Dow futures down 300 points as hopes for pandemic relief legislation evaporate
U.S. stock-index futures were trading sharply lower early Thursday, suggesting a third day of weakness for equities, following losses in Asia and Europe overnight as new restrictions were imposed to combat rising coronavirus cases in many parts of the world.
On Wednesday DJIA, -0.57% slumped 165.81 points, 0.6%, to finish at 28,514.00, while the S&P 500 index SPX, -0.66% fell 23.26 points, 0.7%, to end at 3,488.67. The Nasdaq Composite COMP, -0.80% dropped 95.17 points, or 0.8%, to close at 11,768.73. All three benchmarks traded in positive territory earlier in the session.
France joined the U.K. in imposing fresh social restrictions, including declaring a state of emergency and a nightly curfew in a number of metropolitan regions across the country. The U.K. has been tightening social restrictions also to help limit the spread of the outbreak. Meanwhile, investors have been poring over corporate earnings, with the last of the major Wall Street banks, Morgan Stanley MS, +0.41% posting a third-quarter profit of $2.7 billion, or $1.66 per share, besting consensus estimates for $1.28 by Refinitiv and producing revenue of $11.7 billion that were 16% better than a year ago. Morgan Stanley’s report comes after Bank of America BAC, -5.33%, JPMorgan Chase & Co. JPM, -0.55%, Citigroup C, -1.48% and Wells Fargo & Co. WFC, -6.
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