Weekly Market News Update 10/05/2020
President Donald Trump and first lady Melania Trump have tested positive for COVID-19, the president tweeted early Friday morning. The recent news, coupled with the disappointing Jobs Report, caused U.S. stocks to drop even lower, and showed almost no gain on bonds.
This overnight news from the White House even lowered global stocks, coming after fears of a second coronavirus wave.
The September Jobs Report showed employers added 661K new workers last month, lower than the 800k expected. The total unemployed percentage (U6 number) rose from 12.8% to 14.2% while the Labor Force Participation Rate fell to 61.4 from 61.7. The labor market slowly improves from April. Overall, we have reclaimed 52% of the jobs lost from the shutdown. However, there is much more work to do to improve the job market.
There are many uncertainty factors in the coming weeks. Market turmoil is inevitable; it’s hard to predict the impact on the new stimulus package. It is still recommended to lock and close files as soon as possible.
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