Treasury Secretary Steven Mnuchin says he suspects Democrats don’t want to give President Trump a stimulus win right before the election.
Stocks tumbled on Thursday after U.S. jobless claims ticked higher to 898,000, more than expected and the highest since August.
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Stocks Fall, Jobless Claims Rise
Economists were expecting 830,000 people to file initial unemployment claims. Continuing claims topped 10 million, as the economy continues to reel from the coronavirus pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 28293.47 | -220.53 | -0.77% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11610.645992 | -158.08 | -1.34% |
| SP500 | S&P 500 | 3456.2 | -32.47 | -0.93% |
The Dow Jones Industrial Average fell over 300 points or 1%, while the NASDAQ Composite and S&P 500 both fell over 1%. Thursday is on pace to be the third straight down day for stocks.
The surprise jump in jobless claims comes as parts of Europe started another round of lockdowns to contain the coronavirus pandemic and U.S. lawmakers expressed doubt that another round of fiscal stimulus would happen.
EUROPEAN COVID-19 LOCKDOWNS RETURN
France said it would impose a new curfew in Paris to curb the rise of COVID-19 cases in the country, while the U.K. imposed a three-tiered lockdown system put forth by Prime Minister Boris Johnson. Liverpool is the first city to be placed under the tightest restrictions, while speculation swirls that London may be next.
STOCKS TUMBLE FOR SECOND DAY AS STIMULUS HOPES FADE
Treasury Secretary Steven Mnuchin, told FOX Business Wednesday, there are funds to begin stimulus efforts but blamed the Democrats for dragging their feet. "They are holding up relief for hard-working Americans," he said.
A spokesman for Speaker of the House Nancy Pelosi continues to provide updates on the ongoing talks.
SOCIAL MEDIA IN SPOTLIGHT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 44.90 | -1.07 | -2.33% |
| FB | FACEBOOK INC. | 265.82 | -6.00 | -2.21% |
Social media companies Twitter Inc. and Facebook, Inc. were in the spotlight for a second day after both companies limited the exposure of a New York Post story on Democratic presidential candidate Joe Biden's son, Hunter.
Republican lawmakers, including Rep. Ken Buck, asked for an investigation into the practice by the Justice Department.
EARNINGS ROLL IN
Earnings season continues, with investors getting looks into a wide swath of the U.S. economy.
WALGREENS RETURNS TO PROFITABILITY
Walgreens rose after returning to profitability.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WBA | WALGREENS BOOTS ALLIANCE INC. | 36.81 | +0.91 | +2.52% |
Financials were also in focus as with Morgan Stanley and Charles Schwab reporting results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MS | MORGAN STANLEY | 50.74 | +0.08 | +0.16% |
| SCHW | CHARLES SCHWAB | 38.08 | +0.97 | +2.61% |
Taiwan Semiconductor Mfg. Co., the largest semiconductor manufacturer by market cap, said its third-quarter net profit rose 36%. Shares were off in early Thursday trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSM | TAIWAN SEMICONT MAN. | 88.98 | +0.39 | +0.43% |
After the market closes, Intuitive Surgical, Inc. will release its quarterly results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ISRG | INTUITIVE SURGICAL INC. | 746.20 | -4.88 | -0.65% |
ECONOMIC NEWS BARRAGE
In addition to jobless claims, import prices rose 0.3% in line with expectations, while exports were slightly higher up 0.6%.
New York manufacturing data came in weaker than expected at a reading of 10.5, missing the 15 estimate. While the Philadelphia Fed Index exceeded estimates rising to a level of 32.3.
Later, traders will see the weekly release of natural gas and crude oil inventory data for the week ending Oct. 10. Crude oil data was pushed back from Wednesday because of the Columbus Day holiday.
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West Texas Intermediate crude oil fell 2.5% to $40.02 a barrel, while gold dipped below the $1,900 an ounce level, declining 0.5%.
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October 15, 2020 at 08:41PM
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Stocks tumble as jobless claims jump with stimulus on ice - Fox Business
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