Morning Briefing
At 898,000 this week’s initial claims for unemployment worse than expected
The number of new unemployment claims in regular state-run programs rose last week to a seasonally adjusted 898,000. That's up 50,000 for the prior week and the biggest increase in first-time unemployment claims since August. The economy has clearly stalled with new...
Mnuchin says no stimulus until after election and market shrugs
Treasury Secretary Steve Mnuchin, the lead negotiator for the White House on an additional coronavirus stimulus package, emerged today, October 14, from telephone calls with House Speaker Nancy Pelosi, to say that the chances of a stimulus package before the November...
JPMorgan Chase surprises on earnings–but not in the way that markets had hoped
This morning JPMorgan Chase (JPM) reported a "surprise" jump in earnings in the third quarter. The problems in that "surprise" were in the nature of the surprise. A good part of the "surprise" wasn't a surprise. The bank reported a 30% increase in revenue from its...
Earnings season starts tomorrow morning with JPMorgan Chase and Citibank
The big banks kick off third quarter earnings reports tomorrow, Tuesday, October 13 with JPMorgan Chase (JPM) due to report before the open. The analyst consensus is that the bank will earn $1.93 a share, down from the $2.68 a share earnings in the September quarter...
Trump says “Stimulus” and stocks jump one more time–but I don’t think the President means it
President Donald Trump has figured out something very important about the stock market from his perspective: If he simply says "stimulus," stocks jump. Even if he doesn't really mean it. Even if he's not putting in the work to get a coronavirus stimulus package...
Initial claims for unemployment increase or fall or something–but whatever it is, the economy is stalling
The number of initial claims for unemployment for the week ended October 3 was 840,000, the Department of Labor reported this morning. That was above the 820,000 projected by economists surveyed by Bloomberg. And up, er, I mean down, from the 849,000 new claims...
Hope supports airline shares today; logic not so much
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This afternoon Trump kills coronavirus stimulus until after November 3 election
In a Tuesday afternoon Twitter post President Donald Trump said he opposed House Democrats’ $2.4 trillion coronavirus stimulus legislation.“Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way...
Stocks move strongly higher on belief in a stimulus deal
I'm willing to bet against the Tooth Fairy and the Easter Bunny, but in this market, in the very short term, I'm not willing to bet against the market's faith that there will be another coronavirus stimulus package--soon--to boost the U.S. economy and prevent an...
Why the President’s positive test for coronavirus led to a rally today in airline stocks
Every investor and trader has spent much of today speculating (either in words or dollars) on what President Donald Trump's positive coronavirus test might mean for stocks. The Standard & Poor's 500 closed the day, October 2, down 0.96% and the Dow Jones...
Market climbs on hopes for a coronavirus stimulus deal and then stalls as talks show no progress
Just in case you were trying to figure out how important a successful conclusion to the coronavirus talks is to the market--the answer today from stocks was "Very." As of 1 p.m. New York time today, the Standard & Poor's 500 was up 0.66% and the NADSAQ Composite...Jim’s Stock Alerts
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