Dow set to drop more than 100 points, ending four-day winning streak

U.S. stock index futures fell on Friday, erasing some gains following a four-day winning streak on Wall Street, as investors awaited the release of the latest jobs data.

Around 7:10 a.m. ET, Dow Jones futures fell 105 points, indicating a loss of 120 points at the open. S&P 500 and Nasdaq 100 futures also pointed to a weak start to Friday’s session.


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Economists polled by Dow Jones expect the U.S. economy added 158,000 jobs in January while the unemployment rate remained at 3.5%. The data is set for release at 8:30 a.m. ET.

The recent rally in U.S. markets lost steam on Friday amid concerns about the potential economic fallout of China’s fast-spreading coronavirus. China’s National Health Commission on Friday confirmed 31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths.

President Donald Trump tweeted Friday that his Chinese counterpart, President Xi Jinping, is “focused on leading the counterattack on the Coronavirus.”

Stocks were up sharply for the week entering Friday as strong earnings and economic data outweighed worries over the coronavirus’ economic impact. The S&P 500 was up 3.7% week to date through Thursday’s close, and was on pace for its best weekly performance since early June. The Dow is up 4% for the week while the Nasdaq has gained 4.6%.

The major averages also reached record highs on Thursday boosted by China’s decision to halve tariffs on a slew of U.S. products. The world’s second-largest economy announced it would halve tariffs on $75 billion worth of U.S. imports on Thursday.

The move, which is set to take effect from Feb. 14, was made in order to “advance the healthy and stable development” of trade between the world’s two largest economies, according to a statement on China’s Ministry of Finance website.

Source: cnbc.com | Original Link

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