[Market Madness] Edition 0081
Mixed Results
Just under
Well folks, the jobless claims report from last week is in, and we slipped just under the expectation. The report came in at 1.314 million versus an expected 1.39 million. Furthermore, this new report is a decline of nearly 100,000 when compared to the week before. The total number of unemployment claims dropped a little less than 700,000 to 18.06 million. Two positive moves seen here, both declining new claims and declining total claims. The markets were down at the open, suggesting COVID 19 fears are still holding investors back. The jobless report is good news towards recovery, but many are hesitant that we are all in the clear.
“Many economists, including Bradley Hardy at American University in Washington, D.C., expect overall employment growth will continue, but at a significantly slower pace than over the past two months. ‘When you see the rising number of cases,’ he said, ‘you have to ask to what degree will that tamp down foot traffic and spending, and ultimately employment.’” (excerpted from article)
As we always say, we shall see as more information comes available in the upcoming weeks.
Elsewhere, the major indices were mixed with Europe down and Asia up. Crude oil is trading back under $40 per barrel. Manhattan District Court has been granted access by the Supreme Court to access Donnie’s tax records but denied House Democrats access. These mixed results will likely continue delaying the process of a public information release until after November.
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Fundamentals
Thursday Close:
Dow Jones Industrial Avg: -1.38%
S&P 500: -0.56%
NASDAQ: +0.53%
US 10 YR: 0.605%
Crude OIL: $39.51
Market Madness Portfolio: -0.09%
COVID 19 Global Cases: 12,123,257
Indices Overseas:
FTSE 100: -1.73%
Nikkei 225: +0.40%
Hang Seng: +0.31%
TEDRATE: 0.16
LIBOR (3 month): 0.27288%
Looking ahead
There was a lot of politics today, and that isn’t exactly what this platform is to be used for. As cases continue to rise globally, all eyes are set on releases of new economic data as well as health guidelines. The CDC has fought back against the Trump administration who deemed their school guidelines too strict. The WHO, although losing country backings, continues to hail alarms that the virus is continuing to get worse.
Conversations are set to resume on Capitol Hill regarding another wave of stimulus. Treasury Secretary Mnuchin added that this additional bill is likely to include some kind of individual check-based stimulus like we saw before, but does not want to see the unemployment expansion be renewed longer.
Dr. Fauci has suggested that states currently experiencing case surges should consider a second shutdown to get ahead on curbing the virus’ spread. This comes at direct opposition to many who argue that there is no way to close off parts of the economy once again. The move would come down to the direction of individual states, as they are all experiencing different challenges with respect to the virus. He did note, however, that the growing record of daily new cases is following an exponential pattern and it would not be too long before seeing 100,000+ daily new cases if no checks are put in place to help curb the virus’ spread.
We are seeing the virus continue to take hold as we see the S&P 500 and the Dow Jones Industrial Average selling off as the tech-dominated NASDAQ set a new 52-week high. This might be the trend for a while as many are left wondering how long remote work will continue for major industries that support it. Technology is what drives the work from home movement, and thus will likely continue to set new records the longer we are heavily tech-dependent to complete our daily work tasks.
There is a lot to look at and a lot to look forward to; but we have to look day to day and find areas where we are making and holding onto improvements.
Quick Takes
More on last week’s jobless claim report. (via CNBC)
Rising margin lending in China worries many of new market ‘bubble.’ (via FT)
NY Prosecutor given green light on Donnie’s tax documents. (via WSJ)
A crude look ahead. (via WSJ)
Reader’s Corner
The reader is going to take the weekend off from this section as good weather is calling my name! The reader will be back on Monday; have a nice weekend!
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