The Briefing Room

General Category => Economy/Business => Topic started by: mystery-ak on July 30, 2020, 02:23:54 pm

Title: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: mystery-ak on July 30, 2020, 02:23:54 pm
Stocks plummet on worst GDP data on record, increase in unemployment
By Niv Elis - 07/30/20 09:45 AM EDT

Stock markets opened to significant losses Thursday morning on news that the U.S. experienced the worst quarterly economic contraction on record earlier this year and an uptick in weekly jobless claims.

The Dow Jones Industrial Average fell 300 points, or 1.1 percent, and the S&P 500 dropped 31 points, or 1 percent.

U.S. gross domestic product contracted by an unprecedented 32.9 percent in the second quarter as the country locked down due to the COVID-19 pandemic. Initial unemployment claims, at 1.4 million, rose for the second week in a row as new outbreaks across the country led some states to reimpose closures.

The market dips occurred despite the fact that economists had largely expected the poor data.

more
https://thehill.com/policy/finance/509747-stocks-plummet-on-worst-gdp-data-on-record-increase-in-unemployment
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: mystery-ak on July 30, 2020, 02:26:02 pm
Back-to-back increases in jobless claims as 1.43M filed for benefits last week
https://www.washingtonexaminer.com/news/back-to-back-increases-in-jobless-claims-as-1-43m-filed-for-benefits-last-week (https://www.washingtonexaminer.com/news/back-to-back-increases-in-jobless-claims-as-1-43m-filed-for-benefits-last-week)
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: Idiot on July 30, 2020, 04:05:23 pm
Stocks plummet on worst GDP data on record, increase in unemployment
By Niv Elis - 07/30/20 09:45 AM EDT

Stock markets opened to significant losses Thursday morning on news that the U.S. experienced the worst quarterly economic contraction on record earlier this year and an uptick in weekly jobless claims.

The Dow Jones Industrial Average fell 300 points, or 1.1 percent, and the S&P 500 dropped 31 points, or 1 percent.

U.S. gross domestic product contracted by an unprecedented 32.9 percent in the second quarter as the country locked down due to the COVID-19 pandemic. Initial unemployment claims, at 1.4 million, rose for the second week in a row as new outbreaks across the country led some states to reimpose closures.

The market dips occurred despite the fact that economists had largely expected the poor data.

more
https://thehill.com/policy/finance/509747-stocks-plummet-on-worst-gdp-data-on-record-increase-in-unemployment
Sell on the news.....  typical....
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: Weird Tolkienish Figure on July 30, 2020, 04:11:17 pm
... And Trump makes it all worse by Tweeting again...

Sigh.
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: rustynail on July 30, 2020, 04:11:39 pm
Will they call the homeless encampments Trump Towns now?
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: catfish1957 on July 30, 2020, 04:25:23 pm
Sell on the news.....  typical....

Exact reason this is not a country filled with Billionaire Day Traders.
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: Weird Tolkienish Figure on July 30, 2020, 04:30:32 pm
Today is an utter disaster for Trump, not only this, his idiotic tweet(s), but Herman Cain died from Coronavirus from probably a Trump rally.
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: kevindavis007 on July 30, 2020, 04:39:28 pm
Not good news for Trump. Even though the shutdowns caused the damage.
Title: Re: Stocks plummet on worst GDP data on record, increase in unemployment
Post by: catfish1957 on July 30, 2020, 05:05:52 pm
Folks, we also got to remember that this is the quarterly number which fully encapsulates the entire impact of what has become a once in a life time event.  Before succumbing to the media hysteric doom and gloom, here is a tidbit from Bloomberg which kind of tempers what is pretty much an on target expectation. 

====================================================================================
Here were the main metrics from the Bureau of Economic Analysis’ (BEA) advance Q2 GDP report, compared to consensus estimates compiled by Bloomberg:

Q2 GDP annualized, quarter over quarter: -32.9% vs. -34.5% expected vs. -5.0% in Q1
Q2 Personal consumption: -34.6% vs. -34.5% expected vs. -6.8% in Q1
Core Personal consumption expenditures, quarter over quarter: -1.1% vs. -0.9% expected vs. 1.7% in Q1
=====================================================================================

News was bad as expected, but story and results could  have been a lot worse.