Stocks set to open lower
U.S. stock futures were trading slightly lower on Wednesday morning as the number of confirmed coronavirus cases reported nationwide neared 3 million, undermining hopes for a speedy economic rebound. The death toll currently stands at around 131,480.
By 5:45 a.m. ET, futures tied to the Dow were down 93 points, or 0.36% to 25,677. S&P 500 futures dropped a 5.62 points, or 0.18% to 3,130.88 while the tech-heavy Nasdaq 100 futures lost 2.87 points to 10,529.38.
California reported over 9,000 new cases on Tuesday, a record-breaking daily surge as the pandemic continues to ravage the state. Texas also recorded more than 10,000 additional cases, a record-breaking daily count.
Quicken Loans files IPO paperwork
Quicken Loans, the nation’s largest mortgage lender, has submitted paperwork with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO). According to the paperwork, the online lending giant intends to go public using the name Rocket Companies.
Rocket Companies consists of consumer service and personal finance brands, including Rocket Mortgage.
The Detroit-based company plans to list its shares on the New York Stock Exchange under the ticker symbol “RKT.” However, it did not reveal how many shares it might offer or the price per share.
Boris Johnson says UK is ready to leave the EU without a trade deal
Meanwhile, British Prime Minister Boris Johnson has reportedly warned German Chancellor Angela Merkel that the U.K. is prepared to do without a trade deal if the European Union is not willing to compromise on a post-Brexit deal before the transitional period expires on December 31 2020.
The U.K. formally left the EU on January 31, but both sides have been holding negotiations covering a wide range of areas including services, security cooperation, aviation, data policy, fishing, and farming.
According to multiple media reports, Johnson told Merkel that the U.K. would leave the bloc on “Australia terms.” This means leaving without a comprehensive trade deal, and following default World Trade Organization rules and specific agreements for certain goods.
