the coronavirus pandemic and oil prices remained in focus for investors, while promising corporate earnings were offset by harrowing economic data.
The pan-European Stoxx 600 reversed early gains to slip 0.2% below the flatline, after economic data out of the euro zone showed record deterioration due the coronavirus crisis. Oil and gas stocks jumped 2.6% after oil prices appeared to stabilize, while telecoms sank 1.2% lower.
Reference: CNBC, Reuters, FX Empire
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