Happy Thursday Everyone! Today is July 23rd and futures contracts tied to the major U.S. stock indexes were slightly higher Thursday morning as investors awaited key economic data and parsed through a slew of corporate earnings. Senate GOP, White House reached a tentative $1 trillion pact to break coronavirus aid logjam and Mnuchin says GOP plan for unemployment extension will be based on 70% wage replacement. U.S. weekly jobless claims total 1.416 million, versus 1.3 million expected and Southwest posted a $915 million loss. Meanwhile, according to a survey, 59% of Americans will not be continuing their gym membership after the coronavirus pandemic gets better.
Futures contracts tied to the major U.S. stock indexes were slightly higher Thursday morning as investors awaited key economic data and parsed through a slew of corporate earnings.
At around 7 a.m. ET, Dow Jones Industrial Average futures rose 99 points, implying an opening gain of 90 points when regular trading resumes on Thursday. S&P 500 and Nasdaq-100 futures were both slightly higher.
Senate Republicans announced Wednesday evening that they have “reached a fundamental agreement” with White House negotiators on how to move forward with a coronavirus relief bill.The legislation remains fluid, and Senate Majority Leader Mitch McConnell, R-Ky., has indicated that he wants to keep the price tag at $1 trillion. Republicans aren’t all on the same page, as some have denounced the cost amid a soaring national debt. But the latest talks show some signs of breaking an intraparty logjam that has kept negotiations at a dead stop for weeks.
The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic continues to batter the U.S. economy. The Labor Department said Thursday initial jobless claims increased by 1.416 million for the week ending July 18. Economists polled by Dow Jones expected initial claims to rise by 1.3 million. That marks the 18th straight week in which initial claims rose by more than 1 million.
The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday.
He spoke to CNBC about the state of negotiations hours after Senate Republicans and the Trump administration said they reached a tentative deal on legislation they say will serve as a starting point in talks with Democrats.
Southwest and its competitors have worked to reduce cash burn.Southwest and other airlines have urged employees to take buyouts, early retirement and other packages to avoid involuntary job cuts.Airlines are prohibited from cutting jobs until Oct. 1 under terms of a $25 billion federal aid package.
Along with many other businesses, gyms across America were forced to close amid the Covid-19 pandemic. Now, as some start to reopen, they may struggle with getting members to come back, according to a new survey. In a survey published Thursday, online broker TD Ameritrade found that 59% of Americans say they don’t plan on renewing their gym memberships once the pandemic is over.