The unemployment rate is expected to have hit nearly 20%, with 20.5 million jobs lost in April and millions more expected in May data, which will be released at 8:30 a.m. ET Friday.
Economists expect to see another 8.33 million job losses in May, but they say the June report should turn positive.
The S&P 500 slid 0.3% to 3,112.35 while the Nasdaq Composite dropped 0.7% to 9,615.81. It was the first decline in five sessions for both indexes. The Dow Jones Industrial Average closed just above the flatline, advancing 11 points, or 0.1%, to 26,281.82.
What’s on the horizon? Imagine shorter lines, cruising through checkpoints and not touching anything — except for your mobile phone — from your car door to your airplane seat. In fact, the technology to do this already exists.
CDC Director Robert Redfield said Thursday that he’s “very concerned” the agency’s public health message on the coronavirus isn’t “resonating” with the public as the number of cases continues to rise across the U.S.
Testifying before the House Appropriations Committee, Redfield said he sees “a lot of people” not wearing masks in Washington, D.C., where he works.
While cases have slowed in hot spots such as New York state, the U.S. is still seeing roughly 20,000 new Covid-19 cases a day.
Elon Musk on Thursday tweeted that he thinks it’s time to break up Amazon.
“This is insane @JeffBezos,” Musk said, tagging the Amazon CEO. “Time to break up Amazon. Monopolies are wrong!”
His tweet was directed at former New York Times reporter Alex Berenson and Amazon CEO Jeff Bezos after Berenson published a screenshot showing that his upcoming book about Covid-19 doesn’t meet Amazon guidelines for sale.
The coronavirus pandemic has produced “one of the greatest wealth transfers in history,” CNBC’s Jim Cramer said.
“The bigger the business, the more it moves the major averages, and that matters because this is the first recession where big business … is coming through virtually unscathed,” the “Mad Money” host said.
Futures contracts tied to the major U.S. stock indexes idled during the overnight session Wednesday evening on the heels of yet another robust day on Wall Street and amid one the market’s strongest rebounds on record.
President Donald Trump’s administration is banning Chinese airlines from flying to the United States starting in mid-June as Beijing hasn’t permitted U.S. carriers to resume flights there.
Delta and United are seeking to resume flights to China after suspending service earlier this year because of the coronavirus.
U.S. stock futures rose in overnight trading as Wall Street continues to rally on optimism over economies emerging from coronavirus-led shutdowns.
Dow futures rose more than 100 points, indicating a gain of 0.35% at the open on Wednesday. The S&P 500 and Nasdaq were also up, indicating gains of 9 points and 23 points, respectively.
Stocks attempted to rally on Friday, but failed, concluding one of the most volatile weeks on Wall Street ever as investors grapple with mounting fears over the coronavirus’ economic blow.
