Market Snapshot: Dow, S&P 500 seen snapping a 3-day win streak as U.S. tops China in coronavirus cases

U.S. stock-index futures on Friday were trading lower to end the week, after the Dow Jones Industrial Average and S&P 500 index booked their best three-day win streak since the 1930s on Thursday. However, investors are worried that there are now more cases of COVID-19 reported in the U.S. than in China, while awaiting the likely passage of an economic rescue bill in the House later Friday after the Senate approved the key piece of legislation late Wednesday. How did benchmarks perform? Futures for the Dow Jones Industrial Average

YMM20, -2.63%

 are down 703 points, or 3%, at 21,644 those for the S&P 500 index

ESM20, -2.49%

 are off 78.25 points, or 3%, at 2,529.25, while Nasdaq-100 futures

NQM20, -2.19%

traded down 209 points, or 2.6%, at 7,640. On Thursday, the Dow marked its best three-day gain since 1931, while it was the best such gain for the S&P since 1933. For the week, the Dow

DJIA, 6.38%

is on track to book a 17.62%, the S&P 500

SPX, 6.24%

is headed for a weekly rise of 14.11%, the Nasdaq Composite Index

COMP, 5.60%

 was up 13.34%, as of Thursday’s close. Since their peaks, the Dow still stands 23.68% below its record high, the S&P 500 is down 22.33% from its Feb. 19 peak and the Nasdaq Composite Index

US:COMP

is off 20.57% from its recent all-time high. What’s driving the market? U.S. House Speaker Nancy Pelosi said the bill will be passed in the vote later Friday but the passage of the relief bill hasn’t been without its drama. Pelosi, a Democrat representing California, has been rushing to gather House lawmakers for a vote amid the pandemic that has restricted business activity and personal travel after the prospects of a so-called phone vote looked dim. The legislation, intended to aid to struggling Americans via direct payments and expanded unemployment insurance, is likely to be signed into law by President Donald Trump over the weekend if it passes muster on House. Markets may also be focusing on the rising cases of COVID-19 in the U.S., after the deadly illness, which was first identified in December, overtook China, where it was reportedly originated. There are now nearly 86,000 confirmed cases of the disease in the U.S., compared with about 82,000 in China, according to data compiled by Johns Hopkins University. Looking ahead, investors were awaiting a report on U.S. personal income and outlays at 8:30 a.m. Eastern Time, which could offer further clues about the health of the economy amid the pandemic. At 10 a.m., a report on consumer sentiment will be released. How are other markets trading? In bond markets, the yield on the 10-year U.S. Treasury note

TMUBMUSD10Y, -11.08%

 gave up 5.1 basis points to 0.75%. Meanwhile, crude oil prices were edging lower on Friday, with the price of a barrel of West Texas Intermediate crude

CL00, -3.89%

at $22.45 a barrel, off 17 cents or 0.8% on the New York Mercantile Exchange. In precious metals, April gold

GCJ20, -1.94%

retreated sharply, off $34.20, or 2.1%, to reach $1,617 an ounce after gaining 0.4% on Thursday. The Stoxx Europe 600

SXXP, -3.18%

 was headed 3.6% lower, while the FTSE 100

FTSE, -3.11%

declined 4.8%, with investors watching reports that U.K. Prime Minister Boris Johnson has contracted coronavirus. In Asia overnight, stocks ended mixed, with the China CSI 300

000300, 0.32%

 rising 0.3%. Hong Kong’s Hang Seng Index

HSI, 0.56%

 rose 0.6% and Japan’s Nikkei 225

NIK, 3.88%

 surged 3.9% after tumbling 4.5% a day ago. The U.S. dollar traded edged higher on Friday, compared with a basket of its major peers. The ICE U.S. dollar index

DXY, 0.25%

 was up 0.1% after declining 1.7% on Thursday. The dollar index this week suffered its biggest fall since 2009 as Federal Reserve currency swaps with other central banks satisfied a shortage of dollars which had driven the index to a three year high.

                  

Reply

Investing for Retirement

Retirement may be a long way off for you – or...

Long Term Investments for the Future

If you are ready to invest money for a future event,...

Understanding Bonds

There are certain things you must understand about bonds before you...

How Much Money Should You Invest?

Many first time investors think that they should invest all of...