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Investing.com — Stocks went into a tailspin on Thursday as investors sold on fear that a second wave of Covid-19 cases could interfere with a return to business as normal.
The major stock indexes each fell sharply. The Dow Jones Industrial Average tumbled nearly 7%, the S&P 500 fell 5.9%, and the NASDAQ Compositeshed 5%, coming off an all-time high close above 10,000 a day earlier. Crude Oil WTI Futures also fell nearly 10% on Thursday.
Investors will be watching Friday to see whether stocks can halt their losing streak or whether they will head into the weekend on a down note.
Consumer sentiment data for June is expected out on Friday, as well as data on imports and exports.
Here are three things that could affect markets tomorrow.
1. Consumer Sentiment Expected to Improve Despite Covid-19
The Covid-19 virus hasn’t dampened consumers’ outlooks, at least as far as expectations for Friday’s Michigan Consumer Sentiment survey, due out at 10:00 AM ET (14:00 GMT). The number is expected to be 75 for June, up from 72.5 the prior month. Businesses are reopening and individual restrictions are being loosened in much of the U.S. even though cases of the virus continue to rise in some areas. Of course, the survey comes out two days after the Federal Reserve chairman said the recovery would take a long time, remarks that sent stocks plunging on Thursday.
2. Import Price Data Expected to Show Gain
May’s import price index is due out Friday at 8:30 AM ET (12:30 GMT). The monthly figure for May is expected to come in at 0.6% compared to a contraction of 2.6% for the prior month. The index measures the change in the price of imported goods and services purchased in the U.S.
3. Export Price Data Also Expected to Be Positive
Also on Friday, May’s export price index is due out at 8:30 AM ET (12:30 GMT). The monthly figure is expected to be a gain of 0.6% compared to a contraction of 2.6% the prior month. The figure tracks changes in U.S. exports to determine whether there was an increase in goods sold abroad or merely an increase in the price of exported goods.
