U.S. stock index futures rose on Thursday morning with economic data and corporate earnings in focus, while fears over the coronavirus outbreak continued to distract investors.
Wall Street looks for a fourth straight day of gains after the Dow jumped 480 points on Wednesday and the S&P 500 closed at another record high, erasing the losses from the sharp sell-off on the initial coronavirus scare.
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The death toll in China rose to 563 as of Wednesday night, with a total of 28,018 cases confirmed as drugmakers race to find a vaccine.
Markets also received a boost from the announcement from China’s Ministry of Finance that Beijing is set to halve tariffs on hundreds of U.S. imports worth around $75 billion.
Tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, which will take effect on Feb. 14.
Traders will also be attuned to corporate earnings, with Twitter, Bristol-Myers Squibb, and Estee Lauder among those reporting before the bell, while numbers from T-Mobile and Uber are due after the close of trade.
In corporate news, Tesla shares tumbled 17% on Wednesday, derailing a historic rally after a senior executive said the coronavirus outbreak would delay deliveries of its Model 3 cars, with analysts wary of the stock’s soaring value.
On the data front, weekly jobless claims are due at 8:30 a.m. ET, as well as preliminary fourth-quarter productivity figures and labor costs.
Source: cnbc.com | Original Link