Plus, Vice President Pence said the Trump administration is working with Democrats in “good faith” on another round of coronavirus stimulus, airline stocks are soaring as hopes rise of a recovery for air travel, and JCPenney announced it’s closing more than 150 stores following its bankruptcy filing last month.
Read MorePlus, weekly jobless claims came in at 1.877 million, the FDA issued emergency use authorization for Roche’s blood test to identify those at risk of having the most severe immunological response to the coronavirus, and Simon Property Group is suing Gap for missed rent.
Read MorePlus, ADP reported 2.76 million private payrolls were trimmed in May, Dr. Anthony Fauci warned a potential coronavirus vaccine may not provide long-term immunity, and another retailer looks poised to file for bankruptcy protection.
Read MorePlus, Dick’s Sporting Goods reported a 30% decline in same-store sales, and Stitch Fix is laying off 1,400 workers.
Read MorePlus, another 2.1 million Americans applied for unemployment benefits last week, Trump is expected to sign an executive order to crack down on liability protections for social media platforms, and Abercrombie shares are down after the mall-staple reported a 34% drop in sales in the first quarter.
Read MoreBut that recovery could prove to be a bumpy ride. Here’s why.
Read MorePlus, stocks are higher on optimism related to increased economic activity as economies continue to reopen, Autozone reported better-than-expected earnings, and Micron shares are up after an upgrade from Needham.
Read MoreThe market turmoil is “not over yet.” Here’s what you need to know.
Read MorePlus, another 2.4 million Americans filed for unemployment bringing the pandemic total to more than 38 million, AstraZeneca was awarded $1.2 billion from the U.S. government for the development of its COVID-19 vaccine, and Best Buy shares are down after earnings.
Read MorePlus, Fed Chairman Powell said the U.S. economy could shrink 30% in the second quarter, oil surged to a two-month high, and FedEx and Microsoft are teaming up to “transform commerce” with a new data service.
Read MorePlus, JCPenney is expected to file for bankruptcy today, the Trump administration moved to block chip shipments to Huawei, and the FDA issued a warning about Abbott Labs’ rapid COVID-19 test.
Read MoreThe U.S. economy may look back on the coronavirus crisis as the Second Depression, Jones said this week. Here’s what you need to know.
Read MorePessimism is soon to take over the FOMO that has been driving the market higher since the March bottom. Here’s why.
Read MorePlus, weekly jobless claims came it at just under 3 million and Goldman Sachs says the unemployment rate could peak at 25%, Trump said he doesn’t want to talk to Chinese President Xi as tensions rise between the world’s two largest economies, and airlines are down after a trade group said demand for air travel is unlikely to recover until 2023.
Read MorePlus, the Trump Administration is facing renewed pressure to provide more economic stimulus, the consumer price index fell by the most on record in April, and Tesla reopened its Fremont, CA plant against local county orders.
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