US equity futures down following weak economic data and corporate profits

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Dow ((UNDUE) futures contracts fell 157 points, or about 0.6%. S&P 500 ((SPX) futures fell about 0.7% and Nasdaq ((COMP) futures contracts were down about 0.7%.

Stocks fell on Wednesday after a plethora of negative economic data and low profits.

The Dow Jones fell 445 points, or 1.9%. The S&P fell 2.2% and the Nasdaq 1.4%, matching its longest four-day winning streak since early February. The Dow and the S&P 500 had their worst day since April 1.

Bank of America ((BAC) and Citigroup ((VS) saw low bank income as they prepared for the pandemic-related defaults. Bank of America’s first quarter profits fell 45%. The bank said on Wednesday it had set aside $ 4.8 billion for credit losses from the virus.

Economic data released Wednesday also fell sharply. Retail sales in March fell 8.7%, the worst monthly decline since the department started tracking data in 1992. Thursday’s jobless claims weekly report is expected to release 5.1 million more people – during the week ending April 11 – who filed for unemployment benefits.

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