The S&P 500 (INDEXSP: .INX) is down this morning because of Friday’s job data and gloomy economic outlook. The White House has begun negotiating with Congress on additional stimulus legislation and House Democrats said they could vote this week to introduce further stimulus measures that would include direct payments to individuals.
The Food and Drug Administration (FDA) has awarded Quidel Corp (NASDAQ: QDEL) a $1.5 million grant for a new drug development program to enable faster screening. QDEL stock is currently up 16% in the pre-market and continues to reach new highs.
New York had recorded fewer coronavirus deaths since late March, when Governor Andrew Cuomo said the economy would reopen by May 15. The head of the US Department of Health and Human Services believes the US economy does not need to close twice.
The employment data for April were terrible and could mark the low point of the cycle, but he believes the country has learned enough to avoid another economic shutdown. The US economy is slowly but surely reopening, and a sustained reopening, combined with recent stimulus measures, could bode well for future growth prospects.
He expressed optimism in an interview, saying that May and June had reopened, hoping to return to old strength later in the summer.
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Kudlow said there was a contingency plan in place in case of a second outbreak. He reported the Coronavirus Taskforce had been informed of the lessons that countries had learned since the outbreak began, and he said the US had informed its allies of the lessons that the country had learned.
However, looking at the monthly employment data for April, I think the economy is moving in a very different direction. The figures, released on Friday by the Bureau of Labor Statistics, were also the first time since the outbreak began in late March that we have seen employment figures for April, and the number of jobs lost is frightening and shows how much the ongoing pandemic is undermining US economic growth.
Overall, virtually every industry lost jobs, but the driver was again job losses in the leisure and hospitality sectors, which fell by 7,310,000. Education and health care lost 2,499,000 jobs in April, while retail lost another 2,000,500, according to the Bureau of Labor.
Stock Earnings Report Today
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INFI during the day.
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ECB’s Mersch Speaks (6:45 a.m.)