Employees who have been out of work now for months. The Second Quarter Gross Domestic Product plummeted 32. 9 between april and june. Thats almost a full third and its the sharpest decline we have seen in u. S. History. The drop in gdp is nearly 4 times worse than it was at the peak of the financial crisis in the Fourth Quarter of 2008 the previous record was 10 in the First Quarter of 1958. Turning over to the stock market and see how stocks are reacting to this dire news. The dow jones is down by almost 200 points, just a little bit more than that right now. S p is suffering a loss of not quite one half of 1 . The nasdaq is the only right spot if you count the addition of 52 points. Nasdaq is up by one half of 1 . You can see stocks mostly regained their footing after a very steep drop at the opening bell and after we got that labor news. Californias jobless claims were down last week despite a nationwide increase. Our state reported 249,000 workers filed firsttime claims during the
We have rosemary with us to give us a check on the very mild and nice conditions this weekend. Good morning. Happy sunday to all of you pick another gorgeous day coming our way. We are starting out with low clouds this morning. Once again, by the afternoon, we will have sunshine. For the coast partly cloudy skies with fog. Temperatures ranging from 60s at the coast to 70s around the base. A few low to mid 90s expected inland. Details on the Current Conditions and what to expect for the afternoon and the extended forecast, coming up. California recorded 6000 new coronavirus cases in the 24 hour period. More than 9300 people have now died in california. In the bay area there are more than 54,000 cases of covid19. 833 people have died. So say what the numbers continue to rise, hospitalization rates are down by two and half over the last few days. This weekend Santa Clara County recorded a record 410 new cases in 24 hours. That exceed the previous high for the county of 339 from 11 days ag
That jobs news to end this holidayshortened week. Check the futures. The dow pointing to a jump of 459 points. Good for a 1. 75 gain. Strong gains on the s p and nasdaq. By the way, the nasdaq in record territory once again, led, guess what, by the big tech names that we follow so closely. All of these names right here are in record territory this morning. Lets begin with tesla, up another 9 this morning after reporting more than 90,000 sales last quarter. That absolutely blew away that word we dont like to say, expectations, and up the stock goes. 102. What a ride for tesla. Amazon, that stock closing in on 3,000 a share. Certainly amazon has been the winner during the lockdown. Microsoft, solidly above 200 a share. Microsoft also doing very well, thank you very much. Everybodys watching netflix these days. Huge winner during the pandemic. That stock coming close to 500 a share. Well, President Trump is well aware of this rally. He tells fox business that the market, though, will cras
Starting the quarter with gains. The nasdaq was up more than 1 by an alltime high. S p was up half a percentage point. The dow was up slightly. A decline of about 0. 3 . Burke buckle your seat belts a lot to come. We have been watching what is happening with the futures at this point, all three in the green. The dow up almost 200 points all coming before the big jobs report the last trading day of the week before a long Holiday Weekend for the 4th of july. You could see some activity happening here a quick look at the treasury market youll see right now, the 10year looks like it is yielding 0. 676 . It is that jobs preview people are waiting for to get a sense of what is happening in the economy. Lets bring you the preview maybe not the numbers itself but get ready for them markets in the u. S. Are closed tomorrow in observance of Independence Day today is jobs thursday forecasters expecting an addition of 2. 9 million nonfarm jobs in june Unemployment Rate expected to dr drop calling
F150. Impact of the americas favorite pickup truck and i will ask lauren fix about all of that and so much more on making money. Charles the market actually looking for some equalibrium today, folks after yesterdays drubbing. The signs that the about bounce run out of steam has been coming off for some time. In fact the glaring problem has been really broadening out the leadership, right . I talked about it a lot on the show. We need more stocks, more sectors to participate. Maybe financials will finally do that. Maybe they live up to the hype. They have been strong all session long ahead of the fed stress test. Those results after the close. The other glaring problem, how much of an uptick in coronavirus cases will stall the reopening of the economy. Now today both disneyland and texas hitting the pause button. Investors learned to live with pullbacks, corrections, even market crashes but how do you invest and make money when the overall economy is simply not 100 strength . I want to