What to expect from the US markets today

The major US index futures are moving without much change from their closing levels yesterday, with most market participants awaiting today’s release of US jobless claims and final GDP data for the fourth quarter of 2019.

S&P 500 futures were trading down 25 points or 1.05% lower, Nasdaq futures down 64 points or 0.8%, while the Dow Jones futures contract fell 146 points or 0.71%.

The number of jobless claims jumped from 211,000 to 281,000 last week. The numbers are expected to be record high this week because of the declared state of emergency in the United States, with jobless claims estimated to be in the range of 1.5-2 million.

In event of a greater damage, decline in the stock prices and higher demand for the US dollar is expected.

The final GDP figures for the fourth quarter of 2019 will also be in focus today, with projections of 2.1% growth.

 Junior Trader Radi Djuma

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