This morning, the market is grappling with poor results from Nike and the Federal Reserve’s new coronavirus-linked restrictions on banks
is postponing reopening California theme parks. Texas and Florida have paused their reopening processes amid surges in coronavirus cases.
Banks cheered the move as many had said the post-crisis rules went too far. Now it appears the pendulum is swinging the other way, and banks will—theoretically anyway—be able to put more money to work that had previously been tied up. In light of the coronavirus, the Fed said it will temporarily not allow big banks to do share buybacks or raise dividend payments. Although that news appears to be pressuring bank shares this morning, it’s arguable that over the long run, the extra business the banks will be able to do because of the relaxed Volcker Rule could outweigh the temporary coronavirus-related restrictions.
Remember: In six days—not seven, as Friday is a market holiday—the Labor Department comes out with a fresh reading on the employment situation. Considering last month's surprise rise in nonfarm payrolls, market watchers will be on the lookout for any clues as to the state of employment ahead of the release.Even though jobless claims were higher than expected, they continued to show a declining trend, falling from the prior week’s upwardly revised 1.54 million print.
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