By Peter Nurse
Investing.com – US stocks are seen as mixed on Thursday, amid caution after the previous session’s massive selloff as the earnings season continues at a breakneck pace, with a key indicator of economic growth to be released further late.
At 6:55 a.m. ET (11:55 a.m. GMT), traded 5 points, or 0.2%, down, the contract fell 111 points, or 0.4%, while climbing 34 points, or 0.3 %.
Wednesday closed 3.4% lower, at a three-month low, while the index lost 3.5% and the index fell 3.7%, both to a low of ‘a month. The Dow Jones closed four days in a row lower, its longest losing streak since February, and these indices are on track for their worst week in seven months.
Confidence is shaky five days before the presidential election, amid concerns over the rising number of coronavirus infections and tighter lockdowns with little chance of a new stimulus package in the near future.
Investors looking for positive catalysts will look to the current earnings season, with a total of 70 S&P 500 companies due to report on Thursday.
The oil sector has experienced a terrible time during the pandemic. ConocoPhillips (NYSE 🙂 is due to report ahead of the bell, after European rival Royal Dutch Shell (LON 🙂 raised its dividend earlier Thursday, as it reported larger-than-expected earnings for the third quarter.
A number of big tech giants are expected to report earnings after Thursday’s closing bell, including Google-parent Alphabet (NASDAQ :), Amazon (NASDAQ :), Apple (NASDAQ 🙂 and Facebook (NASDAQ :).
Investors will also be looking for good news from the preliminary estimate for the third quarter of the US, scheduled for 8:30 am ET (12:30 pm GMT). Forecasts call for a record rebound of 31.9% after a historic fall of 31.4% in the second quarter, as the coronavirus pandemic caused the economy to collapse.
The weekly report on will also be closely watched, fearing the labor market recovery will slow down.
Oil prices retreated on Thursday, as traders worried about the outlook for global demand following new Covid-related restrictions in Europe after the impact of Hurricane Zeta weakened.
In addition, the US Energy Information Administration showed on Wednesday that inventories rose 4.3 million barrels last week, adding to fears of a potential supply glut.
US crude futures fell 4.3% to $ 35.80 a barrel, while the international benchmark contract was down 3.9% to $ 38.06. Both contracts fell about 5% on Wednesday.
Elsewhere, they were down 0.4% to $ 1,871.80 / oz, while trade fell 0.3% to 1.1705.
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