June 23, 2020

With the NASDAQ hitting a record high yesterday up 1.11%, stock futures aimed higher with the reopening process underway in many states despite a resurgence in the coronavirus outbreak.  The Dow Jones Industrial Average and S&P 500 were up 0.59% and 0.65% respectively.

According to the World Health Organization, the largest single day increase in the global Coronavirus cases was recorded this week with 183,000 new cases worldwide. Here in the US, health officials including White House Coronavirus advisor Dr. Anthony Fauci, are scheduled to meet with Congress today to answer questions about the national response to the pandemic.

There were concerns overnight that the China trade deal may be in jeopardy after White House trade advisor Pete Navarro made comments in an interview discussing the progress on the deal. Navarro and President Trump later came out and said his comments were taken out of context and the deal remains in place.

President Trump has put a freeze on H-1B visa, attempting to free up jobs for Americans.  The freeze will temporarily block certain foreign workers from entering the country through the end of the year. This order will block visas for a wide variety of jobs but heavily affects US technology companies. There is an exception for certain medical workers who are specifically working with Coronavirus research.

Today we are expected to receive reports on May’s new home sales. Economist are expecting a 1.9% gain.  Later this week we will get reports on consumer spending and unemployment claims.