Your Thursday Market Blip 5/28/20

Your Thursday Market Blip 5/28/20

The SpaceX NASA launch was scrubbed yesterday due to nasty weather and is now reset for a Saturday liftoff. Like SpaceX, the markets appeared ready to take off today but at the close they ran into bad weather over rising US China tensions related to Hong Kong. The Dow finished the day down 147 at 25,400. Trading volume was lower on the day as exchanges snapped a two day winning streak which saw the Dow gain almost 1,000 points.
The latest unemployment figures showed new claims of 2.1 million and continuing claims of 21.05 million which was down 3.86 from the prior week. The new claims numbers are harsh but the fall in continuing claims is heartening. The May unemployment rate due out next week is expected to hit 20% or so meaning that 1 in every 5 Americans is out of work.
Boeing announced a restart of the 737 Max production at the Renton, WA factory. The restart will be slow as there are safety and quality steps that need to be worked into the process. There is still no word on when the airplane will be recertified to fly again. The 777x is currently in the test flight phase and attempting to get approval for delivery next year baring any delays or setbacks. Meanwhile the company will lay off 6,000 workers this week through voluntary early retirement packages and involuntary cuts. The company expects to eventually cut 10% of the workforce.