This evening when the futures opened up after the weekend the markets continued to look dire with the Dow Futures hitting a limit down for the third Sunday in a row.
This coming on a weekend where the coronavirus statistics continued to balloon as tests become more available. With Italy approaching 60,000 reported cases, the US surpassing 30,000 reported cases, and China continuing to show little spread of the virus over the last few days.
Some of the big headlines from over the weekend include:
- The Fed’s Bullard sees a 30% unemployment rate with a 50% decline in GDP in Q2.
- Mnuchin discussing a likely $4 trillion dollar injection for small business loans, expanded unemployment insurance, and $3k direct deposits being sent to families across America.
- Goldman Sachs estimates a 24% decline in Q2 GDP.
- Trump sends North Korea a letter offering to help with the virus.
- Harvey Weinstein, Rand Paul, both contracted with the virus.
- 86 Million Americans are on lockdown as of yesterday.
As of 4:38PM, House Speaker Nancy Pelosi says the House is finalizing its version of the next round of fiscal stimulus, as Republican and Democratic senators try to resolve their own disputes over the Senate bill.
The markets will have keen eyes on the result of the US stimulus package as investors anxiously decide where to park their capital.
Information for this briefing was found via the provided links within the article. Not a recommendation to buy or sell any securities. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
Hyperinflation: Remember, GDP = Money Supply x Velocity
When trying to wrap my head around economics, I like to simplify basic principles down...