LPL Research on CNBC. LPL Financial Senior Market Strategist Ryan Detrick was on CNBC’s The Exchange Thursday discussing recent market volatility. You can watch the interview here.
A calm day? Stocks opened slightly lower, but the action overseas was fairly calm. COVID-19 headlines included more than 1 million cases globally now. Concerns over the next hotspots in the United States are seen as Michigan, Connecticut, and Indiana. The big jobs miss is in the headlines, but wasn’t unexpected.
Jobs decline in March. After a string of 113 consecutive months with positive jobs growth, 701,000 jobs were lost last month. That was the largest monthly decline since 800,000 in March 2009. Given the surge of 10 million initial jobless claims over the past two weeks, a large number wasn’t a surprise. The reality is the monthly jobs numbers will likely continue to get worse as more people file for unemployment and the data catches up with what has happened the past few weeks.
Oil rises for second day on hope for production cut. Oil prices are higher by 4% this morning, following yesterday’s 22% rally. A group of key oil producers, most notably Russia and Saudi Arabia, are set to meet via video conference on Monday, following President Trump’s meeting with US oil executives today. Oil is hovering near $26 per barrel this morning, a key technical level that represented the trough for prices in 2016.
Signs of improvement. Stocks are tracking toward a lower weekly close so far, but it isn’t all bad news. Under the surface there have been signs that individual stocks have improved over recent weeks. We take a technical look at market internals today on the LPL Research blog.
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