Stocks were mostly lower Thursday morning as investors digested a slew of new economic data reports, including new weekly jobless claims and May durable goods orders.
New unemployment claims came in at 1.48 million for the week ending June 20, marking the fourteenth straight week that claims held above one million. Consensus economists had expected new claims to total 1.32 million. Since mid-March, new jobless claims totaled more than 47 million.
“Jobless claims are not falling fast enough. Everything we have seen in the last week or two between rising case counts/hospitalizations, stalling economic progress in some important states, government job cuts, means one thing: the Phase 4 of fiscal stimulus must be bigger,” Neil Dutta, head of economics at Renaissance Macro Research, said in an email. “Things should be better in 3-4 weeks, but the news will get worse before it gets better.”
Thursday’s session came on the heels of a steep selloff a day earlier, with the Dow dropping 2.72%, or 710 points, for its worst day since its near-7% slide two weeks ago. The risk-off mood came after some states in the South and West reported another day of increases in new coronavirus cases. California reported more than 7,100 new cases – a one-day record by far for the state – while Florida and Texas also reported record jumps in new cases at more than 5,500 each. Apple (AAPL) re-closed seven more retail locations in Houston, Texas, bringing its total re-closures nationwide to 18 as a result of the rise in infections.
New York, once the nation’s epicenter of new coronavirus cases, along with New Jersey and Connecticut called for a 14-day quarantine for visitors traveling from many of the states seeing major jumps in new cases.
Outside of the US, South Africa on Wednesday reported its largest one-day increase in new infections. In Tokyo, Japan, new cases rose by 55 for the most since May.
With the pandemic still ongoing, the International Monetary Fund on Wednesday slashed its outlook for 2020 global growth to a record low estimate of -4.9%, down from its April estimate of -3%. US global growth is expected to fall by 8.0% in 2020, down from a previous forecast of -5.9%, before rising by 4.5% in 2021.
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9:36 a.m. ET: Stocks open lower
Here were the main moves in markets, as of 9:37 a.m. ET:
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S&P 500 (^GSPC): -6.06 points (-0.2%) to 3,044.27
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Dow (^DJI): -92.37 points (-0.36%) to 25,353.57
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Nasdaq (^IXIC): -9.06 points (-0.11%) to 9,896.84
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Crude (CL=F): -$0.2 (-0.53%) to $37.81 a barrel
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Gold (GC=F): -$1.90 (-0.11%) to $1,773.20 per ounce
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10-year Treasury (^TNX): -2 bps to yield 0.664%
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8:56 a.m. ET: New York hospitalizations drop below 1,000 for the first time since March 18
New York Governor Andrew Cuomo said Thursday that the state hit a “new milestone,” with hospitalizations dropping below the 1,000-mark for the first time since mid-March.
The state, once the US epicenter of the outbreak, has been gradually reopening businesses over the past several weeks, with new cases, hospitalizations and deaths trending lower state-wide and in New York City after more than two months’ worth of social distancing restrictions.
BREAKING: Today NY reached a new milestone.
Total hospitalizations fell to 996 — dropping below 1K for the first time since March 18th.
Together we bent the curve. And we aren’t stopping now.
Wear a mask. Keep 6 feet apart. Wash hands. Stay smart.#NewYorkTough
— Andrew Cuomo (@NYGovCuomo) June 25, 2020
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8:32 a.m. ET: Durable goods orders rise 15.8% in May, topping expectations
Orders for durable goods, or products intended to last three years or more, rose by a greater than expected margin in May, according to the Census Bureau’s preliminary monthly report. These orders rose 15.8% in May versus a 10.5% increase expected. The jump marked the biggest increase since July 2014.
In April, durable goods orders fell by a downwardly revised 18.1%, which had been the biggest drop since August 2014.
Core capital goods orders, which exclude aircraft and military goods and serve as a closely watched proxy for business spending plans, rose 2.3%, or more than double consensus expectations.
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8:30 a.m. ET: New jobless claims totaled 1.48 million last week, vs. 1.32 million expected
New weekly unemployment insurance claims totaled 1.48 million for the week ended June 20, the Labor Department said Thursday. This was above estimates for 1.32 million, according to Bloomberg consensus data.
The previous week’s new unemployment insurance claims were revised up slightly to 1.54 million, from the 1.508 million previously reported.
Continuing unemployment insurance claims fell more than expected for the week ended June 13. These declined to 19.522 million, from the previous week’s 20.289 million.
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7:23 a.m. ET: Stock futures mostly lower ahead of the opening bell
Here were the main moves in markets, as of 7:23 a.m. ET:
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S&P 500 futures (ES=F): 3,039.75, down 9.25 points or 0.3%
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Dow futures (YM=F): 25,285.00, down 108 points, or 0.43%
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Nasdaq futures (NQ=F): 10,014.75, up 4 points, or 0.04%
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Crude (CL=F): -$0.44 (-1.16%) to $37.57 a barrel
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Gold (GC=F): -$2.90 (-0.16%) to $1,772.20 per ounce
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10-year Treasury (^TNX): -1.8 bps to yield 0.666%
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6:05 p.m. ET: Stock futures slightly higher after selloff
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:05 p.m. ET:
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S&P 500 futures (ES=F): 3,051.5, up 2.5 points or 0.07%
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Dow futures (YM=F): 25,421.00, up 28 points, or 0.11%
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Nasdaq futures (NQ=F): 10,020.75, up 10 points, or 0.1%
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