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.
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.
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