Stock futures are stable as traders assess virus resurgence and impact on economy

U.S. equity futures were flat Thursday night as Wall Street continues to grapple with the growing number of coronavirus cases and its potential economic impact.

Dow Jones Industrial Average futures were trading 8 points higher, or less than 0.1%. S&P 500 futures were down slightly and Nasdaq 100 futures were up 0.1%.

Earlier Thursday, the Dow Jones fell more than 300 points during the regular session, marking its second consecutive daily decline. The S&P 500 fell 1%, leaving it just 0.8% higher for the week after surging Monday amid positive vaccine news.

The losses came as the number of coronavirus cases and hospitalizations continues to rise in the U.S. A CNBC analysis of data compiled by Johns Hopkins University has shown that the average daily new cases have increased by at least 5% over the past week in at least 47 states. Hospitalizations, meanwhile, are increasing in at least 46 states.

Sentiment on Thursday deteriorated further after Federal Reserve Chairman Jerome Powell said the country’s economic outlook remained uncertain. “With the virus spreading, the next few months could be difficult,” he said.

The resurgence of coronavirus cases has also led parts of the country to re-enact stricter social distancing measures. In Chicago, Mayor Lori Lightfoot asked residents to cancel their Thanksgiving plans and stay indoors as cases rose in the city. In New York state, Gov. Andrew Cuomo said new curfews at bars, restaurants and gyms would come into effect on Friday.

Phillip Colmar, partner at MRB Partners, said in a note that the global economic recovery “will be sustained, but the V-shaped part is over, and we have already moved to a slower pace of two steps forward and one. backward.” “

Shares of members of Dow, Disney and Cisco, rose sharply in after-hours trading after the two companies released quarterly results that beat analysts’ expectations.

Disney traded more than 3% more after the bell, with the company announcing that it now has 73 million paying subscribers for its streaming service, Disney +. The media giant also reported a smaller-than-expected loss for the quarter.

Cisco grew more than 6% on strong earnings and revenue. The company also posted better-than-expected forecasts for the current quarter.

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