Stock Futures Sink as Jobless Claims Pile Up

Dow Jones Industrial Average (DJI) futures are once more sliding sharply below fair value, as another week of worse-than-expected jobless claims pile on to the panic of a sputtering U.S. economy. Almost 3 million Americans filed for unemployment last week, toppling estimates for the ninth straight week. Futures on the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also poised to open deep in the red, as investors nervously eye President Donald Trump's increasingly hostile rhetoric toward China. 

Continue reading for more on today's market, including: 

• Disney stock is running into trouble on the charts.
• Las Vegas Sands stock slid yesterday scrapping Japan plans.
• Plus, 3M dinged by weak sales numbers; Intelsat files for bankruptcy; and Tyson Foods cuts its beef prices.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Wednesday, and 1.1 million put contracts. The single-session equity put/call ratio jumped to 0.72, and the 21-day moving average remained at 0.61.
2. 3M Co (NYSE:MMM) is down 0.8% before the open, after total sales fell 11% in April as a surge in face mask demand was offset by decline for the company's other products. Healthcare sales, transportation and electronics, and safety and industrial sales fell 5%, 20% and 11%, respectively. The Dow stock is down 22.8% year-to-date.
3. Intelsat SA (NYSE:I) stock is down 36% in electronic trading, after the satellite operator filed for Chapter 11 bankruptcy this morning. The shares had been drifting deeper into penny stock territory the entire year.
4. The shares of Tyson Foods, Inc. (NYSE:TSN) is down 1.4% ahead of the bell, after the food manufacturer cut its beef prices to vendors to 20% from 40%. Tyson stock has traded sideways between the $55 and %65 levels for the past month, even amid plant closures.
5. Today will also feature the import price index. Applied Materials (AMAT), Children's Place (PLCE), and NortonLifeLock (NLOK) will throw their hats into the earnings ring.

Overseas Stocks Fall as Global Pessimism Heats Up

Stocks and Asia finished lower today, as investors considered further economic fallout from a second wave of coronavirus. China’s Shanghai Composite landed on a 1% loss, even despite an upbeat corporate report from tech giant Tencent. Hong Kong’s Hang Seng dropped 1.5%, while South Korea’s Kospi lost 0.8%. Japan’s Nikkei paced the region with a 1.7%, dip, as its businesses plan to reopen. 

In Europe, shares are seeing steep losses due to the worldwide news and pessimism surrounding the pandemic. London’s FTSE 100 fell 3.1%, with real estate stock Countryside Properties a notable laggard. The DAX in Germany has lost 2.6%, and the French CAC is around the same, down 2.7%.