Dow was off 11, decliners over advancers 4-3 & NAZ dropped a big 92. The MLP index was fractionally lower to the 117s & the REIT index fell 4 to the 361s. Junk bond funds were mixed & Treasuries rose in price. Oil went up aiming for 41 & gold sold off 17 to 1952.
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 40.59 | | +0.43 | +1.1% |
| GC=F | Gold | 1,949.30 | -21.20 | -1.1% |
The number of Americans applying for state unemployment benefits inched down last week as the nation's labor market continued its gradual recovery from the coronavirus pandemic & subsequent economic shutdown. The latest jobless claims figures from the Labor Dept show that 860K workers sought aid last week, pushing the total number since the shutdown began to nearly 61M. The forecast called for 850K new claims & last week's figure was revised upward by 9K to 884K. Continuing claims, the number of people receiving benefits after an initial week of aid, fell by 916K to 12.6M, below the 13M expected. Roughly 1M unemployed Americans have been seeking aid each week for the past 6 months, when the COVID-19 crisis triggered an unprecedented shutdown of the nation's economy, pointing to a sluggish turnaround. It's down from the peak of more than 6M claims in late Mar, but remains well above the 200K reported in Feb. Before the pandemic, the record high was 695K in 1982. Several large employers have also recently warned of job cuts. The report comes as a $300-a-week federal unemployment boost that Pres Trump issued at the beginning of Aug is beginning to expire in some states. Economists have urged Congress to overcome a month-long stalemate & pass another round of emergency relief for workers & businesses reeling from the pandemic & have warned that without additional stimulus, the recovery could stall out.
Another 860,000 Americans filed for unemployment aid last week
Moderna (MRNA) should have enough data from its late-stage trial to know whether its
coronavirus vaccine works in Nov, CEO Stephane Bancel said. The company could have enough data by Oct, but that's unlikely. “If
the infection rate in the country were to slow down in the next weeks,
it could potentially be pushed out in a worst-case scenario in
December,” he added. MRNA is one of 3 drugmakers backed by the US in late-stage testing for a potential vaccine. The stock was off 44¢.
If you would like to learn more about MRNA, click on this link:
club.ino.com/trend/analysis/stock/MRNA?a_aid=CD3289&a_bid=6ae5b6f7
Moderna expects to know if its coronavirus vaccine works by November, CEO says
The Philadelphia Fed said its gauge of business activity in its region dipped in Sep. The regional Fed bank’s index fell to 15 from 17.2 in Aug. Any reading above zero indicates improving conditions. This is the 4th straight positive reading. The forecast called for a 13 reading. The headline index is based on a single stand alone question about business conditions unlike the national ISM manufacturing index which is a composite based on underlying data. The components of the Philly Fed index were stronger than the headline. The barometer on new orders rose to 25.5 in Sep from 19 in the prior month & the shipments index surged to 36.6 in Sep from 9.4. Inventories moved deeper into negative territory. The measure of the 6-month business outlook rose 18 points to 56.6. Economists see manufacturing continuing to expand but are divided about what the pace of growth will be going forward. Some see the sector losing momentum, while others see strong activity becoming entrenched. Last week, a similar survey conducted by the NY Fed showed manufacturing jumped with sentiment rising to 17 in Sep from 3.7 in Aug. The regional data is useful for economists trying to gauge the health of the factory sector. Last month, the manufacturing ISM index rose to 56, nearly a 2-year high, from 54.2 in the prior month.
Philly Fed manufacturing index grows at slightly slower pace in September
The Dow began trading down more than 300 after the jobless claims data was reported. However buyers returned, bringing the Dow to roughly breakeven. Jobless claims data should continue to be dreary for weeks & maybe months as economic recovery for the economy is slowing. Meanwhile tech stocks which had an extraordinary run this year, are experiencing profit taking. Tech heavy NAZ is down 850 this month.Dow Jones Industrials
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