Stock futures rose Thursday morning as investors continued to monitor a slew of corporate earnings results and economic data for evidence of the extent of the coronavirus’s impact.
Later in the morning, the U.S. Labor Department’s weekly jobless claims report is expected to show another 3 million individuals filed new unemployment claims for the week ended May 2, along with 19.8 million continuing jobless claims for the prior week. Such a result would bring total new jobless claims recorded since the week ended March 20 to more than 33 million.
New reports have continued to shatter records when it comes to measuring the impact of the coronavirus on the domestic economy, and especially the labor market. U.S. employers cut a record more than 20 million private payrolls in April, ADP reported Wednesday.
A bevy of recent quarterly results further underscored the divide between companies seeing some benefits from consumer behavior changes amid the pandemic, and those struggling to weather these disruptions.
As with peer “stay-at-home” related services like Netflix (NFLX), connected fitness company Peloton (PTON) grew business more than expected in its latest reported quarter. Quarterly revenue that jumped 66%, and quarterly paid digital subscribers grew by nearly the same margin, as the coronavirus forced people across the country to work – and exercise – almost exclusively from home.
Others conceded that any virus-related boost would eventually fade. Etsy (ETSY), an e-commerce platform that lists homemade products including cloth face shields, reported quarterly gross merchandise sales (GMS) that jumped 32% over last year and forecasted an as much doubling of GMS for the current quarter, but noted it expects “that the recent surge in demand is likely to ease.”
Meanwhile, ride-hailing company Lyft (LYFT) posted better than feared results for the three months through March and narrowed its quarterly adjusted loss before interest, taxes and other costs by 61% over last year, though adjusted sales growth slowed considerably. Earlier, General Motors (GM) cited a $1.4 billion negative coronavirus-related impact to earnings before taxes in the first three months of the year.
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7:11 a.m. ET Thursday: Stock futures point to a higher open
S&P 500 futures (ES=F): up 38 points, or 1.34%, to 2,871.5
Dow futures (YM=F): up 272 points, or 1.16%, to 23,785.00
Nasdaq futures (NQ=F): up 120.75 points, or 1.35%, to 9,072.75
Crude (CL=F): +2.01 (+8.38%) to $26.00 a barrel
Gold (GC=F): +$9.20 (+0.54%) to $1,697.70 per ounce
10-year Treasury (^TNX): -1.2 bps to yield 0.701%
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6:04 p.m. ET Wednesday: Stock futures little changed
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:04 p.m. ET:
S&P 500 futures (ES=F): up 4.25 points, or 0.15%, to 2,837.75
Dow futures (YM=F): up 21 points, or 0.09%, to 23,534.00
Nasdaq futures (NQ=F): up 11.75 points, or 0.13%, to 8,963.75
A healthcare volunteer in protective gear grabs a novel coronavirus, COVID-19, test kit from a driver with a tong at a mobile test site in Los Angeles, Caifornia on May 6, 2020. – Some retailers in California, including bookstores, flower shops and clothing stores, will be allowed to reopen for business at the end of the week, the state’s governor announced on Monday. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)
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