Futures tilt lower
Wall Street looks set for more losses on Thursday as traders remain concerned about the increase in coronavirus cases in the United States.
According to data compiled by Johns Hopkins university, there are now 2.3 million confirmed cases of the virus in the country and more than 121,000 deaths.
California reported a record jump with 5,511 new cases on Wednesday, while Texas had 7,149 cases. North Carolina recorded a near all-time high of 1,721 cases while Florida had 5,551 cases.
As of 6:00 a.m. ET, futures tied to the blue-chip Dow indicated a loss of 78.5 points, or 0.31% to 25,314.5. S&P 500 futures were down 7.88 points, or 0.26% to 3,041.12 while the tech-heavy Nasdaq 100 futures 5.5 points to 10,005.25.
Weekly jobless claims eyed
Today, traders will be keeping a keen eye on U.S. initial jobless claims data for the week ended June 21. The U.S. Department of Labor is scheduled to publish the data at 8:30 a.m. ET.
Economists expect the department to report that 1.3 million new claims for state unemployment insurance were filed last week, according to Bloomberg News.
That would mark the 14th week consecutive week that new claims have surpassed one million. Continuing claims are set to fall below 20 million for the first time since April.
Roughly 46 million Americans have filed initial claims since mid-March, when the COVID-19 pandemic forced many businesses to shut down and lay off workers.
Nike reports earnings today
Meanwhile, Nike (NYSE: NKE) shares rose slightly in Thursday’s pre-market trading session to $100.5 apiece. The sportswear giant is set to release fourth-quarter earnings after the closing bell amid the backdrop of the COVID-19 pandemic.
Nike’s earnings report will give Wall Street a first look at how coronavirus has impacted its revenues in China and abroad. Analysts are predicting $7.53 billion in revenue for the quarter and an average analyst estimate for earnings of $0.12 per share.
Market participants will also be watching to see if Nike will provide a guidance for the current quarter.