US OPEN: Wall Street attempt to recover after disappointing claims report

• US Jobless Claims hit record high
• US stock markets opened lower on Thursday
• Boeing (BA.US) introduces voluntary lay off plans

 

The US indices opened lower today, extending a 4.4% drop in the previous session after catastrophic Jobless Claims report. The number of US citizens applying for unemployment benefits soared to 6.648 million well above analysts expectations of 3.5 million. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The accommodation and food services sector suffered the most from the ongoing pandemic. As part of the $ 2.2 trillion package approved by the US government, the unemployed will receive up to $ 600 a week for up to four months. The increase in the number of unemployed was also partly due to the fact that the Labor Department eased the requirements for applying for benefits.

At the moment  all major US indexes are trying to rebound as markets digest latest unemployment figures..

Sentiment in the oil market has improved after President Trump said he expected a truce between Russia and Saudi Arabia to be reached soon. Initially crude oil prices soared today some 10% however erased some gains after publication of the  initial jobless claims report. The WTI crude is trading below $22 a barrel after touching a session high of $ 22.59 a barrel. Brent crude is trading around $27 a barrel after hitting a session high of $27.86 a barrel.

 

Meanwhile the death toll from the coronavirus in the U.S. exceeded 5,100, while the number of confirmed cases rose over 14% to 215,357.

S&P500 (US500) yesterday broke below key support level at 2505 pts. As long as the price sits below it, the continuation of a downward trend looks more probable. The next support level is located at 2395.3 pts. Source: xStation5

 

CarMax (KMX.US) – company reported better than expected quarterly earnings of $1.30 per share, 17 cents a share above market expectations. Revenue also came above forecasts. Company announced  demand is falling amid the spread of the coronavirus pandemic.

CarMax (KMX.US) – share price bounced of the major support at $49.12 and is currently testing downward trend line. Should a break above the trendline occur, upward move may accelerate. On the other hand, breaking below the aforementioned support at $49.12 will invalidate the bullish scenario. Source: xStation5

 

Boeing (BA.US) – in order to mitigate the financial fallout from the coronavirus pandemic the company is offering a voluntary layoff plan and early retirement packages to employees. Boeing employs 150 000 people worldwide. Now the eligible employees will be able to leave the jet maker with a pay and benefits package.

Boeing (BA.US) – an upward correction was halted at $191.04 level and the stock price returned to a downward trend, and given the current uncertainty, further downside remains likely. The local support can be found at $88.79. Source: xStation5

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The Week Ahead

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