UPDATE:
ISM-NY Business Conditions Index (Mar) printed at 12.9 vs 57.9 estimate.
Factory Orders (MoM) (Feb) printed at 0.0% vs 0.2% estimate.
----------------------------------------------------
Wall Street was bracing for a bad number, and wow, did we get a bad number. Initial unemployment claims hit 6.6 million for the last week. In a silver lining, the trade imbalance continued to shrink.
Equity futures had been up strong overnight but softened on the news, now showing as we write a 1% gain.
Overnight, Trump, Russia and OPEC all showed interest in solving the oil production nightmare which has sent prices to decade lows. Crude is rallying about 10% on the news.
Initial Jobless Claims (Mar 27) printed at 6648k vs 3500k consensus estimate (which was just an educated guess).
Trade Balance (Feb) printed at -$39.9B vs an estimate of -$40B.
Continuing Jobless Claims (Mar 20) printed at 3.029M vs 4.882M.
Initial Jobless Claims 4-week average (Mar 27) printed at 2612k.
Subscribe to our evening newsletter to stay informed during these challenging times!!
