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New claims actually rose. And 17 Million People are still drawing Unemployment Benefits. I believe thats a negative for the overall market. Get to that in a second. Look at this. Amazon, apple, google, facebook, the day after the top executives took a pounding from the politicians, these stocks went up during those hearings. They are down in preMarket Action this morning. Hold on. All four of these giants will report their earnings later this afternoon. This is big techs big day. My opinion, these Companies Need blowout numbers to sustain their very lofty stock prices. Watch it unfold at 4 00 this afternoon on this network. Overall, i got a lot of red ink to show you. The dow is looking for a loss of over 300 points, down maybe 40 for the s p and off 131 on th ....
Look, any way you take it, employment in april was a disaster. We are looking at an Unemployment Rate that is likely approaching 20 . We get those numbers, the unemployment numbers for the whole country, next friday. However, got to tell you the backtowork movement is really gathering steam. States across the nation are modifying their stayathome rules. Businesses are reopening. Oklahoma reopens some businesses tomorrow. California will allow some elective surgery. This, however, is receiving mixed messages. President trump says georgia is reopening too soon. He says he strongly disagrees with georgias decision. However, he will still leave it up to the states. Heres a positive. The Field Hospital built specially for virus patients in houston, texas, may be dismantled, not needed, underused. Lets get to the markets. First im dealing with oil. Look at this. Moving back up a ....
Quote, dont go to crowded places. Look, thats going to slow the economy. We dont know by how much. Remember, friday, larry kudlow was on the show, told us that targeted stimulus is being considered. The fed is being urged to take steps, too. Were watching for any announcement. Heres the other big problem. The price of oil is tumbling. The saudis have launched a price war, promising to flood the world with a glut because russia wouldnt agree to production cuts. American drillers will take a huge hit. They cant make a profit at 30 bucks a barrel. 31. 89 right now. Look at this. Money pouring into treasury securities, pushing the yield way down to yet more record lows. Takes your breath away. We were down to 0. 31 at one stage. Now we are 0. 41 . Extraordinary. It has to be said, the United States is in a better position to weather this storm. That jobs report was a blockbuster. Look at italy. Its locking down a quarter of its populat ....