Wall Street made a failed attempt to move higher on Wednesday but finally stocks ended lower extended losses for a fifth consecutive day. The worldwide stock sell-off extended on Thursday, sending a global benchmark heading for its lowest close since October, while government bond yields sank to record levels.
Futures on the S&P 500 are down 1,25%. The yen added 0.3% to 110.11. The yield on 10-year Treasuries declined about four basis points to 1.30%.
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On the corporate-news front, Microsoft Corp. joined those warning that the virus is impacting its supply chain.
Earnings keep rolling in from companies including: Baidu Inc., Best Buy Co., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday.
Today’s Economic Data
13:30 (UK time): Durable Goods Orders (USD)
13:30 (UK time): Prelim GDP (USD)
15:00 (UK time): Pending Home Sales (USD)
XSpot Investment Research Team