Stock futures kicked off the overnight session slightly lower following an afternoon rally on Wall Street.
Shares of big banks including Goldman Sachs and Wells Fargo traded lower after hours, after the Federal Reserve said in its stress test results Thursday after market close that it would restrict dividends and share buybacks on financial companies for the third quarter. The move is intended to “ensure large banks remain resilient despite the economic uncertainty from the coronavirus event,” according to the Fed.
Earlier during the regular session Thursday, the financials sector had led the S&P 500’s advances, after regulators eased constraints over certain bank investments, which had first been implemented after the global financial crisis.
Meanwhile, further increases in coronavirus cases in some parts of the country stirred up investor consternation, with signs increasingly pointing to a chaotic reopening process. The governor of Texas – one of the first states to begin phasing out its lockdowns – announced that the state would temporarily halt its reopening process, and he suspended elective surgeries in some of the state’s biggest counties to free up space for new patients, with intensive-care unit capacity constrained.
New infections in each of Arizona and Florida also rose above recent trends as of Thursday’s counts.
Individual companies have also pushed back reopening dates amid the latest jumps in coronavirus cases. Apple (AAPL) added 14 stores in Florida to its growing list of store re-closures, after announcing earlier this week and late last week it would be re-closing seven stores in the Houston, Texas area and nearly a dozen stores across four states late last week. Disney (DIS) said it was indefinitely delaying its California theme parks’ reopenings past their earlier July 17 target.
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6:01 p.m. ET: Stock futures open little changed
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:01 p.m. ET:
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S&P 500 futures (ES=F): 3,070.25, down 0.5 points or 0.02%
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Dow futures (YM=F): 25,527.00, down 69 points, or 0.27%
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Nasdaq futures (NQ=F): 10,087.00, down 1.25 points, or 0.01%
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June 26, 2020 at 05:13AM
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Stock market news live updates: Stock futures steady after rally - Yahoo Finance
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