Market News 10 July 2020
(WorldNews Europe)

Once again, the Dow heeded negative data over positive jobs data as the modest shift to caution continues this week. Initial jobless claims declined 99,000 in the past week to 1.314 million, but wholesale inventories fell 1.2% in May as imports crashed to ten-year lows. With a widening trade deficit and declining inventories, a record second-quarter contraction is assured. Corporate America has only just begun to swing the axe as it shelters vulnerable margins. The largest bank employer, Wells Fargo & Co. is expected to shelve tens of thousands of jobs later in the year while United Airlines Holdings Inc has told 36,000 employees their jobs are at risk after federal payroll aid expires...