It’s a big week on Wall Street and on all fronts. The COVID-19 cases in the United States continue to rise.
Major U.S. banks will drop their reports on the earnings from the first quarter.
Two other hi-impact data will influence the market this week. In this market outlook, we’ll cover in what you need to know ahead of things that will impact the market this week.
COVID-19 cases are still on the rise as of Sunday morning. According to data from John Hopkins University, there are now about 2 million confirmed cases and more than 110,000 deaths globally.
The United States remains the most infected country- with the most number of cases and deaths. Over 533,000 people have now been infected with the virus, and about 21,000 people have died from the COVID-19 virus.
Although lately, there have been some indications that the pandemic is starting to ease, we will continue to look for further signs and evidence that the outbreak is beginning to peak in some major economies.
Most of the focus remains on the United States- New York in particular.
The United States Retail Sales
All eyes will be on March retail sales data this week. The data is due to be released right in the middle of the week, Wednesday, the 15th. Experts and top-class analysts expect the numbers to be very discouraging.
They expect a drop of just about 7% in the U.S. retail sales that are to come out this week.
If this is confirmed, this decline will be the worst in the history of the United States. This drop is very likely, though, because most of the U.S. economy was shut down during the previous month.
Many Americans were advised to stay at home in efforts to contain the spread of the COVID-19 pandemic.
U.S. Jobless Claims
Yet another week and we’re expecting another jobless claims data from the previous week. So far, the total jobless claims have risen to over 17 million- all within the past three weeks.
We’re expecting another five million Americans to file the first time jobless benefits again in the week ending.
The numbers could, however, drop down to 4 million. If this happens, it might be signs that the worst of the COVID-19 pandemic is already behind us.
The first-quarter earnings season will kick off when the major banks in the United States start to report results this week. J.P. Morgan Chase and Wells Fargo already dropped results on Tuesday, the 7th. Citigroup and Bank of America will follow this Wednesday.
Overall, bank earnings figures are expected to be somewhat mixed due to the impact of low-interest rates that will offset the benefits of higher trading revenue.
However, most of the focus will be on what the country’s biggest banks have to say regarding their outlook for the months ahead. Also, they will possible enlighten the public on how adversely the impact of the COVID-19 pandemic has been on the United States consumer