People walk past the New York Stock Exchange (NYSE) on May 18, 2020 in New York City.
Spencer Platt | Getty Images
Stock futures rose Thursday night after a mixed session during which coronavirus concerns continued to push investors into tech stocks.
The Dow Jones Industrial Average futures rose 81 points, or 0.3%. S&P 500 and Nasdaq 100 futures were traded 0.3% and 0.2% higher, respectively.
The Nasdaq Composite closed at an all-time high during regular trading, when Amazon rose 3% to a record high. Microsoft, Apple and Netflix were also higher.
But the rest of the market was struggling. The Dow lost more than 300 points, wiping its gains for weeks. The S & P 500 fell 0.6%.
"It was a relatively quiet session, but still a roller coaster ride," said Frank Cappelleri, Executive Director at Instinet, in a message to customers. He also pointed out that the S&P 500 fell 2% from its session high to its daily low before recovering some of these losses. "Overall, however, the breadth was pretty negative … the five largest stocks in the SPX rose," but 392 stocks in the index all declined.
This divergence between technology and the rest of the market came when coronavirus hospitalizations in Florida hit a record. In California, the daily average increase in coronavirus cases in the state also rose to a record high.
The resurgence of the virus raised questions about the health of the economy and put pressure on companies that would benefit from an economic recovery. Airlines like United, Delta and American all closed lower on Thursday. The cruise lines Carnival and Norwegian Cruise Line also fell.
"The path for the economy is likely to depend on the amount of financial scars that will occur in the coming months and the level of customer retention as concerns about the corona virus fluctuate," wrote Bruce Bittles, chief investment strategist at Baird. "High initial unemployment claims and evidence that small businesses are closing soberly remind us of the economic challenges that lie ahead."
The Dow will limp into Friday's session with a loss of 0.5% for the week. The S & P 500 reduced some of its weekly profits, but still rose 0.7% over that period. The Nasdaq was on the way to its third weekly gain in four weeks.
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