It is official. The pandemic has triggered the steepest Economic Contraction in history, but markets in this final hour dont look nearly as bad as they did when the number for gdp q2 came out earlier. Right now, the dow is down 193 points but the low had been a loss of more than 500 points. Yes, we saw that the covid had created a stunning collapse in growth but nowhere at the moment where we see the nasdaq up 56, thats where we see some real strength. But the reaction is most prevalent in safe haven government treasuries. To the tenyear yield which moves, by the way, inversely to the bonds price, diving into a hole. We are at. 55 for the tenyear yield, as worried investors decide it is risk off. All right. So President Trump is making comments right now at the headquarters of the American Red Cross in washington, d. C. Lets listen in for a moment. These therapies transfuse powerful antibodies from the blood of recovered patients to help treat those battling the current infection that
Resee recovery in retail sales dow down 271 session lows 59 minutes left of trade the nasdaq has been the underperformer is actually off its lows were kind of moving around, as we speak, in the final hour. All the major indexes are lows ahead on todays show, well speak to mike sievert. Well get an upgraciointergrac sprint and the president of the university of arizona will outline his plan for the fall semester as cases and hospitalizations rise in that state. Well focus on the big stories were watching at this hour Steve Liesman with details on todays jobless claims will is digging into Big Bank Earnings and meg has details on johnson and johnsons results. But, steve, start us off with the jobs picture. You know, were getting two different stories from the jobless claims one of improvement and one where the improvement has kind of flat lined. Well take a look at the numbers. Claiming coming in at 1. 3 million. Above expectations dow just 10,000 on the weekly jobless claims thats kind
And by contribution to this pbs statom viewers li you. Thank you. Rick we are covering all of the latest coronavirus developments in britain and globally. World leaders pledge 8 billion to help develop a coronavirus vaccine. President of the Eu Commission calls the start of global cooperation. May 4, 2020, will a mark turning point in our fight against the coronaviru millions will be asked to track their movements as part of new Contact Tracing app. The government wa rs tol it out later this month. Italians have gone back to work since the country imposed a locked down months ago. The economic and social impact is yet to be measured. Scientists have discoverea micro that prostatic that protec mosquitoes from being fected with malaria. Uropean commission has launched a Global Campaign to find a cure for the coronavirus. Research must be supported by Global Corporations if the efforts are to succeed. The eu secured a billion dollars in pledges, contributed by World Leaders to accelerate
For goldman. There is the idea that goldman got out of the uber stake when the period expired. Target, it is down 7 . A big dragon the s p 500. The holiday sales were not as good as anticipated. Guy absolutely. Missing the target. In europe, we are off on lows and negative territories when it comes to stocks. The cables rate is positive despite stunningly weak inflation data and more evidence in the bank of england we are likely to see an imminent rate cut. The ruble story is getting more interesting. We have seen the resignation of the goldmans today. It looks like we will see a referendum in russia that could save the presidency of president boudin beyond 2024 president 2020 four. D that has political implications, but i think it is still being assessed. In half an hour we are going to see the United States and China Signing the phase one trade deal. It will leave significant tariffs in place, but for the first time will punish beijing if it fails to deliver on key pledges. Spoke abo
Biggest loser. You just heard from courtney, after missing on earnings and slashing that forecast joining us for the full first hour, wealth management. Josh, as we just mentioned, fedex down a full 10 on earnings whats your take on that its important to point out that this trend in fedex stock actually began in january 2018 its been falling almost two years straight with very little respite on the way down. At this point, i think the answer, what you do with fedex, differs if youre a trader or an investor if youre a trader, youre not buying the stock i dont think theres any Material Support looking back at a tenyear chart until about 119, 120 that was prior resistance. It broke out it has retested that level before successfully. Thats where i would look at a tradeable bottom were not quite there yet. If youre an investor, you have to look at this moment to say this is maybe conceivably the most confluence of events. Having trouble integrating the tnt acquisition, thats a headwind ther