Stocks mixed on global COVID concerns, Footlocker falls

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U.S. equity futures are trading mixed, the day after Wall Street hit a record.

The major futures indexes suggest a gain of 0.4% for the Nasdaq, but a decline of 0.4% on the Dow.

Footlocker, which wraps a busy week of retail earnings, slumped, Friday after warning that supply chain issues will remain through the holiday season. 

“We expect global supply chain constraints to persist throughout the fourth quarter; that said, we believe we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand,” said Andrew Page, Executive Vice President and Chief Financial Officer.

Ticker Security Last Change Change %
FL FOOT LOCKER, INC. 57.56 +1.97 +3.54%

Markets in the U.S. and Europe gave up overnight gains following headlines that Austria was imposing a national lockdown as that country’s COVID crisis deepens. Cases in Germany are also at a record high.

The news swiftly sent the dollar higher along with gold.

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The S&P 500 and Nasdaq hits new highs on Thursday as Macy’s and Kohl’s posted strong earnings and unemployment data showed the labor market is continuing to recover.

MACY’S SALES SURGE 36%

Macy’s Inc. surged 21.2% after the department store chain beat profit forecasts.

UNEMPLOYMENT CLAIMS DROP TO FRESH PANDEMIC LOW

The Labor Department said that the number of Americans applying for unemployment benefits fell for a seventh week to a pandemic low of 268,000.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35870.95 -60.10 -0.17%
SP500 S&P 500 4704.54 +15.87 +0.34%
I:COMP NASDAQ COMPOSITE INDEX 15993.71043 +72.14 +0.45%

On Wall Street, the S&P 500 rose to 4,704.54 while the Dow Jones Industrial Average slipped 0.2% to 35,870.95. The Nasdaq composite gained 0.5% to 15,993.71.

The vote on President Biden’s $1.75 trillion social spending bill was delayed until Friday in the House of Representatives, after Republican House Minority Leader Kevin McCarthy gave an hours-long speech.

JAPAN PROPOSES RECORD STIMULUS PACKAGE TO FIX AILING ECONOMY

On Friday, Japan is making a major stimulus move to jumpstart that country’s economy which has been weakened by the coronavirus pandemic. Japan’s prime minister outlined Friday a record 56 trillion yen, or $490 billion stimulus package, including cash handouts and aid to ailing businesses.

Japan’s government reported October consumer inflation eased to 0.1% over a year earlier from the previous month’s 0.2%.

In Asia, the Nikkei 225 in Tokyo gained 0.5%, the Hang Seng in Hong Kong sank 1.1% and China’s Shanghai Composite Index rose 1.1%.

In Europe, London’s FTSE was off 0.3%, Germany’s DAX slipped 0.2% and France’s CAC declined 0.4%.

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In energy markets, benchmark U.S. crude declined $1.38 to $77.63 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used as the price basis for international oils, fell $1.48 to $79.76 per barrel in London.

The Associated Press contributed to this report.

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