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The 8:30 a.m. jobless claims report is just out . . .
3,238,000 Americans filed for unemployment last week.
That jobless claims number was double the consensus estimate of 1.6 million. And the jobless claims total was nearly five times the previous record of 695,000 weekly jobless claims in 1982.
The number of jobless claims shocked even those with a pessimistic view.
Stocks responded with early morning declines. In early trading, the major U.S. indices were trading down around 1%.
Today’s move reverses two consecutive positive days for stocks. The market has been rising on hopes of a huge stimulus bill from Washington.
Last night the U.S. Senate passed a $2 trillion stimulus bill in a 96 – 0 vote.
The spending is double the size of the economic stimulus back in 2008 – 2009. And it represents approximately 10% of America’s gross domestic product (GDP).
It’s estimated that without the stimulus, GDP would’ve dropped 30% in the second quarter of 2020 (April – June). However, with the $2 trillion stimulus the economy could shrink by only 17%.
Beyond jobless claims, more economic data will emerge in the coming weeks. And that’s likely to keep the markets extremely volatile – with 3% – 5% daily swings becoming normal.
Now, imagine making money no matter what happens in the market. And especially if stocks continue to drop.
The 10-Minute Bloodbath Trade is handing out up to 100% winning trades . . . including 23% profits in as few as four trading sessions.
The Big News…
Dr. Fauci: Expect Coronavirus Again in 2021
The National Institutes of Health just announced a warning. Director Anthony Fauci says that coronavirus may behave like the seasonal flu. That means we could expect another wave of the virus next year in 2021 – unless the FDA approves a vaccine.
Treasury: Americans Will Get Checks Within 3 Weeks
The U.S. Treasury Secretary confirmed that the U.S. government will mail out $1,200 to most American adults. The checks should be in the mail within the next three weeks.
10 States Delay Primary Elections
Primary elections are being delayed in 10 states – due to the coronavirus crisis. Pennsylvania is the latest state to postpone the primary to June 2. Indiana, Connecticut and Ohio have already delayed their primaries to the same date.
55 Million Kids NOT in School
Schools have been closing state-by-state. Many states have simply delayed opening for two to six weeks. Others states including Kansas and Virginia have canceled the entire school year.
New Yorkers: 14-Day Quarantine Order
New York is the epicenter of the coronavirus crisis – with over 30,000 cases. The White house is issuing an alert for New Yorkers who are leaving their homes. They are encouraged to self-quarantine for 14 days if they choose to leave New York.
Doctors plan to start testing this Covid-19 vaccine within the next couple months. Go here for details on the biotech stock behind this new drug.
The Coronavirus Numbers
Here are the numbers from Thursday at 9 a.m. ET.
- 488,328 Infected worldwide
- 22,071 Deaths
- 68,594 Infected in the U.S.
- 1,036 Deaths in the U.S.
Today’s unemployment news was much worse than expected.
In pre-market trading the markets were down over 2%. However, in early morning trading the decline was more manageable at less than 1%.
This reaction from the market may show that investors are ignoring the negative news. For example, they may view the worse-than-expected numbers as a temporary blip. And therefore, they’re discounting the importance of the report.
After a 15% gain for stocks in the last two days, I’ll be closely watching the trading today for signals on the market’s next move.
There are two ways to send stocks on a sustained move higher.
First, 100% containment of the coronavirus. This is what happened in China and S. Korea. And containing the spread here will put investors at ease and send stocks higher.
Second, America need a Covid-19 vaccine to stop the virus forever. The latest research shows that this may be an annual illness – making it crucial that it doesn’t come back in 2020.
These biotech stocks are on the verge of a major breakthrough. And shares could deliver average profits of 773% or more in the coming months.
Yours in Health & Wealth,