Dow (INDU) futures dropped 346 points, or 1.5%. S&P 500 (SPX) futures also fell 1.5%, and Nasdaq (COMP) futures were down 1.3%.
Last week again brought painful economic data. More than 30 million Americans have now filed initial unemployment claims since the middle of March. Economists surveyed by Refinitiv expect the unemployment rate to have hit 16.1% last month, which would be its highest level since 1939.
The upcoming week is likely to provide greater clarity on the unemployment picture in the country, as the US government releases its latest jobs report on Friday.
Over the past week, many companies also warned investors of challenging times ahead as they reported earnings for the first three months of 2020. While many US companies only really began feeling the effects of coronavirus during the final month of the first quarter, the pandemic and the economic crisis resulting from it will weigh on companies throughout the June quarter, and likely beyond.
There are also questions about the likelihood of any large scale reopening of the economy anytime soon. While some states began lifting coronavirus lockdown restrictions in recent days, many business owners are nonetheless keeping their doors shut for now, and consumers may be wary, too.
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May 04, 2020 at 06:33AM
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US stock futures fall as uncertainty around the economy persists - CNN
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