Futures flat, losing week, bank stocks lower, Nike falling

spike

Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020.

Lucas Jackson | Reuters

This is a live blog. Check back for updates.

7:14: Stock futures point to mixed open

U.S. stock index futures pointed to a mixed open for the major averages on the final trading day of a volatile week. The Dow Jones Industrial Average was set to shed 40 points at the open, while the S&P 500 and Nasdaq-100 were set to rise 0.1% and 0.2%, respectively. Bank stocks weighed on the market after the Federal Reserve imposed restrictions on bank dividends following its annual stress test. During Thursday’s session the sector had rallied after theĀ Federal Deposit Insurance Commission officials said they were loosening some restrictions on the Volcker Rule.

Elsewhere in the market, stocks most sensitive to the economy’s reopening, including airlines and cruise lines, moved higher, despite Texas and Florida pausing their reopening efforts as the number of Covid-19 cases in the states jump.

For the week, the S&P and Dow are slated to register their second weekly loss in three weeks, while the Nasdaq Composite is on track to end the week higher. – StevensĀ 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source Article

Next Post

Warner Bros. pushes 'Tenet' release to August as coronvirus cases rise

John David Washington and Robert Pattinson star in “Tenet,” an upcoming spy film written and directed by Christopher Nolan. Warner Bros. Warner Bros. is once again postponing the release of Christopher Nolan’s “Tenet,” as a rise in coronavirus cases threatens the movie theater industry. This is the second time that […]