Make Kitco Your Homepage

Wall Street set to decline on surging coronavirus infections

Kitco News

(Reuters) - Futures pointed to a weak start for Wall Street’s main indexes on Thursday on fears that soaring COVID-19 cases will stifle growth in the world’s largest economy.

The S&P 500 index .SPX was set for its third straight session of losses, retreating further from an all-time high hit on Monday after positive data was released on a coronavirus vaccine.

The U.S. death toll from COVID-19 surpassed a grim new milestone of 250,000 on Wednesday as New York City’s schools called a halt to in-classroom instruction, the latest in restrictions to curb the spread of the virus.

While trillions of dollars in stimulus and optimism around a vaccine have driven Wall Street to record highs following a coronavirus-driven crash in March, investors are wary of the near-term damage caused by tightening restrictions and in the absence of fresh stimulus measures.

All eyes will be on the Labor Department’s weekly jobless claims data due at 8:30 a.m. ET. Claims are expected to edge down to 707,000 in the week ended Nov. 14, from 709,000 in the week before.

At 6:56 a.m. ET, Dow e-minis 1YMcv1 were down 68 points, or 0.23%, S&P 500 e-minis EScv1 were down 6.5 points, or 0.18%, and Nasdaq 100 e-minis NQcv1 were down 36.5 points, or 0.31%.

L Brands Inc LB.N surged 16.1% premarket after posting better-than-expected quarterly results, helped by record sales growth at Bath & Body Works and higher demand for Victoria's Secret lingerie.

Department store operator Macy's Inc M.N fell 4% after it reported a more than 20% fall in third-quarter comparable sales.

Nvidia Corp NVDA.O slipped 1.3% after company executives said data center chip sales would fall slightly in the fourth quarter.

Reporting by Sruthi Shankar and Shivani Kumaresan in Bengaluru; Editing by Shounak Dasgupta

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.