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Another 1.88 million Americans filed for unemployment benefits over the last week (compared to Dow Jones estimate of 1.78 million).
In total, 42.6 million citizens have now filed for unemployment since the start of the pandemic 11 weeks ago.
More concerning, however, were the 21.5 million people who filed continuing claims. That's a gain of 649,000 over the past week, which is also worse than Wall Street expected.
These statistics definitely weighed on investors, who have been confident that the economy will be able to successfully reopen over the summer.
Here's how our experts – Chris Johnson and Shah Gilani – see things playing out in the economy, plus the stocks you can buy or sell to profit today.
- Zillow Group Inc. (NASADQ: Z), currently trading for $62.50.
- Chris thinks it's still a seller's market for homeowners, which is bullish for Zillow.
- His price target: $80.
- H. Robinson Worldwide Inc. (NASDAQ: CHRW), currently trading for $82.50.
- Chris likes this trucking company because it's historically very efficient with logistics and he thinks that will be rewarded as transportation increases with the reopening of the economy.
- This is a stock that could lead you through the second half of the year.
- So, Chris has a $90-$100 price target on the stock over the next month and a half.
- Expedia Group Inc. (NASDAQ: EXPE), currently trading for $90.
- Chris likes Expedia because it appears more people are going to be traveling in the near future.
- The stock already broke above its 20- and 50-day moving averages, which is a very bullish momentum trend.
- Look for it to trade up through its 200-day moving average in the next couple weeks, especially if the reopening of Las Vegas is successful.
- Price target: $100-$110.
- Shah is worried about collateralized loan obligations (CLOs) and the increasing possibility that they may blow up the market like housing collateralized debt obligations (CDOs) did back in 2008.
- But since the market didn't do much today, Shah recommends investors do the same with their portfolios – hold what you have, be patient, and wait.
- When something material breaks the market one way or another, Shah will be recommending long or short positions to help traders profit then.
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.
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