Succinct Summation of Week’s Events 5.8.20 (plus What the New Tax Rules Mean for You)

The weekly summation is below, the main positive being that both unemployment and jobless claims, as bad as they are, came in lower than expected, the main negative is that we are now losing more Americans every day to COVID-19 than in all of 9/11.  The bonus this Sunday evening is a heads-up on a virtual live taxes webinar via the AAII that's coming this Wednesday evening. Enjoy and keep staying safe this week. 


Succinct Summation of Week’s Events 5.8.20

May 8, 2020 5:30pm by Barry Ritholtz

Succinct Summations for the week ending May 8th, 2020

Positives:

1. Unemployment could have been much worse…
2. Markets rally on hopes of a cure, reopening economy;
3. Jobless claims fell 677k w/o/w from 3.846M to 3.169M.
4. Home mortgage apps rose 6.0% w/o/w.
5. ISM Non-Mfg Index came in at 41.8 for April, above expectations.
6. Nonfarm productivity fell 2.5% q/o/q above expectations.

Negatives:

1. America loses a 9/11 worth of people every single day due to Covid-19.
2. Nonfarm payrolls fell by 20.5M in April, greater than prior decrease.
3. Unemployment rate came in at 14.7%, above previous 4.4%.
4. Corporate layoffs rose 671,129 in April, above previous increase.
5. International trade in goods deficit widened from $-39.8B to $-44.4B m/o/m.
6. Factory orders fell 10.3% m/o/m, below expectations.

AAII TAX WEBINAR 5-13-20   AAII Live Webinar Event: May 13 The American Association of Individual Investors invites you to participate in a live video event! Join us on Wednesday, May 13, at 7:30 p.m. CDT.  What the New Tax Rules Mean for You There have been many changes to the tax rules over the past several months affecting individual investors. AAII Journal editor Charles Rotblut, who authors AAII’s annual tax guide, will help you make sense of the changes. In this live webinar, he’ll go over details of the new rules instituted by the CARES Act, the SECURE Act and the Internal Revenue Service (IRS). There will be time for attendee questions on this topic to be answered. Charles Rotblut, CFA, is a vice president and financial analyst at AAII. He is the editor of the AAII Journal, created VMQ Stocks, co-created AAII Dividend Investing, helps to manage the Stock Superstars Report portfolio and authors the weekly AAII Investor Update email. Rotblut regularly speaks to the media, including CNBC, Kiplinger’s and Money. He is also a regular guest on MoneyLife with Chuck Jaffe and a Wall Street Journal expert panelist.   Join your fellow AAII members and register for the event by clicking on the link below. » REGISTER NOW Regards, Ryan Reeh Assistant Editor/Programs Manager, AAII     © 2020 The American Association of Individual Investors 625 N. Michigan Avenue, Suite 1900 Chicago, Illinois 60611