Dow Futures Slump as Covid-19 Hits Devastating Double Milestone

The Dow Jones continues its volatile week with a heavy slide in premarket futures trading. Investors remain nervous as the global coronavirus pandemic shows no signs of slowing down.

The outbreak hit two devastating new milestones overnight:

5 million total worldwide cases.
A record 100,000 new daily cases.
This thing is not slowing down. As a result, some analysts remain extremely cautious on the stock market.

S&P 500 futures and Nasdaq Composite futures were down 0.67% and 0.57% respectively. The latest numbers are a sobering reminder that this pandemic isn’t over. On a global scale, it’s still accelerating. Even as cases plateau in the U.S., health experts are convinced it will flare up in the fall.

Like a hurricane, the eye of the storm has passed over many different epicentres. Wuhan, Italy, and New York. But as some cities and states slowly re-open, the pandemic ravages on.

Stock Market Today: Jobless Claims In Focus
All eyes are on this morning’s weekly jobless claims once again. We’re expecting another 2.35 million claims for a total of 39 million since the crisis began. That figure effectively wipes out the entire job gains since the 2008 recession.

As the number of weekly claims tapers off, focus will now switch to continuous claims. As the economy opens, many of the early job losses will return to the labor market. Continuous claims will therefore give a clearer picture of the economy.

Dow Futures Slump as Covid-19 Hits Devastating Double Milestone, CCN, May 21