20. 5 in a data set thats never been more than 2 million in a single month, numbers we never expected to talk about no. The numbers are just completely and totally shocking not unexpected however given the carnage thats taken place in the economy over the last month as we locked everything down those lockdowns ending around the country. Things starting to at least normalize in some states the question will be of the 18 million workers who describe themselves as a temporary layoff of that 20 million, how many really will get their jobs back is a key given the markets reaction today, there seems to be an expectation that most of them will that will remain a question over the next many months as we hope that the economy does start to return to some semblance of normalcy mike, lots of internals to dig through here average Hourly Earnings show a chasm between lowerpaid employees in the country and those with higher wages who, judging from the data, lost their jobs at a slower pace. Yeah, no
Will accept junk, recent fallen angels as collateral. Time now for todays market moving news from brussels in new york. We want to begin in europe, where the pandemic drove the economy to a record slump in april. Pmi Area Services completely decimated, falling to 11. 7. Manufacturing also dropped to 33. 6. Bloombergs maria tadeo joins me from brussels. Maria what you are seeing is that the Coronavirus Crisis is going to do a lot of damage to the european economy. [indiscernible] brussels tell us they do anticipate a contraction for the entire euro area. This is potentially huge. Youre seeing again the European Central bank stepping in to try to shield some of those markets, in particular in countries like. Taly ,he other side of the equation what exactly are european leaders going to do to help the ecb, to put more money on the table and also protect their own economies . There has been a lot of backandforth. Perhaps a 2 trillion euro package. But all of this is still very much in the
High where we were about a month ago but the Dow Jones Industrial average having it best weekly gain on a percentage basis going back to 1938. That is get back into our conversation. Tte is still with us. Chief investment strategist. Scarlet fu is with us and Joe Weisenthal as well. Joe, you want to pick this up . Joe i am struck by a rough selloff once again going into the closing, going into an uncertain weekend. We can be certain we will see a lot of headlines of rising case counts in more cities across the u. S. And europe. They are not slowing down the way we would like to see yet. The other headline is this has been the best week for the dow since 1938. I dont remember the last time, if ever, we have had so many superlatives in a week going back to the 1930s. Brent, back to you. Let us get more into the headline vacuum we will get into. We will not get instant policy soonion from d. C. Anytime that we will get more stories about rising case counts, rising deaths. Headlines that a
You have had two triple digit down days. I am curious to see if we are going to see twitter trump or teleprompter trump. David all of the reporting down here is going to be teleprompter. By words are being written Stephan Miller who tend to be a little bit of a hothead. Inx heres what we stack up the markets. The s p coming off its worst selloff since august and continuing today s p futures down by another 12 points. It is now a story of broader dollar weakness. Strong gdp out of europe. Yields taking a break pretty much unchanged. There was some buying in the market. Hit downtinuing to get 5. 8 . I want to highlight some movers as well. A lot of action happening in the market. Metlife hasnt set aside enough money to pay annuity holders. Stock continuing to get hit premarket. There is going to be a buyout for this company. That is no longer true. That stock getting hammered. That stock now unchanged. Take. Time for first those equityry is markets fairly shaken by the selloff in bonds.
Stocks rose on friday. But were down for the week as the Government Shutdown moves into a new week. Gold fell 8 and oil edged up 29 cents. Walmart is slashing the price on the new iphone 5c to just 45 dollars with a 2 year contract. The smartphone normally sells for 99. And, tesla races back. The stock rallied 4. 4 friday after the ceo said the fire in the s model electric car that started with a strong impact to battery did not entire the passenger compartment chris gersch joins us now. Hes with altimus capital. Happy monday morning to you chris. Happy monday angie. Well we still have a case of shutdown fever. How will it affect the market today . I think were gonna see a lot of what happened on friday continue today. And this morning as the futures indicate there is a large up position. Those traders on the s p held that 1680 level throughout the day despite boehners comments on friday. So in regards to trading on monday, i think were gonna shrug it off until the 18th. Traders are go