US stock futures jumped between gains and losses ahead of Wednesday’s trading session.
The main futures indices suggest a flat opening.
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A number of financial names will report quarterly results, including Goldman Sachs, Bank of America and Wells Fargo.
Several companies kicked off the earnings season on Tuesday with better-than-expected reports. JPMorgan Chase, Johnson & Johnson, Citigroup and BlackRock report stronger results for the summer than analysts had predicted.
Investors will also receive a final reading on wholesale inflation. Producer prices are expected to increase by 0.2% in September, according to Refinitiv̵
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Shares were mixed in Asia on Wednesday after fears of a pandemic took a four-day winning streak on Wall Street.
Japan’s Nikkei 225 erased early losses to gain 0.1 percent, while Hang Seng in Hong Kong added 0.1 percent and China’s Shanghai Composite cut 0.6 percent.
In Europe, the London FTSE fell 0.1%, the German DAX fell 0.1% and the French CAC was 0.2%.
The growing number of coronaviruses in many countries is increasing the urgency to develop vaccines and treatments, and failures in this process tend to discourage investors.
On Tuesday, independent observers stopped enrolling in a study testing the antiviral drug COVID-19 remdezivir plus an experimental antibody therapy developed by Eli Lilly. The company said the study was halted “due to a plethora of caution.” The news followed an announcement late Monday by Johnson & Johnson, which said there should be a temporary break at a late stage in a study of a potential vaccine against COVID-19 “due to unexplained disease in a study participant”.
On Tuesday, the S&P 500 lost 0.6%, the Dow Jones Industrial Average fell 0.6% and the Nasdaq composite gave up an early gain, slipping 0.1%.
|I: DJI||DOW JONES AVERAGE||28679.81||-157.71||-0.55%|
|I: COMP||NASDAQ COMPOSITIVE INDEX||11863,895513||-12.36||-0.10%|
The International Monetary Fund, in its latest update, predicts a sharp decline in international growth this year as the global economy struggles to recover from the pandemic recession, the worst collapse in nearly a century.
The IMF said on Tuesday that it expects the global economy to shrink by 4.4% in 2020. This would be the worst annual decline since the Great Depression of the 1930s. The world economy has shrunk by far less than 0.1% since the devastating financial crisis of 2008.
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Meanwhile, another heavy dose of stimulus to the US economy seems less likely.
Senate Majority Leader Mitch McConnell said Tuesday he plans to vote on a shortened coronavirus relief bill for October 19th. Democrats backed the GP’s draft aid bill last month and recent talks on a larger deal with Parliament Speaker Nancy Pelosi, D-Calif., Fell apart last weekend.
In a letter to colleagues on Tuesday, Pelosi called the White House’s latest proposal insufficient and said significant changes were needed.
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The crude oil benchmark in the United States fell 31 cents to $ 39.90 a barrel in e-commerce on the New York Mercantile Exchange. It earned 77 cents to $ 40.20 a barrel on Tuesday. Raw Brent, the international standard, fell 25 cents to $ 42.21.
The Associated Press contributed to this article.