America’s economy shrank by 4.8% in the first quarter, reflecting fallout from the coronavirus outbreak.
That means the economy is definitely heading for a recession. A recession is defined as two consecutive quarters of negative GDP growth.
Consumer spending dropped by 7.6%, marking the steepest drop since 1980.
The number of confirmed coronavirus cases in the U.S. is now over 1 million. That’s approximately 30% of the global total.
Earnings from automakers including Ford have been horrible. And Starbucks likewise confirmed a major decline in business.
Corporate earnings season is in full swing. And we’re expecting reports from Apple, Amazon, Microsoft and Boeing. We’ll be watching the results and keeping you updated on the fallout from this coronavirus pandemic.
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The Big News…
Gilead Sciences Gets Positive Drug Results
Gilead Sciences (NASDAQ: GILD) is reporting “positive data” from its tests of Covid-19 drug remdesivir. The study included over 400 patients who had been hospitalized with coronavirus. No further details were made available.
100 Days of Coronavirus
It was 100 days ago when a man in Washington state tested positive for the coronavirus. Since then, there have been over 1 million infections and 59,000 deaths in the U.S. Health experts estimate that the true number of infections is ten times greater than the number of confirmed cases.
Trump Says Meat Plants Must Stay Open
President Trump has declared that meat processing plants are critical to the country. He’s working to assure that facilities across the U.S. stay open to process beef, chicken and pork.
New $1 Trillion Stimulus
Republicans on Capitol Hill are starting work on another stimulus bill. This one is expected to top $1 trillion and include huge spending on infrastructure projects including 5G. Go here for the top All American 5G stocks to BUY NOW.
The Coronavirus Numbers
Here are the numbers from Wednesday at 11:15 a.m. ET:
- 3,164,876 Infected Worldwide
- 219,467 Deaths
- 1,038,490 Infected in the U.S.
- 59,428 Deaths in the U.S.
The outbreak will crush U.S. corporations and their earnings. Reports are coming in every day.
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Stocks are surging once again . . .
Positive news from Gilead Sciences have buoyed investors’ hopes that a new drug could be available shortly. And that sent stocks surging more than 2% on Wednesday morning.
Details of Gilead’s tests are unknown and not yet reported. Yet the company’s brief release indicates a positive result in a controlled test of the drug.
Gilead Sciences reports earnings after the market closes today. During the company’s conference call, we may get more details on the coronavirus drug testing that’s underway.
There’s lots of uncertainty related to earnings season.
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Yours in Health & Wealth,