Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Day Ahead: Top 3 Things to Watch for April 2

Stock MarketsApr 01, 2020 05:54PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Kim Khan 

Investing.com - Without expectation for a positive economic event, like the stimulus package, Wall Street is finding itself reacting to increasing Covid-19 infection and death figures, and finding little support agains thte selling.

Florida, the third-most populated state in the country, finally issued a stay-at-home order as U.S. infections topped 200,000.

The numbers won’t be encouraging when it comes to economic data tomorrow. But a report from Walgreens might help with transparency on testing.

Here are three things that could move the markets tomorrow.

1. Jobless Claims in the Millions Again

Initial jobless claims gave the market the first grim picture of a coronavirus-hit economy last week and the numbers are expected to be even grimmer tomorrow.

The Labor Department will release the weekly figures at 8:30 AM ET (12:30 GMT).

Economists expect claims for first-time unemployment benefits to have jumped by 3.5 million last week. Continuing claims are seen coming in at about 4.8 million.

But the numbers could certainly be worse, with the New York State Labor Department, between March 23 and March 28, receiving more than 8.2 million calls compared with just 50,000 in a typical week, Investing.com’s Kathy Lien said.

If there can be a positive way to look at the numbers, it may be that a large number of claims means that displaced workers are availing themselves of the backstop support provided in the stimulus bill. That would keep much-needed disposable income in the economy.

2. Layoffs Numbers Also Arriving

Also on the jobs front, outplacement firm Challenger, Gray and Christmas will issue its report on March layoffs at 7:30 AM ET (11:30 GMT).

It’s not clear how much of the March shutdowns the survey will have captured, but on Monday Challenger reported on an online survey of more than 250 companies.

Almost 50% of the companies said they were at least somewhat likely to lay off staff due to Covid-19 and more than a third have instituted a hiring freeze, Challenger said, according to CNBC.

The survey was conducted from March 20-26, a time when coronavirus cases in the U.S. were around 18,000, compared with 200,000 passed today.

3. Walgreens Could Give Testing Update

Dow component Walgreens Boots Alliance (NASDAQ:WBA) reports earnings before the bell tomorrow and numbers won’t mean as much as its assessment of the economy from the perspective of an essential retailer.

Investors will also be looking for an update on testing for Covid-19, with many complaining the U.S. is still not testing nearly enough, especially when compared to nations like South Korea.

On March 13, Walgreens was named by the White House as one of the companies dedicating space in parking lots to facilitate testing, but that hasn’t started yet.

Analysts are expecting the drugstore chain earned a quarterly profit of $1.46 per share on sales of about $35.3 billion, according to forecasts compiled by Investing.com.

Day Ahead: Top 3 Things to Watch for April 2
 

Related Articles

Wall Street closes rollercoaster week sharply lower
Wall Street closes rollercoaster week sharply lower By Reuters - Sep 17, 2021 13

By Stephen Culp NEW YORK (Reuters) - U.S. stocks ended sharply lower in a broad sell-off on Friday, ending a week buffeted by strong economic data, corporate tax hike worries, the...

U.S. NTSB to probe fatal Tesla crash in Florida
U.S. NTSB to probe fatal Tesla crash in Florida By Reuters - Sep 17, 2021

WASHINGTON (Reuters) - The U.S. National Transportation Safety Board (NTSB) will send a team to investigate a fatal Sept. 13 Tesla (NASDAQ:TSLA) crash in Coral Gables, Florida,...

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 (4)
john richards
john richards Apr 01, 2020 10:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wall St must not have considered the unemployment numbers, credit crisis or much of what is taking place? and you can keep doctor too,
Zackary Simkins
Zackary Simkins Apr 01, 2020 10:31PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Market going up with this nonsense
jemin An
jemin An Apr 01, 2020 8:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yesterday ADP released *******number. only 27k are unemployed. anyone meet the sense?
bao tran
bao tran Apr 01, 2020 8:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
that number does not mean unemployment. It is the change in employment from private companies. Big difference.
Chris Martin
Chris Martin Apr 01, 2020 8:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you again... facts change, right? Updates ?
Tamás Mecseki
Tamás Mecseki Apr 01, 2020 8:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
ADP provides data ending 12th of March so it had no clue about last week's initial jobless claims
David Walkush
David Walkush Apr 01, 2020 6:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This ********
Richard Smith
Richard Smith Apr 01, 2020 6:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thats 1 scenario. The other is social distancing is taken seriously and a drug for addressing those with COVID is aporoved and becomes available in quantities that address more serious cases followed by a vacine in 2021. However will be a serious situation still for a few months.
Chris Martin
Chris Martin Apr 01, 2020 6:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How you doin' Rich?
 
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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email