Dow futures fall 175 points Wednesday night ahead of report that may indicate 1 out of 5 Americans are out of work

 marketwatch.com  05/20/2020 23:06:00   Mark DeCambre

U.S. stock-index futures were trading lower Wednesday night after stocks closed out the regular session with sharp gains, making up some lost ground after a late-session pullback Tuesday. A weekly report on Thursday is expected to show that some 2.35 million people sought unemployment benefits in the week ended May 16, likely bringing the total number of Americans out of work during the COVID-19 pandemic to nearly 40 million on a seasonally adjusted basis. That's about one out of every five workers in the labor force. To be sure, the weekly figure represents a deceleration of the recent unsightly trend of job losses, but may still be a sobering reminder of the toll the viral pandemic has exerted on the U.S. economy over the past few months. Futures for the Dow Jones Industrial Average YMM20, -0.62% were off 178 points, or 0.7%, at 24,344, those for the S&P 500 index ESM20, -0.66% were trading 0.7% lower at 2,948, while Nasdaq-100 futures NQM20, -0.50% declined by about 0.5% at 9,439. During the regular session Wednesday, the Dow DJIA, +1.52% advanced 369.04 points, or 1.5%, to finish at 24,575.90. The S&P 500 SPX, +1.66% climbed 48.67 points, or 1.7%, to end at 2,971.61, its highest close since March 6, according to Dow Jones Market Data, while the Nasdaq Composite COMP, +2.07% rose 190.67 points, or 2.1%, closing at 9,375.78, representing its highest finish since Feb. 21. In corporate news after-hours, Macy's Inc. M, said it has appointed Felicia Williams as its interim chief financial officer, effective June 1. Retailer L Brands Inc. LB, -2.31% reported a wider-than-expected loss in the first quarter and said it remained "committed" to spinning off its Bath & Body Works business. Meanwhile, Aurora Cannabis Inc. ACB, -12.96% it was acquiring U.S. company Reliva LLC for roughly $40 million in an all-stock deal.

« Go back