New unemployment claims hover at 1.5 million, exceeding economic forecasts.

New York governor vows to fine visitors, let’s call them “spreadcationers,” who could carry virus from hard-hit states.

Seven states record highs in coronavirus hospitalizations; daily death toll rises.

CURRENT MARKET DRIVERS

Stocks were mostly stable while weighing data on factory orders and unemployment claims.

Biden’s lead in the polls, and his potential choice for Treasury secretary, concern Wall Street.

THINGS TO LOOK FOR

After yesterday’s sell-off, the markets quieted down today. Unemployment claims did not decline as much as expected, but we’re not
at the ridiculous levels of March and April. Unemployment claims exceeded 1 million for the 14th consecutive week, making the streak
a story until it is no longer a story. The problem with reacting to just the initial claims and making statements like “jobless claims top
1 million for 14th straight week” is that we don’t have a weekly job creation figure on which to base a comparison.

We could have had 2 million people return to work last week, but we won’t know it until next week when we get the monthly stats
for June from the U.S. Bureau of Labor Statistics. That data could be pretty good. As before, the market could once again drift upward
and finally run upward after the data is released. But look out. The doom and gloom crowd could again start stirring the pot and we’ll
be back to where we were. Volatility will decline and then jump up and the cycle will repeat. If you can find it in yourself to turn off
the news or stop reading the paper, even for just the next few weeks, you could find yourself better off.

ECONOMIC VITAL SIGNS

Volatility dropped today in calm market conditions; yield mostly unchanged.
Volatility Index: 32.22
10-year Treasury: 0.68

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