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Wall Street Sees Red

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Gross Domestic Product for the second quarter and the weekly jobless claims might be the focus on Thursday. The unremitting surge in COVID -19 infections across the globe continues to dampen investment sentiments.

Trading on Thursday may be impacted by reaction to report as well as a preliminary reading on GDP in the second quarter.

Qualcomm (QCOM), PayPal (PYPL), and Cheesecake Factory (CAKE) are among the companies releasing their quarterly results after the close of the day's trading.

Earlier signs from the U.S. Futures Index suggest that Wall Street might open lower.
The U.S. major averages closed firmly positive on Wednesday. The Dow climbed 160.29 points or 0.6 percent to 26,539.57, while the Nasdaq surged up 140.85 points or 1.4 percent to 10,542.94 and the S&P 500 jumped 40.00 points or 1.2 percent to 3,258.44.

On the economic front, Gross Domestic Product or GDP for the second quarter will be issued at 8.30 am ET. The consensus is for a fall of 35 percent, while it was 5.00 percent in the prior quarter.

The Labor Department's Jobless Claims for the week will be released at 8.30 am ET. The consensus is for 1388K, down from 1416K in the previous week.

The Energy Information Administration or EIA's Natural Gas Report for the week will be published at 10.30 am ET. In the previous week, the change was 37 bcf.

The Fed balance sheet for the week is expected at 4.30 am ET. In the previous month, the level was at $6.965 trillion.

Fed's Money Supply for the week will be published at 4.30 pm ET. The M2 weekly change was $74.7 billion.

Asian stocks ended mixed on Thursday. Chinese shares ended lower. The benchmark Shanghai Composite index slipped 7.73 points, or 0.23 percent, to 3,286.82.
Hong Kong's Hang Seng index ended down 0.69 percent at 24,710.59.

GDP decreased 9 percent year-on-year after a 9.1 percent slump in the first three months of the year.

Japanese shares ended lower as fresh coronavirus cases exceeded the 1,000 mark for the first time. The Nikkei average dropped 57.88 points, or 0.26 percent, to 22,339.23, while the broader Topix index closed 0.62 percent lower at 1,539.47.

Australian markets advanced as the Federal Open Market Committee expressed its commitment to maintaining its bond purchases. The benchmark S&P/ASX 200 rose 44.70 points, or 0.74 percent, to 6,051.10, while the broader All Ordinaries index ended up 49.50 points, or 0.81 percent, at 6,177.50.

European shares are trading down. Among the major indexes in the region, the CAC 40 Index of France is falling 75.59 points or 1.52 percent. The German DAX is losing 352.90 points or 2.75 percent, the U.K. FTSE 100 Index is declining 111.23 points or 1.81 percent.

The Swiss Market Index is losing 119.35 points or 1.16 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.70 percent.

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