- Dow Jones Industrial Average (DJIA) futures point to a nervy open on Wall Street Thursday.
- Traders await another bout of historic jobless claims, which could hit 7 million today.
- Investors are beginning to doubt the ongoing relief rally with many holding out for new lows.
The U.S. stock market is set for a nervy open on Thursday as yet another economic bomb drops. Dow Jones Industrial Average (DJIA) futures point to a small gain ahead of Thursday’s jobless claims report.
A gut-wrenching 10 million Americans filed for unemployment over the last two weeks. Today’s figure could add another 7 million, according to JP Morgan. Beth Ann Bovino at S&P Global Ratings declared a full-blown recession.
These dismal numbers suggest another record-breaking April jobs report … America is now in recession and as it appears to deepen, the question is how long it will it take before the U.S. recovers.
Some investors think the stock market, which has climbed 25% from its March 23rd bottom, is in denial. Mark Cuban said he’s “surprised” at the relief rally and doesn’t think traders understand how deep this could go.
Dow futures on edge
Dow futures contracts swung as much as 300 points higher on Thursday before settling slightly in the green. This week has been marked by a strong relief rally as stocks bounce off the March 23rd lows.