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Stocks - U.S. Futures Mixed; Banks Under Pressure

Stock MarketsJun 26, 2020 07:06AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are set to open mixed Friday, amid caution as the country battles mounting numbers of Covid-19 cases, hampering efforts to reopen the economy. Bank stocks will be under pressure after the Federal Reserve imposed new restrictions on the sector.

At 7:10 AM ET (1110 GMT), S&P 500 Futures traded 8 points, or 0.3%, higher, Nasdaq Futures up 30 points, or 0.3%. The Dow Futures contract fell 19 points, or 0.1%. 

Wall Street closed higher Thursday, with the Dow Jones Industrial Average up 1.2%, while the S&P 500 index added 1.1% and the Nasdaq Composite index gained 1.1%. The DJIA and S&P 500 are on course to record their second losing week in three, but the Nasdaq is still set to post its fifth positive week in six.

At least 20 million people in the US may already have been infected with Covid-19, according to the latest estimate by the Centers for Disease Control, around 10 times higher than the reported figure.

This comes as the states of Texas and Florida halted their reopening as infections and hospitalizations surged. The U.S. registered a new daily record of over 37,000 new cases on Thursday.

Banks will be in focus Friday after the Federal Reserve said late Thursday that it would impose a cap on dividend payments as well as halting share repurchases for the next three months. 

The limits were imposed after the central bank’s latest stress tests on the sector showed significant capital losses for lenders when tested against the economic impact of Covid-19. All banks were also required to resubmit their capital plans later in their year.

Nike (NYSE:NKE) reported its first quarterly loss in two years after hours Thursday, with a sales decline of 38% year-over-year. Digital sales soared 75%, representing about 30% of total revenue, as shoppers were channeled by lockdowns to Nike’s website for sneakers and workout gear. 

Economic data will center around U.S. personal income and spending Friday. Personal income in May is expected to have declined by 6% compared with a jump of 10% for the previous month, while spending figures may show an increase of 9% compared with a 14% retraction in April as some U.S. states started to reopen. 

Oil prices rose Friday, helped by signs of fuel demand recovering globally, with traders tending to overlook the increase in coronavirus infections in many U.S. states and the recent build in inventories which suggest a revival in U.S. crude production.

At 7:10 AM ET, U.S. crude futures traded 0.8% higher at $39.03 a barrel. The international benchmark Brent contract rose 1.2% to $41.53.

Elsewhere, gold futures rose 0.2% to $1,773.50/oz, while EUR/USD traded at 1.1229, up 0.1%.

 

Stocks - U.S. Futures Mixed; Banks Under Pressure
 

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Comments (9)
Bulls MakeMore
Bulls MakeMore Jun 26, 2020 8:50AM ET
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Facts: the 4 states with rising cases account for 16% of GDP, broad economic data continuously improving, and deaths and severe cases dropping dramatically...the market knows this; anyone can talk but people are putting their money, and lots of it, in the stock market
Gary Truman
Gary Truman Jun 26, 2020 8:50AM ET
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Nasdaq grossly overvalued and going ot correct, S&P and DOW going to take a hit. The economic numbers represent a percentage of what was, no reason why we should be trading pre-covid numbers. Technical's are collapsing. Nike just reported a loss, people are not going to continue to buy homes, forbearance data is up, need a new stimulus, food prices are rising, Banks going to cut divi's fsome others will follow. Feds are not pumping cash market. Even though I am responding to a trash account. Tired of bulls right now, accept the down trend till *****gets right
Elvis Durant
Elvis Durant Jun 26, 2020 8:38AM ET
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time to get rich people. Follow the trend with the Spread of FAKE NEWS (Not the fake virus)
Jusuf Seferi
Jusuf Seferi Jun 26, 2020 8:38AM ET
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how?
Michael Crowley
Michael Crowley Jun 26, 2020 8:35AM ET
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What virus... nothing to see here. DOW up 500
James Marshall
James Marshall Jun 26, 2020 8:05AM ET
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per the CDC coronavirus has a point to .26% chance but being deadly to the individual who contracts it. No one is investing based on CV in mind. you might as well say investors are flip-flopping due to stubbing their toe.
James Marshall
James Marshall Jun 26, 2020 8:05AM ET
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has a .26% of being deadly*** talk to text lol
neang aee 냥에
neang aee 냥에 Jun 26, 2020 7:59AM ET
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Are you still confident with these? :)
neang aee 냥에
neang aee 냥에 Jun 26, 2020 7:52AM ET
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Greeds on it's way upward with bull's hearts.What will be next with your rationale and endless cases ?
Armando Rod
Not_Robinhood Jun 26, 2020 7:51AM ET
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Bank stocks on the rise, every buys, bad news at 4:30 pm right after the market closed... I smell something here, it seems everyone wants now to be like Robin Hood
Camaro Camero
Camaro Jun 26, 2020 7:51AM ET
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The real action is in the Premarket. That's just the way it is anymore.
Lalit Mahajan
Lalit Mahajan Jun 26, 2020 7:27AM ET
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Election year. Everyone under pressure
perplexed76 .
perplexed76 . Jun 26, 2020 7:27AM ET
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china and india are about to hav a fight. Let's buy to hope they'll be ok! go
 
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