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
1223463-4 Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC. The advisory firm providing
you this report is an independent financial services firm and is not an affiliate company of AE Wealth Management, LLC. Investing involves risk, including
the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. The personal opinions
expressed by Tom are his alone and may not be of those of AEWM or the firm providing this report to you. The information and opinions contained
herein, provided by third parties, have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by
AE Wealth Management. This information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice
designed to meet the particular needs of an individual’s situation. None of the information contained herein shall constitute an offer to sell or solicit any
offer to buy a security or insurance product.