|Day's Range||0.7490 - 0.7490|
|52 Week Range||0.3980 - 2.6140|
In this episode of Yahoo Finance Presents, Rick Newman speaks with New York Senator Kirsten Gillibrand about Congress' coronavirus relief bill and what lawmakers are doing to protect NY.
Yahoo Finance's Rick Newman joins Myles Udland to discuss why reopening the economy by Easter could backfire for The President.
As the number of Americans filing for unemployment benefits jump to new levels, treasury yields came off of their lows. ETF Trends CIO & Director of Research Dave Nadig joins Seana Smith to discuss.
Tom Essaye, The Sevens Report Founder, joins Yahoo Finance’s Alexis Christoforous, Brian Sozzi and Jared Blikre to discuss the latest market action.
Peter Tchir, Academy Securities Head of Macro Strategy, joined Yahoo Finance's Myles Udland and Jared Blikre to discuss his outlook for the market and how he is navigating the current volatility.
Stocks futures kicked off the overnight session lower on Sunday as market participants continued tracking the spread of the coronavirus outbreak and the daily life disruptions it has invoked around the world.
John Velis, a currency and macro strategist for the Americas at BNY Mellon, isn’t convinced the market has reached a bottom.
In a plain-vanilla sense, you are probably wondering how to mitigate the volatility in your portfolio, which is freaking out. You could step into your time machine, go back a few months and buy some bonds. All kinds of wacky stuff is happening in the bond market, and bonds aren’t really providing any diversification benefits anymore, as risk-parity strategies unwind.
One strategist at JP Morgan says this week’s U.S. stock market rally may be less driven by economic and political fundamentals than market pundits would allow.
Treasury yields slip on Friday as investors remain focused on the COVID-19 disease, with cases in the U.S. for the first time outpacing China.
President Donald Trump will sign the coronavirus stimulus measure at 4 p.m. Eastern, the White House said in a statement on Friday afternoon. Officials want to get the government assistance included in the $2 trillion measure to workers and businesses as soon as possible. The funds will replace lost income and profits from the recent shutdown of the economy designed to slow the spread of the virus.
New York Gov. Andrew Cuomo on Friday said he was ordering all schools in the state to remain closed for an additional two weeks until April 15. The initial closure order was set to expire April 1. "When you look at where we are and you look at the number of [coronavirus] cases increasing, it only makes sense to keep the schools closed for another two weeks and then we'll reassess at that point," Cuomo said, during an address at the temporary hospital at the Jacob Javits Convention Center in New York City. Cuomo said he is planning four more temporary hospitals so there is one in each of the 5 boroughs of New York City. Cuomo said there now 44,000 total cases of coronavirus in the state, with 7,377 new cases reported overnight. The number of deaths has risen to 519, up from 385.
Consumer spending increased a mild 0.2% in February, the government said Friday. Spending, the main engine of the economy, has slowed a bit in 2020 ahead of the coronavirus. Spending is expected to dramatically weaken in the next few months as the economy falls into recession. The government is trying to get funding into the economy to offset some of the destruction of incomes from the coronavirus. Income rose 0.6% in February for the second straight month. The savings rate rose to 8.2% in February from 7.9% in the prior month. Core PCE inflation ticked up to a 1.8% rate from 1.7% in the prior month.
Bargain-hunting investors are growing increasingly confident that the past month’s chaos in markets may have thrown up buying opportunities of a lifetime. Reassured by the US Federal Reserve’s pledge on Monday to buy government bonds in unlimited amounts, along with similar moves from central bankers elsewhere, markets have regained a semblance of calm. A frantic period mid-month saw the S&P 500 drop 9.5 per cent, rise 9.3 per cent and then lose 12 per cent in three consecutive days, as investors struggled to price in the economic damage from coronavirus.
U.S. Treasury yields trade lower on Thursday as investors saw a historic rise in the number of Americans filing for unemployment benefits amid the COVID-19 pandemic.
U.S. stocks roared higher Thursday, with the Dow up for a third straight day, despite a report from the Labor Department that showed unemployment claims soared to a record 3.28 million last week, as the coronavirus pandemic shut down businesses across the nation.
Strong bidding was seen in the sale for $32 billion of 7-year Treasury notes, the last of three coupon-bearing debt auctions this week. The auction stopped through by three basis points, a sign of "awesome demand," according to Tom di Galoma, managing director of Treasurys trading at Seaport Global Securities. A stop-through indicates by how much the highest yield the Treasurys sold in the auction is below the highest yield expected when the auction began - the "when issued" level. The results helped to push bond yields lower, with the 10-year Treasury note rate falling 5.8 basis points to 0.798% and the 7-year note yield slumping 6.8 basis points to 0.673%. Bond prices move in the opposite direction of yields. Analysts have pointed to a combination of reasons for the bullish trading in government paper, including the Federal Reserve's open-ended bond purchases, heightened concerns about the COVID-19 outbreak and expectations for a recession this year. U.S. government bonds are traditionally considered a safe haven.
The number of Americans who applied for unemployment benefits last week rocketed to a record 3.28 million as large parts of the U.S. economy shut down and companies laid off scores of workers to cope with the coronavirus pandemic.
Treasury Secretary Steven Mnuchin on Thursday said the historic jump in jobless claims was not a piece of economic data to focus on because it was for a period before government relief was assured. "To be honest with you, I just think these numbers right now are not relevant, whether they are bigger or smaller in the short-term," Mnuchin said, in an interview on CNBC. With the Senate coronavirus relief bill now so close to passage in the House, he hopes that firms start to rehire these workers, he said. As late as last week businesses didn't have another choice except let workers go because they didn't have cash and didn't know that protections would be forthcoming, Mnuchin said.
The pace of growth in the economy was left at 2.1% in the fourth quarter in the final estimate from the Commerce Department released on Thursday. Using more complete source data, the government found that consumer spending was higher than previously estimated, but this was offset by downward revisions to federal government spending and business fixed investment. Consumer spending was raised to a 1.8% annual pace from 1.7%, which was not a strong as the 3.2% rate seen in the third quarter. Economists are certain first-quarter growth will be weaker than the October-December period due to the coronavirus shutdown but an even-larger contraction is expected for the April-June quarter. In the fourth quarter, adjusted corporate profits before tax jumped 3.9%, after a 1.9% decline in the third quarter. For the year, profits inched up 0.2% after a 3.3% fall in 2018.
The U.S. trade deficit in goods narrowed 9.1% in February, according to the Commerce Department's advanced estimate released Thursday. The gap in goods narrowed to $59.9 billion in February from $65.9 billion in the prior month. That is a much steeper narrowing than the $62.8 billion estimate of economists polled by MarketWatch. A slowdown in growth of imports pulled the deficit lower. The report also showed a 0.5% decline in wholesale inventories. And advanced retail inventories were down 0.3%. Excluding autos, retail inventories were flat.
Treasury yields are down but came off their lows after U.S. initial jobless claims for the week ending March 21 rose to a record of 3.28 million, from 281,000 in the previous week. Economists polled by MarketWatch had forecast claims to jump by 2.5 million. The 10-year Treasury note yield fell 7.2 basis points to 0.784%. The 2-year note rate was down 1.6 basis points to 0.310%. The 30-year bond yield fell 6.6 basis points to 1.355%. Bond prices move in the opposite direction of yields. The number of Americans filing for unemployment benefits this week has jumped to historic levels as the COVID-19 outbreak shuts down the U.S. economy.
Federal Reserve Chairman Jerome Powell in a rare morning-television appearance Thursday, told Americans the central bank "is working hard to support you now." The $2 trillion stimulus package passed by the Senate last night will provide immediate relief to workers affected by the shutdown of the economy, Powell said. The Fed's role will be to make sure the eventual recovery is as strong as possible, he added. Powell said the U.S. economy may already be in a recession, but said he expected economic activity to resume in the second half of the year. He said the central bank would continue to aggressively use its emergency lending powers in all corners of the financial markets where credit is not flowing.