Dow Jones Futures Spike 400pts to Kick Off the Earnings Season in the US

Dow Jones Futures jumped more than 400 points to 23,717.50 ahead of the earnings season to be kicked off today with  JPMorgan Chase, Wells Fargo and Johnson & Johnson amid the coronavirus outbreak.

 

Dow Jones Futures rose as much as 408.50 points to  23,717.50 before slowing down to 23,593.50 points, increasing 284.50 points as of 14:59 local time in Thailand. Meanwhile, S&P 500 Futures increased 1.09% and Nasdaq Futures increased 1.30%.

 

The main point in the earnings announcement might not be the same as the previous quarter or any other quarters in the past. The question of how much profit does the company earn should be changed to how well does the company cope with the economic slowdown amid the outbreak of coronavirus? For many companies, the target in the first and second quarter might not be about gaining profit, but about how they can limit the impact from this pandemic.

According to Refinitiv, 88 negative earnings pre-announcements have been issued by S&P 500 corporations for their first quarter financial statements. Meanwhile, a high number of major companies have already revised down their full-year guidance.