Here are five things you must know for Thursday, June 25:
1. -- Stock Futures Fall a Day After Steep Selloff
Stock futures declined Thursday, a day after Wall Street posted its worst session in two weeks on worries lockdowns could be reimposed amid a surge in new coronavirus cases in the United States.
Contracts linked to the Dow Jones Industrial Average fell 182 points, futures for the S&P 500 declined 16 points and Nasdaq futures were down 8 points.
Stocks got hammered Wednesday as coronavirus cases in the U.S. spiked, renewing investors' fears that a hoped-for economic recovery from the pandemic could take longer than anticipated.
The Dow finished down 710 points, or 2.72%, to 25,445, the S&P 500 declined 2.59%, erasing its gains for the week, and the Nasdaq slid 2.19%.
“A huge problem for investors is that volatility is too expensive to buy right now, so they are finding it easier just to cut and run from their stock market positions,” said Stephen Innes of AxiCorp.
What effects reimposed lockdowns might have on the U.S. jobs market, which remains shaky at best, also will be in focus Thursday ahead of the release of jobless claims numbers.
2. -- Unemployment Claims and Nike Earnings Lead Thursday's Calendar
Economists expect 1.38 million Americans to have applied for first-time unemployment benefits in the week ended June 20, vs. a higher-than-expected 1.51 million a week earlier. Since mid-March, when the coronavirus forced many businesses to begin shutting down, 46 million Americans have filed initial claims.
Jobless claims at 8:30 a.m. ET lead the economic calendar Thursday. Also on the calendar: the third estimate for first-quarter GDP at 8:30 a.m.; durable goods orders for May at 8:30 a.m; and international trade in goods for May at 8:30 a.m.
Earnings reports are expected Thursday from Nike (NKE) - Get Report, Rite Aid (RAD) - Get Report, Accenture (ACN) - Get Report, Darden Restaurants (DRI) - Get Report and McCormick & Co. (MKC) - Get Report.
3. -- Coronavirus - The Latest
The number of confirmed global cases of the coronavirus has risen to 9,439,996, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 482,914.
The U.S. has 2,381,369 cases of the coronavirus, the most in the world, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to 121,979, also the most in the world.
U.S. infections have risen by more than 34,500 for two consecutive days, putting the country on pace to match the rate of infection recorded in the final weeks of April, when the pandemic was at its peak.
The latest forecast calls for 180,000 Americans to die from the virus by the the start of October, according to University of Washington's Institute for Health Metrics and Evaluation. That is down about 22,000 from the previous forecast despite rising case numbers.
Forecasters also predicted that about 33,000 deaths would be prevented if at least 95% of Americans consistently wore masks in public.
“People need to know that wearing masks can reduce transmission of the virus by as much as 50%, and those who refuse are putting their lives, their families, their friends and their communities at risk,” said Dr. Christopher Murray, IHME’s director, in a statement.
Nevada Gov. Steve Sisolak ordered everyone in the state to wear masks in public after a spike in infections. Washington Gov. Jay Inslee, on Tuesday, ordered residents in his state to wear face masks in public.
The Democratic National Convention will be an almost entirely virtual affair Aug. 17-20. Joe Biden will be there in person to accept the presidential nomination but no one else may be present.
The DNC said in a statement that official business, including the votes to nominate Biden and his yet-to-be-named running mate, will take place virtually, with delegates being asked not to travel to Milwaukee, the Associated Press reported.
4. -- Disneyland's Reopening to Be Delayed
The resorts in Anaheim, Calif., closed for months due to the coronavirus pandemic, had been scheduled to reopen on July 17.
Disney, the entertainment and media giant, didn't provide a new reopening date and said it anticipates California state officials will issue new guidelines sometime after July 4.
"Given the time required for us to bring thousands of cast members back to work and restart our business, we have no choice but to delay the reopening of our theme parks and resort hotels until we receive approval from government officials,” Disney said in a statement.
California on Wednesday tallied its biggest daily increase in COVID-19 cases. The state reported an additional 7,149 Covid-19 since Tuesday, a 69% increase. That brings the state total to more than 190,000 cases.
5. -- Chuck E. Cheese Parent Files for Bankruptcy
The parent company of Chuck E. Cheese, the children's restaurant chain, filed for Chapter 11 bankruptcy, the latest casualty of the coronavirus pandemic.
CEC Entertainment described the current crisis, when many of its locations were closed due to the pandemic, as the "most challenging" in its history.
The company said it would use the bankruptcy proceedings to continue talks with its stakeholders and landlords and to restructure its balance sheet.