National Economic Council Director Larry Kudlow provides insight into the U.S. economy and negotiations for the next round coronavirus stimulus.
U.S. equity markets slid Thursday after a spike in temporary jobless claims snapped a 15-week streak of declines while investors awaited a GOP proposal for coronavirus relief and digested a slew of earnings reports.
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The Dow Jones Industrial Average fell 59 points, or 0.23 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite dropped 0.14 percent and 0.22 percent, respectively.
Initial jobless claims for the week ended July 18 rose by 1.416 million, raising the total number of first-time filings to more than 52 million since COVID-19 stay-at-home orders were issued in mid-March. Continuing claims, meanwhile, fell by 1.1 million to 16.197 million.
In Washington, Republican lawmakers prepared to unveil a $1 trillion proposal for coronavirus relief after negotiations with the White House, which dropped a proposal for a payroll tax cut.
Looking at stocks, Tesla Inc. booked its fourth straight quarterly profit, paving the way for the electric-car maker’s possible entry into the S&P 500. The quarterly results were aided by the company paying half its $700,000-a-month New York rent and deferred payment for other showrooms, sources told FOX Business’ Maria Bartiromo.
Microsoft Corp. shares slid as revenue growth from its Azure cloud platform slowed to 47 percent from 59 percent and its revenue forecast fell short of Wall Street estimates. The company’s top- and bottom-line results both outpaced estimates.
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Twitter Inc. missed on the top and bottom lines, but reported monetizable daily users grew 34 percent year-over-year, the most on record.
American Airlines Group Inc. reported a quarterly loss of $2.1 billion and Southwest Airlines Co. said it lost $915 million. Elsewhere in the space, United Airlines Holdings Inc. sees revenue holding at 50 percent below pre-pandemic levels until there is a COVID-19 vaccine.
Gaming giant Las Vegas Sands Corp. said revenue cratered 97 percent as locations in Las Vegas and Macao were forced to close their doors for the majority of the quarter to help slow the spread of COVID-19.
Chipotle Mexican Grill Inc. reported better-than-expected earnings and revenue and said digital sales soared 216 percent from a year ago, but also reported same-store sales fell 9.8 percent year-over-year.
Looking at precious metals, gold rallied $11.70 to $1,876.80 an ounce while silver shed 22.9 cents to $22.915 an ounce. Elsewhere in the commodities complex, West Texas Intermediate crude oil slipped 15 cents to $41.75 a barrel.
U.S. Treasurys were little changed, with the yield on the 10-year note holding at 0.595 percent.
In Europe, Britain’s FTSE was trading higher by 0.63 percent, Germany’s DAX added 0.55 percent and France’s CAC gained 0.47 percent.
Asian markets finished mixed as Hong Kong’s Hang Seng added 0.82 percent while Japan’s Nikkei slid 0.58 percent and China’s Shanghai Composite lost 0.24 percent.
