U.S. stock futures were moving higher again Thursday morning. Wall Street's powerful rally Wednesday pushed the S&P 500 to an all-time high close. The index joined the Nasdaq in record territory. The Dow Jones Industrial Average soared more than 480 points Wednesday after a 400-plus-point advance Tuesday and a more than 140-point gain Monday. The indicated gains at Thursday's open could send the Dow back to record highs, making Friday's over 600-point coronavirus-driven sell-off seem like a distant memory. Investors got weekly jobless claims data before-the-bell. New filings for unemployment benefits dropped to a nine-month low last week. This comes after Wednesday's strong ADP private-sector jobs numbers for January and ahead of the government's latest monthly employment report on Friday. Mattress maker Casper is set to begin trading Thursday after pricing its initial public offering at $12 per share, the low end of its expected range.
Shares of Twitter were jumping more than 8% in the premarket after the social network reported better-than-expected fourth-quarter revenue and daily active users. Twitter missed estimates on Q4 earnings and warned on outlook. However, the stock move higher seemed to be all about the 21% active-user growth to 152 million in the fourth quarter. Twitter CEO Jack Dorsey said in the earnings press release, "We reached a new milestone in Q4 with quarterly revenue in excess of $1 billion." Last quarter, Twitter reported "a number of headwinds" that contributed to a revenue shortfall, sending the stock down more than 20% at the time.
Shares of skyrocketing Tesla were under pressure in Thursday's premarket trading. The stock plunged 17% on Wednesday to $734.70 after surging nearly 20% on Monday and almost 14% on Tuesday. Tesla temporarily closed its stores in mainland China as of last Sunday, according to an online post from a company sales employee. That comes after a company executive said cars initially scheduled for delivery in early February will be delayed due to the coronavirus outbreak. Tesla shares have gone parabolic in 2020, gaining 75% since Jan. 1 and about 220% in the past six months.
Chinese health officials overnight increased their total of confirmed coronavirus cases to 28,018 in China. The death toll rose to 563 there. The Philippines and Hong Kong each have reported one fatality. Japan's health ministry said 10 more people on board the quarantined Diamond Princess cruise ship have tested positive for the virus, bringing the total number of confirmed cases to 20 out of the 3,700 passengers and crew. Confirmed coronavirus cases in the United States held steady at 11 as of Wednesday. The World Health Organization said there's been more than 150 coronavirus cases in about two dozen countries outside of China.
China announced Thursday that it will cut in half tariff rates on hundreds of U.S. goods worth about $75 billion. Retaliatory tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to China's Ministry of Finance. The reductions will take effect on Feb. 14, the same day the U.S. said it would cut in half tariff rates from 15% to 7.5% on $120 billion of Chinese goods. China said any further tariff adjustments will depend on how Chinese and U.S. trade relations evolve. The two sides reached a phase-one trade deal in December and President Donald Trump signed it in January. The U.S. and China are now looking to find new areas of agreement to further deescalate their trade war.