Initial US market focus is on the 8:30am ET Unemployment Claims as the economic reality of the coronavirus manifests. Estimates have a huge range, from less than 1 million to over 6.5 million. Trade Balance @ 8:30am ET and Factory Orders @ 10:00am ET round out the economic calendar.
Coronavirus cases now top 950K and over 48K deaths. The US has surpassed Italy and Spain combined in cases as exponential growth now tops 215K. The US now has nearly 29% of the world’s active cases.
Oil prices are up about 10% after President Trump after he said he’s confident Saudi Arabia and Russia would work it out and that he plans to meet with US oil companies on Friday.
Boeing (BA) is offering voluntary layoff (buyout and early retirement) packages as the company struggles to stay afloat financially from the double whammy of their 737 MAX problems and the coronavirus.
Volatility continues to shrink but remains high by historical standards.
Size bias is long into the 8:30am ET Claims number on light Globex volume.