Chinese legislation regarding Hong Kong is also weighing on investors
Dow Jones Industrial Average (DJI) futures are up once again -- over 200 points at last check -- despite a fresh batch of lackluster economic data. Weekly jobless claims once again topped analysts estimates for now the 11th straight week, with the 2.1 unemployment claims narrowly topping the 2.05 million expectations. Additionally, the revised fourth-quartergross domestic product (GDP) fell by 5% last quarter, higher than the estimated 4.8% drop. Futures on the S&P 500 Index (SPX) are up slightly as well, while futures on the Nasdaq-100 Index (NDX) are well below fair value, as investors monitor China's controversial national security bill against Hong Kong.
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Call traders swarmed Ralph Lauren stock yesterday.Tesla dropped prices in North American and China to boost demand.Asian markets were a mixed bag today, amid ongoing developments between China and Hong Kong. Hong Kong's Hang Seng dropped 0.7%, as China's National People's Congress approved the new national security law for Hong Kong. U.S. Secretary of State Mike Pompeo announced that the Trump Administration no longer recognizes Hong Kong as autonomous from China, laying the groundwork for the U.S. to withdraw Hong Kong's preferential trade and financial status. China's Shanghai Composite added 0.3% today, while the Nikkei in Japan rose 2.3% thanks to a big day from Fast Retailing. Elsewhere, the Kospi in South Korea dropped 0.1% after the country reported 79 new coronavirus cases.
In Europe, stocks are continuing yesterday's rally on hopes surrounding the European Central Bank (ECB) stimulus plan and the global easing of lockdowns. Though investors still keep an eye on economic powerhouses China and the U.S., London's FTSE 100 and the French CAC 40 have both tacked on 1.1% so far, while the German DAX has added 0.6%.