Wall Street set to open lower after three-day rally

stock futures

Futures point to a negative open

U.S. stocks looked set to open lower on Friday, a day after the Labor Department reported that a record 3.3 million Americans filed unemployment claims last week as the novel coronavirus pandemic shocked the economy.

As of this writing, futures tied to the blue-chip Dow futures dropped 572 points, or 2.56% to 21,776. The S&P 500 futures were down 64.38 points, or 2.47% to 2,543.62 while those on the tech-heavy Nasdaq 100 were seen losing 189.25 points, or 2.41% to 7,654.75.

U.S. coronavirus cases top China

Meanwhile, the number of confirmed coronavirus infections in the U.S. has surpassed those of China and Italy. Figures compiled by John Hopkins University shows that the U.S. now has 85,990 confirmed cases and around 1,300 deaths. New York is the hardest hit state, with more than 37,800 infections.

Globally, the number of confirmed cases has surpassed 533,400 while the death toll stands at more than 24,000. President Donald Trump wrote on Twitter early Friday saying had spoken with his Chinese counterpart Xi Jinping about the response to the highly infectious virus.

“Just finished a very good conversation with President Xi of China. Discussed in great detail the CoronaVirus that is ravaging large parts of our Planet,” Trump tweeted. “China has been through much & has developed a strong understanding of the Virus. We are working closely together. Much respect!”

GameStop shares rocket on upbeat earnings

Shares of GameStop (NYSE: GME) are surging after the gaming retailer reported fourth-quarter earnings per share (EPS) that easily beat analysts’ estimates late on Thursday.

The company posted earnings of $1.27 per share compared to analysts’ expectations for earnings of $0.79 per share.

In a statement, GameStop CEO George Sherman said that the COVID-19 pandemic has led to increased demand for the company’s products. “The COVID-19 outbreak has led to changes in how consumers work, play and learn and over the past few weeks, led to increased demand for our products,” Sherman said.

However, the company missed on revenue and suspended its full-year guidance. The stock was up 15.65% to $5.10 a share in premarket trading hours Friday.