Economy

Stocks futures are trading lower ahead of the GDP report

Stocks futures are trading lower ahead of the GDP report

US Equity Futures They are trading lower before Thursday’s Wall Street session.

Nasdaq futures are down 1.0%, while the Dow Jones is down 0.2%.

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Investors will get their first look at fourth-quarter growth. GDP report The US economy is expected to grow at a 4.0% seasonally adjusted annual rate, compared to a record pace of 33.4% in the third quarter.

At the same time, the Ministry of Labor will report on new claims to Unemployment benefits For the past week. Watch for a drop from 25,000 to 875,000. Continuing claims, which track the total number of unemployed workers collecting benefits, are expected to remain steady at 5.054 million.

Finally, the Census Bureau is expected to say sales of new single-family homes rose 1.9% in December to a seasonally adjusted annual rate of 865,000.

The US economy probably recorded its weakest performance in 74 years in 2020

On the earnings front, there’s a heavy influx of Corporate results It is expected to come from Comcast, Northrop Grumman, McDonald’s, Altria Group, American Airlines, Southwest Airlines and MasterCard with all reports before the opening bell.

In Europe, the FTSE in London is down 1.4% and the German DAX is down 1.6% and the French CAC index is down 0.8%.

In Asia, Japan’s Nikkei 225 is down 1.5%, Hong Kong’s Hang Seng Index is down 2.6% and China’s Shanghai Composite is down 1.9%.

The small majority held by Democrats in the Senate has raised doubts about how close the economy will get new support after President Biden proposed a $ 1.9 trillion coronavirus relief package. The plan may also be scaled down.

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The Federal Reserve On Wednesday it said it would maintain its low interest rate policies, but also released a realistic assessment of a gradual recovery going forward.

Powell says vaccinations are the key to the United States’ economic recovery

On Wall Street, the heavy sell-off in technology companies sent stocks down in a reversal of recent market moves to record highs.

The S&P 500 fell 2.6% to 3,750.77. The Dow Jones lost 2% to 30,303.17. The Nasdaq fell 2.6% to 13,270.60. The Russell 2000 Small Business Index fell 1.9% to 2,108.70.

ribbon Safety the last They change They change%
I am: DJI Dow Jones averages 30303.17 -633.87 -2.05%
SP500 Standard & Poor’s 500 3750.77 -98.85 -2.57%
I: COMP Nasdaq Composite Index 13270.597569 -355.47 -2.61%

Facebook, Netflix and Google’s parent company Alphabet led the downturn, which began early in the day as investors evaluated the company’s latest batch of earnings reports. Market slide accelerated at the end of the day.

Traders also focused on GameStop spike, A losing-money video game seller who has become the focus of a battle between small investors who bid on it and big hedge funds that are betting on its downfall.

The security surveillance market fluctuates after GAMESTOP, AMC TRADING CHAOS

The choppy trading caught the attention of officials at the highest levels of government. The White House said the Biden administration, including the Treasury Department, was monitoring the situation.

Boeing It fell 4% after the aircraft manufacturer posted its largest annual loss in the company’s history, mostly due to the shutdown of the Boeing 737-MAX fleet.

Apple records first quarter of $ 100 billion in company history after strong demand for iPhone 12 holiday

Apple’s revenue rose 21% to $ 111.4 billion in the first quarter, reflecting the first full sales figures for the iPhone 12 since its launch on October 23. Total revenue exceeded expectations on Wall Street, where analysts estimated sales at $ 103.28 billion, marking the first quarter of $ 100 billion in Apple’s history.

Facebook Inc. It recorded record fourth-quarter revenue and profits through online holiday shopping and increased use of the company’s platforms while at it The epidemic It led to a boom in her advertising activity.

Tesla posted its first profitable year after gains in the sixth straight quarter

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In energy trading, benchmark US crude lost 17 cents to $ 52.68 a barrel in electronic trading on the New York Mercantile Exchange. It rose 24 cents to $ 52.85 a barrel on Wednesday. Brent crude, the international benchmark, fell 16 cents to $ 55.65 a barrel.

The Associated Press contributed to this article.

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