Premarket: Nasdaq 100 Futures Higher On Slowing Initial Jobless Claims
Nasdaq 100 futures trade higher for the fourth consecutive day, pointing to a positive start in the cash market as better China exports boost confidence that the recovery in the global economy will come sooner than expected. The partial reopening of businesses in several states also supports stocks.
Weak economic data continues, the U.S. Initial Jobless Claims came in at 3169K, above the forecasts of 3000K on May 1, the previous reading was at 3.839K. The Unit Labor Costs came in at 4.8% topping the expectations of 4% in the first quarter. The Nonfarm Productivity came in at -2.5% topping the forecasts of -5.5%.
Yesterday, the ADP employment change came down to -20.263M for April below the expectations of -21.00M. According to the report, large businesses with 500 employees or more cut 8.9 million jobs. Service sector slashed 16 million jobs in April, hotels and restaurants lost 8.6 million, while retail and transportation lost 3.4 million positions.
Stocks to Watch
Japan health ministry approved earlier today Gilead Sciences remdesivir drug as a treatment for COVID-19. Remdesivir was also approved the previous week by the FDA. The FDA also approved Moderna’s (MRNA) COVID-19 vaccine candidate for phase 2 study.