Stocks steady heading into weekend. US stocks are near flat in early trading, as investors continue to digest earnings, including a poorly received report from Netflix, which is down nearly 10%. Major US indexes are tracking toward modest gains for the week, with the exception of the Nasdaq, which held a 1.4% loss through Thursday’s close. European shares were mixed late in trading. Most Asian markets were higher, with the Nikkei’s 0.3% loss the outlier.
Retail sales beat expectations again. Thursday’s US Census Bureau report showed June retail sales beating consensus expectations, rising 7.5% from the month prior on a seasonally adjusted basis. We explore what drove the increase and whether it can continue later today on the LPL Research blog.
Midyear Outlook 2020 is here. LPL Research’s Midyear Outlook 2020: The Trail to Recovery reviews where we’ve been in 2020, where we may be heading, and the path that will take us there. Our special elections section explains how stocks and the economy may predict the next president. Find supporting marketing material on the Resource Center, including a PDF, printer-friendly version, client letters, Social Sharing Guide, and Executive Summary. Printed brochures can be ordered now in Marketing On Demand to ship August 1.
COVID-19 news. A record 77,300 new cases were reported in the United States Thursday, according to Johns Hopkins, bringing total US cases near 3.6 million. New hospitalizations continue to trend lower, while fatalities appear to have stabilized after the downtrend leveled off in recent weeks. India’s case total passed one million, trailing only Brazil and the United States. Talks for a fifth COVID-19 relief package are heating up, and we expect something in the $1 trillion range next month.
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