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John Wang
April 30 21:45

S&P 500 and Dow take a break from a great rally

S&P 500 and Dow edged lower on April 30, closing a gainful month of US stock trading. Investors are anxious about new jobless claims report.
At 16:15 SGT the S&P 500 futures lost 0.2% - 7 points. Nevertheless, the index is still headed for the best monthly results since 1974, riding on the extraordinary stimulus measures and the coming easing of lockdowns. 
Nasdaq enjoyed a strong support from Facebook and Tesla. The former gained 8.5% after surpassing the forecasts for Q1 earnings and stating that the ad sales this month are showing positive signs. The later jumped 8.4% following the positive profit report - the third one in a row - which most investors were not expecting, since the car market is still depressed.
The biggest threat to the market optimism at the moment is the new jobless claims report, scheduled for release at around 17:30 SGT.
The number of claims are expected to have increased by around 3.5 million. Last week the rise amounted to 4.43 million. At the same time US GDP contracted by 4.8% in Q1. It is the first contraction in the last six years.
The Federal Reserve stated that it is ready to provide more support if it will be needed. The new data might prove the necessity of further stimulus.