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Another 2.13 million Americans filed for unemployment over the past week, once again outpacing Wall Street's estimate of 2.05 million.
That means, nearly 41 million Americans have submitted jobless claims since the coronavirus pandemic gripped economies around the world.
That news was overshadowed by the by the 4 million people who discontinued their unemployment benefits over the same time frame.
Continuing jobless claims fell from 25 million last week to 21 million this week. That's largely due to states reopening their economies to various extents.
Stocks rallied for most of the trading session, with the Dow up 0.8% mid-day.
But then the big news of the day occurred at the end, when U.S. President Donald Trump announced he will be giving a news conference regarding the China situation with Hong Kong tomorrow.
Here's what our experts – Chris Johnson and Shah Gilani – saw throughout Thursday's volatile trading session.
Chris focused on retail stocks and their earnings reports (8:45 a.m. EDT)
- He thinks investors should stay away from Abercrombie & Fitch Co. (NYSE: ANF), currently trading for $13.
- The stock missed earnings, proving demand just isn't there right now. Look for it to drop to $10.
- Chris likes Williams-Sonoma Inc. (NYSE: WSM), currently trading for $73.
- Based on positive technical momentum, he placed an $80-$85 price target on the stock.
- Chris expects Under Armour Inc. (NYSE: UAA), currently trading for $10, to continue having problems.
- Stay away from this stock and consider buying Nike Inc. (NYSE: NKE) instead.
- Dollar Tree Inc. (NASDAQ: DLTR), currently trading for $87.50.
- Chris is bullish on the stock after it beat on earnings and revenue, and it popped 10% on the day. Expect that trend to continue with nearly 41 million Americans unemployed.
- Chris thinks Costco Wholesale Corp. (NASDAQ: COST) is one of the most important stocks to watch. He likes just about everything the company is doing, especially in the golf space.
- But with expectations so high, it's possible the stock drops. If it gets down to $290, buy it.
- Shah thinks the market is being driven higher by retail investors who are now able to buy stocks with $0 commissions almost anywhere.
- He credits Robinhood for starting the free commission trend, along with the ability for investors to purchase fractional shares.
- Shah isn't completely buying the continuing jobless claims number that dropped by 4 million Americans over the past week.
- He thinks the government is playing with the numbers to make them look more favorable.
- Shah has admitted he missed this rally, but he still thinks stocks face significant headwinds ahead.
- And he's looking to purchase calls on the VIX tomorrow if the bearish trend continues tomorrow after the president speaks and China reacts.
Catch us tomorrow – starting LIVE again at 8:45 a.m. EDT with Chris Johnson, right here.
If you missed our live streams today, you can now replay them on our YouTube channel, here.
Got a question you want our experts to cover? Send us a note.
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