The Wall Street Journal associate editor John Bussey discusses the coronavirus vaccines, Rep. Ocasio-Cortez slamming Pelosi and Schumer’s leadership and a stimulus deal.
U.S. equity futures are trading higher on Thursday morning, buoyed by hopes the U.S. Congress may finally deliver fresh aid to help American businesses and families weather the pandemic.
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The major futures indexes suggest a gain of 0.5% when the Wall Street session begins.
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The Federal Reserve pledged to keep buying bonds until the economy makes substantial progress from its virus-wracked state.
Congressional leaders appeared late Wednesday to be on the brink of a COVID-19 economic aid package that would extend help to individuals and businesses and ship coronavirus vaccines to millions.
Negotiators were working on a $900 billion package that would revive subsidies for businesses hit hard by the pandemic, help distribute new vaccines, fund schools and renew soon-to-expire jobless benefits. They’re also looking to include new direct payments of about $600 to most Americans.
CONGRESS CLOSING IN ON $900B RELIEF DEAL THAT COULD INCLUDE STIMULUS CHECK
Before trading begins, investors will digest the latest jobless claims. They’re expected to decline by 53,000 to 800,000. Continuing claims, which track the total number of unemployed workers collecting benefits, are anticipated to fall to 5.598 million after an unexpected increase last week.
US AIRLINES CLOSING IN ON NEW GOVERNMENT ASSISTANCE PACKAGE
The Commerce Department is expected to say that the number of new homes being built in November held steady at a seasonally adjusted annual rate of 1.53 million, the highest since February. For context, housing starts plummeted to a 5-year low of 934 thousand at the pandemic bottom in April. Permits for future construction are anticipated to increase to 1.55 million.
US airlines closing in on new government assistance package
Finally, the Philadelphia Federal Reserve will release its December index of manufacturing activity for eastern Pennsylvania, southern New Jersey and Delaware. It’s expected to drop to a reading of 20 from 26.3 in November. Recall that any reading above zero means that more manufacturers say business conditions are improving rather than worsening.
In Asia, the Nikkei 225 index gained 0.2%, Hong Kong’s Hang Seng index rose 0.8% and China’s Shanghai Composite index added 1.1%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 30154.54 | -44.77 | -0.15% |
| SP500 | S&P 500 | 3701.17 | +6.55 | +0.18% |
| I:COMP | NASDAQ COMPOSITE INDEX | 12658.187554 | +63.13 | +0.50% |
The S&P 500 rose 0.2% to 3,701.17 on Wednesday, about 1 point off its record set last week. The Dow Jones Industrial Average slipped 0.1% to 30,154.54 and the Nasdaq composite rose 0.5% to 12,658.19, setting a record for the second straight day.
A report released Wednesday morning showed retail sales sank 1.1% last month, the second straight month of weakness and a much worse showing than the 0.3% decline that economists expected.
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U.S. benchmark crude oil gained 58 cents to $48.40 per barrel in electronic trading on the New York Mercantile Exchange. It picked up 20 cents to $47.82 per barrel on Wednesday. Brent crude, the international standard, climbed 61 cents to $51.68 per barrel.
The Associated Press contributed to this report.
