Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Top 5 Things to Know in the Market on Thursday, May 21st

Economy May 21, 2020 06:15AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
F
+0.15%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
QQQ
-0.76%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AZN
+0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BBY
+2.52%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
+1.21%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ESZ2
+0.13%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse  

Investing.com -- President Trump has continued his verbal onslaught against the Chinese regime, and President Xi in particular, inflating concerns about a potential trade war and hitting stocks as a result. Oil is on a record run, while the Covid-19 virus hits five million victims. And this is all before the latest release of the weekly jobless claims data. Here's what you need to know in financial markets on Thursday, May 21st.

1. Trump doubles down on China criticism

U.S. President Donald Trump showed no signs of easing back on his criticism of China, launching another stinging attack on its handling of the pandemic overnight, blaming Beijing for "mass worldwide killing."

In a series of tweets, he accused China of spreading “pain and carnage” around the world, and appeared to single out President Xi Jinping personally in saying that “it all comes from the top.”

While these attacks could be seen as being politically motivated, in offering up a scapegoat for the American electorate to blame for their economic hardship ahead of November’s presidential election, they are also fuelling concerns that the trade deal agreed last year between the two sides could crumble.

2. Virus tops five million

The number of people infected worldwide has now reached five million, according to data collated by Johns Hopkins University.

The grim milestone has been reached less than two weeks after the world hit the four million mark.

The number of deaths caused by the virus currently stands at over 328,000.

While a number of European countries and U.S. states are starting to scale back their social distancing measures, the pandemic has picked up speed in other parts of the world. 

The World Health Organization warned that the coronavirus pandemic is a long way from being over,  stating Wednesday the number of newly reported coronavirus cases worldwide hit a daily record this week with more than 100,000 new cases over the last 24 hours.

3. Stocks set to sell off

U.S. stock markets are set to open lower, amid concerns that the escalating Sino-U.S. tensions could lead to further trade disruptions.

By 6:30 AM ET (1030 GMT), the Dow Jones 30 futures contract was down 154 points or 0.6%, while the S&P 500 futures contract was down 0.6% and the Nasdaq 100 futures contract was down 0.6%.

In focus later will be Ford (NYSE:F), after the car manufacturer had to shut down two separate factories because employees tested positive for Covid-19. Both plants - one in Chicago and the other in Dearborn, Michigan - restarted only on Monday after suspending production for about two months because of health concerns.

AstraZeneca (LON:AZN) will be watched after it said it had concluded the first agreements for at least 400 million doses of the University of Oxford's Covid-19 vaccine and has secured total manufacturing capacity for one billion doses so far and will begin first deliveries in September 2020.

Best Buy (NYSE:BBY) is set to continue the retail sector reporting season, offering up its quarterly earnings before the open.

4. Jobless claims on the data slate

Investors will focus on the weekly jobless claims figure, at 8:30 AM ET (12:30 GMT), with economists looking for a dip from last week, but a slight one as companies are still forced to shed jobs.

Claims for first-time unemployment benefits are expected to come in at 2.4 million, compared with nearly 3 million the week before, according to forecasts compiled by Investing.com. Continuing claims are expected to have risen to nearly 24.8 million.

The economic data released earlier Thursday was downbeat. 

In Asia, Japan’s trade data showed exports in April plunging 21.9% as compared with a year earlier, while a trade report from South Korea, a bellwether for global commerce, showed exports may be set to drop more than 20% in May for a second month.

The news from Europe was slightly more positive, showing economies crawling off the floor. The composite PMIs from both Germany and France rose in May from record lows the month before, but both measures remained in contraction territory.

5. Oil on record positive run 

Oil prices have continued to push higher, heading for a sixth consecutive day of gains - the longest positive run in 15 months - after the U.S. government’s official data confirmed a drop in crude stockpiles.

EIA data showed Wednesday a draw of 4.98 million barrels last week, the most since December. This was very similar to the American Petroleum Institute estimate that crude stocks fell by 4.8 million barrels last week – the first decline since March and the biggest one since January.

Crude has risen more than 80% this month as production cuts have kicked in and demand has started to return. 

 

Top 5 Things to Know in the Market on Thursday, May 21st
 

Related Articles

Marketmind: How to be hawkish by J.Powell
Marketmind: How to be hawkish by J.Powell By Reuters - Nov 29, 2022

By Wayne Cole SYDNEY (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. So Tuesday's bout of post-pandemic euphoria in Chinese markets has cooled...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (28)
Brent Brotzman
Brent Brotzman May 22, 2020 8:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Avg age of death from covid 19 in china was 80 in italy age 79 in us lokely the same but hippa not allowing data. 0-3 pediatric deaths is vs annual inffuenza deaths in us averages 150 ithat implies the virus less virulent than flu as pedi pop has immature imune systems Are you going to shut down workd economy every flu pandemic now? As an md ive never seen as skewed reporting of disease Press acting like its polio enola and bubonic plague
Dietmar Stahl
Dietmar Stahl May 22, 2020 1:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
When are we getting the new phone ID and Passports. Confirm via Face scan and Fingerprint iD at airports etc.
Bulls MakeMore
Bulls MakeMore May 21, 2020 12:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Do what's been time-tested to work for billions of real people and their families, real lives, not what some may theorize...true for politics, the markets, and religion.
Bulls MakeMore
Bulls MakeMore May 21, 2020 12:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
*I only put religion 3rd on my list bc this board is about markets and politics, but religion has the best long-term track record for families; I'm Catholic so I know that's worked amazingly well for myself and my family, but Christianity in general has a 2000+ year history with mountains of solid evidence of it's authenticity, if no proof strictly speaking...incl. miracles witnessed by thousands of people over those 2000+ years, countless martyrs willing to give their lives in excruciatingly painful ways, etc.
Bla Blabla
Bla Blabla May 21, 2020 11:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Come on guys, sell all your stock, is the time to let DOW in reality
Bulls MakeMore
Bulls MakeMore May 21, 2020 11:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
...so we can buy them up at bargain prices! ;)
Patron Silver
Patron Silver May 21, 2020 10:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Do what you think is right. Doing what feels good, whats convenient, whats easy - that how little kids think. Unfortunately, a lot of so-called grown-ups, including some with fancy titles and important jobs, still think that way- which is why things are so screwed up.
Nick Deromeo
Nick Deromeo May 21, 2020 9:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How to get rich: Whatever you're thinking, do the opposite.
HJ Index
HJ Index May 21, 2020 9:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump will get reelected. USA will have another 25 good years. After that ...
nomekopp coiny
nomekopp coiny May 21, 2020 8:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yeah 2 greatest actors of our time Donald the duck and winnie the pooh
Jason Zou
Jason Zou May 21, 2020 8:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dont divert, the point is Flippy Donald is a huge disaster in handling the pandemic, as the death toll goes through the roof. God bless America.
Dim Og
Dim Og May 21, 2020 8:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
CCP leader handled it well to spread to the world !
Dim Og
Dim Og May 21, 2020 8:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
God Bless China!
Jason Zou
Jason Zou May 21, 2020 8:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dim Og Sure, be fair, a total disaster of such, especially of Flippy Donald still has a right and complete authority to misinform and fool the world to fake his innocence, right? Amen.
Michael King
Michael King May 21, 2020 7:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The world reaction to COVID has gone too far. Compare to the Spanish flu in 1918 which got around %30 world population affected and over 50 million dead, the impact of COVID is pretty much nothing. Its damage is similar to a seasonal flu virus. When American soldiers brought the H1N1 influenza A virus to Europe at the world war I, it actually helped us to win the war.
Show previous replies (1)
Bob Gooch
Bob Gooch May 21, 2020 7:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What you need to realize is they are counting deaths from the flu-influenza-pneumonia-any death from any disease as long as the body has COVID. Go to CDC site and look at the different columns. Is it a coincidence that the normal flu death count is about 40,000 but this year it is as you say 10,000? In 1968, we had the Hong Kong flu. We did not shut down the economy-we had no masks-we had no stimulus-you could go outside your house. *** we were fighting the Vietnam War and even had Woodstock.
Ronald Warren
Ronald Warren May 21, 2020 7:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I don't believe we should be shut down. Just manage the situation properly. Masks aren't a bad idea. I just don't have an appreciation for dismissing the Coronavirus as if it were the common cold.
Alan Kaid
umadbro May 21, 2020 7:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The reason the "damage is similar to a season flu virus" is because of containment measures... you cannot deny that lockdowns and shelter-in-place orders have significantly reduced the number of interactions and therefore the number of covid-19 infected or dead people.
Bret Lafrance
Bret Lafrance May 21, 2020 7:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You and anyone that makes another flu comparison is a fool. The “Spanish Flu” started in Oklahoma and mutated into a deadly strain over time, it took 3 years to get to 50M and both my healthy young farmer great granparents died on the same day after contracting the mutated “flu” while attending a parade for returning WW1 soldiers. Please do us all a favor and shut up about things you know nothing about.
Tre Hsi
Tre Hsi May 21, 2020 7:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ronald Warren  not even Trump is using the lame "this is just like the flu" line anymore
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email