US stocks slide as investors digest surging virus cases and steady jobless claims

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US stocks fell Thursday as coronavirus cases spiked nationwide, threatening the economic ongoing recovery. 
States such as Texas, Florida, and Arizona are seeing spiking COVID-19 rates, and there’s been an uptick in cases globally as well.
US weekly jobless claims totaled 1.5 million in the week that ended Saturday, roughly in line with the previous week and slightly above economist forecasts.
on Business Insider.

US stocks slumped on Thursday as investors weighed rising coronavirus cases and jobless claims that were largely unchanged from last week.

Coronavirus cases are spiking in states such as Texas, Florida, Arizona, and California, threatening to slow economic-reopening efforts across the US. Global cases of COVID-19 are also on the rise. 

“Whether we’re seeing a second wave or just a continuation of the first wave, the outbreak may reverse actions taken by governments to re-open their economies, hence curbing hopes of a smooth recovery,” said Hussein Sayed, chief market strategist at FXTM.

US weekly jobless claims totaled 1.5 million in the week that ended Saturday, roughly in line with the previous week and slightly above economist forecasts.

Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:

S&P 500: 3,042.95, down 0.2%

Dow Jones industrial average: 25,347.04, down 0.4% (99 points)

Nasdaq composite: 9,902.01, down 0.1%

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Wirecard, the German payments company, fell 75% after filing for insolvency, the latest in the fintech’s $2 billion accounting scandal saga.

Oil prices followed equties lower. West Texas intermediate crude fell as much as 2.5%, to $37.08 per barrel. International benchmark Brent crude declined 2.1%, to $39.47 per barrel, at intraday lows.

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The so-called reopening trade suffered on fears of a mounting second wave of coronavirus cases, with shares of cruise lines and airlines falling in early trading Thursday. Apple on Wednesday announced that it would shutter more of its stores in the Houston area following a spike in cases.

In addition, Walt Disney said that it would delay the opening of its parks in California beyond July 17. 

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Source:: Business Insider – Finance

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