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Max Q: Huge week ahead for SpaceX and Virgin Orbit - Yahoo Style
This week could be the biggest week to date for private spaceflight, with landmark launch attempts coming from both Virgin Orbit and SpaceX . Virgin Orbit is looking to join the elite club of private launch companies that have actually made it to space, with…
This week could be the biggest week to date for private spaceflight, with landmark launch attempts coming from both Virgin Orbit and SpaceX . Virgin Orbit is looking to join the elite club of private launch companies that have actually made it to space, with a full flight test of its combined Cosmic Girl and LauncherOne system. Meanwhile, SpaceX is looking to launch its Crew Dragon spacecraft with people on board achieving a number of milestones, including returning U.S. crew launch capabilities, and human-rating its Falcon 9 rocket. Virgin Orbit was supposed to launch its first full demonstration flight on Sunday, but a sensor bug that showed up during pre-launch checkouts means that it's now pushing things back to at least Monday to check that out. Extra precaution is hardly surprising since this milestone mission could help the company become an operational satellite launch provider one of only a small handful of private companies that can make that claim. SpaceX passed its first crucial flight readiness review (FRR) on Friday for its first ever crewed astronaut launch, setting it up for a full rehearsal of the mission on Saturday leading up to the actual launch Now it's set for another FRR with partner NASA on Monday, and then the launch should take place on Wednesday weather and checkouts permitting. This will definitely be one to watch. Mitsubishi Heavy Industries flew its last mission with its H-II series rocket, and the space transfer vehicle it carries to deliver supplies to the International Space Station. The company is readying a successor to this highly successful and consistent rocket, the H3, which is set to make its launch debut sometime in 2022 if all goes to plan. While SpaceX is aiming to make history with NASA and two of its astronauts, the person in charge of the agency's human spaceflight endeavors made a surprising and abrupt exit from the agency last week. Doug Loverro resigned from his position, reportedly over some kind of inappropriate activity he engaged in with a prospective agency business partner ahead of the contract awards for NASA's commercial human lander program. Xilinx specializes in building processors that are designed to withstand the rigors of use in space, which include heavy radiation exposure, extreme temperatures and plenty more. The company just debuted a new FPGA for space-based applications that is the first 20nm-based processor for space, and the first with dedicated machine-learning capabilities built in for edge computing that truly redefines the term. Space has enjoyed a period of being relatively uncontested when it comes to international squabbles mostly because it's hard and expensive to reach, and the benefits of doing so weren't exactly clear 30 to 40 years ago when most of those rules were set up. NASA's new rules include a lot of the old ones, but also set up some modernizations that are sure to begin a lot of debate and discussion in the space policy community. In a testing procedure, the X-37B Orbital Test Vehicle taxis on the flightline March 30, 2010, at the Astrotech facility in Titusville, FLa. (Courtesy photo) The United Launch Alliance launched the X-37B last week on behalf of the U.S. Space Force marking the first time the mysterious experimental unscrewed space plane has launched for that newly-formed agency. The X-37B has flown plenty before, of course but previously it was doing so under the authority of the U.S. Air Force, since the Space Force hadn't been formed yet.
Why launching astronauts to space via SpaceX's crew capsule is a big deal - Yahoo Canada Finance
The first astronaut spaceflight launch from US soil in almost a decade is ready for liftoff this Wednesday.
The first astronaut spaceflight from U.S. soil in almost a decade is ready for liftoff this Wednesday. Human space flight is a big deal, Chad Anderson, managing partner at Space Capital tells Yahoo Finance. It is probably one of the most exciting parts of the [space] sector. The launch is a huge deal for SpaceX, the private company founded by Elon Musk, contracted by NASA to carry astronauts on the Crew Dragon spacecraft to the International Space Station. The historic liftoff atop a Flacon 9 rocket is a long time coming with a bit of a storyline of David and Goliath. SpaceX 10 years ago was the underdog, said Anderson, whose Space Angels portfolio includes SpaceX. They were fighting tooth and nail to get NASA contracts, to get security contracts, get the defense and community and government agencies to trust them enough to give them contracts. This weeks mission, called Demo-2, ups the ante on aerospace giant Boeing (BA), which is separately under contract to ferry NASA astronauts via its own capsule. During a test flight last year the CST-100 Starlinerfailed to dock at the ISS. Boeing will re-test it before carrying humans. Its worth noting, Boeings contract awarded by NASA in 2014 was valued at $4.3 billion versus SpaceXs $2.5 billion. Boeing was paid almost twice as much as SpaceX for essentially the same thing, said Anderson. So SpaceX is delivering at half the cost to taxpayers. Since NASA retired its own shuttle program in 2011, the U.S. has been paying Russia more than $80 million per seat to shuttle astronauts to the ISS via the Soyuz spacecraft. Reducing the cost is basically key here, said Anderson. To reduce the burden on taxpayer dollars and on congressional budgets and free up NASA's budget to go out and do other interesting science exploration missions. If successful, Demo-2 will bring SpaceX one step closer to achieving its more ambitious goals of going to the moon, and later Mars. A SpaceX Falcon 9 rocket with a demo Crew Dragon spacecraft lifts off from pad 39A on an un-crewed test flight to the International Space Station at the Kennedy Space Center in Cape Canaveral, Fla., Saturday, March 2, 2019. (AP Photo/Terry Renna) More But perhaps the biggest tailwind from the expected liftoff is investor appetite for space endeavors, even during this economic downturn. Virgin Galactics (SPCE) public debut last year is proof of a market willing to bet on companies with lofty space plans but with no profitability yet. Virgin is for the most part, pre-revenue, pre-profits certainly and so what would happen if a company went onto the public markets, to have good revenue growth, and was profitable, says Anderson. Virgin Galactic plans to send people on sub-orbital flight voyages, and eventually, offer high-speed point- to-point travel. The company recently announced a partnership with NASA to work on the technology. From an investor's perspective and where we sit we think the human space flight element is really important in terms of public awareness, and getting people excited about what's going on, said Anderson. Weather permitting, you can watch the liftoff from Kennedy Space Center this Wednesday May 27th at 4:33 p.m. ET. Ines covers the U.S. stock market from the floor of the New York Exchange. Follow her on Twitter at @ines_ferre Read more: The single biggest takeaway from Berkshire Hathaways shareholder meeting: top Buffett watcher Warren Buffett: Thank you Dr. Fauci It would be unprecedented for a bear market to be this short: Wells Fargo Strategist Recent rally could be a bear market trap: Miller Tabak Strategist A view from the trading floor: Algorithms having outsized impact amid coronavirus impact Find live stock market quotes and the latest business and finance news For tutorials and information on investing and trading stocks, check out Cashay Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.
Lightspeed POS reports US$18.6M Q4 loss, revenue up 70 per cent from year ago - Yahoo Canada Finance
MONTREAL — Shares in Lightspeed POS Inc. were up more than 10 per cent Thursday after it reported revenue in its latest quarter increased 70 per cent compared with a year ago as demand for its e-commerce offerings soared in the wake of the COVID-19 pandemic.H…
MONTREAL Shares in Lightspeed POS Inc. were up more than 10 per cent Thursday after it reported revenue in its latest quarter increased 70 per cent compared with a year ago as demand for its e-commerce offerings soared in the wake of the COVID-19 pandemic. However, the retail payment technology firm said it expects the total dollar volume of transactions by its customers and demand for its services will be impacted and business failures among its customers, which includes restaurants and retailers, will increase so long as physical distancing measures remain in place in the core markets it serves. "We delivered strong financial results to finish up our fiscal year, despite the difficult macro environment encountered through the back half of March," Lightspeed chief financial officer Brandon Nussey said in a statement. "While the effects of COVID-19 will cause some uncertainty for the foreseeable future, we are encouraged by the signs we are seeing for Lightspeed's solutions and what it signals for our long-term potential." Lightspeed said e-commerce adoption was robust with a 400 per cent increase in e-commerce volumes processed by Lightspeed retailers in April compared with February levels. The company added that its Lightspeed Payments revenue also had a record month in April, helped by increased online sales and new customer adoption. However, it noted that hospitality customer volumes remain challenged due to the ongoing shutdowns affecting most markets. Montreal-based Lightspeed, which keeps its books in U.S. dollars, made the comments as it reported it lost US$19.6 million or 21 cents per diluted share for the quarter ended March 31. That compared with a loss of US$96.1 million or US$2.21 per diluted share a year ago when the company saw a large one-time charge related to its preferred shares which converted into common shares prior to its initial public offering. Revenue for what was the company's fourth quarter totalled US$36.3 million, up from US$21.3 million a year earlier. Lightspeed had 76,500 customer locations at the end of March, up from 49,000 at the same time last year. Shares in the company were up C$4.04 or about 16 per cent at C$28.84 in mid-morning trading on the Toronto Stock Exchange. This report by The Canadian Press was first published May 21, 2020. Companies in this story: (TSX:LSPD) The Canadian Press
Nick Cordero's Wife Breaks Down in Tears as She Reveals His Condition Is 'Going Downhill' - Yahoo News Canada
"It's not how his story ends, so just keep us in your thoughts and prayers today," Amanda Kloots said Wednesday
Nick Cordero's condition has taken a turn for the worse, according to his wife, Amanda Kloots. Though the Broadway star, 41, experienced a "small win" in his recovery from coronavirus-related complications earlier this week, Cordero's health began to go "downhill" on Wednesday morning, Kloots shared in a tearful update on her Instagram Story. "Nick has had a bad morning. Unfortunately, things are going downhill at the moment, so I am asking again for all the prayers, mega-prayers, right now," she revealed, explaining to followers that she won't be able to appear on her daily Instagram Live video. "Please cheer and please pray for Nick today, and I know that this virus is not going to get him down," Kloots continued as she wiped a tear from her eye. "It's not how his story ends, so just keep us in your thoughts and prayers today. Thank you." RELATED: Nick Cordero Had a 'Rocky Night', Doctors Had to Perform Procedure to Remove Infection, Says Wife While Kloots did not disclose exactly what happened to Cordero, she did say in an Instagram Story post on late Tuesday night that her husband is having issues with an infection in his left lung. "Nicks right lung is looking better. For two days it's been clear!" she wrote alongside a photo of Cordero. "The left lung is the same. So the left lung is still causing issues that we need to get clear. PRATERS FOR LEFT LUNG CLEARING!" Though Cordero has woken up from his medically induced coma, Kloots told her followers on Friday that the actor is still on a ventilator due to the ongoing lung infection. Theres a new hashtag in town and it is #OffTheVent because if we can make this happen, like we did with #WakeUpNick, that will mean that this infection in Nicks lungs is gone, or not necessarily gone, but better, and that means we can get him off the ventilator, she said in her Instagram Story. RELATED: Nick Cordero's Lungs Are 'Severely Damaged' and Have Holes in Them, but His Wife 'Is Not Giving Up Hope' We are still dealing with this lingering infection in Nicks lung, she told fans. This infection that is leftover from when he went into septic shock the last time is still in his lungs and just kind of sitting there. They are doing everything they can to clean it out every day but its just not getting better. Kloots added, Nick is fighting for his life every day in that ICU and I know he isnt giving up. Were not giving up. Nobody is giving up. This infection is gonna go away and he is gonna get off that ventilator. And thats the only mindset that I have right now. Cordero who starred in Waitress and Rock of Ages and was nominated for a Tony Award for his role in Bullets of Broadway was first admitted to Los Angeles' Cedars-Sinai Medical Center in late March for what the family initially believed was pneumonia. Earlier this month, Kloots detailed the many setbacks her husband has endured amid his hospitalization, including "an infection that caused his heart to stop," "two mini-strokes" and a leg amputation. RELATED: Nick Cordero's Wife Shares the Sweet Words of Encouragement She Tells Him amid His Recovery "Nick is 41 years old. He had no pre-existing health conditions. We do not know how he got COVID-19 but he did," she shared on her Instagram. "He went to the ER on March 30th and intubated on a ventilator on April 1." "This journey with Nick has been the hardest thing weve ever had to go through. Nick is a fighter and has not given up. His doctors and nurses have been truly incredible. We will get our CODE ROCKY!" she wrote, referring to the term hospital workers use to describe a coronavirus patient being discharged after recovery. Kloots is currently asking fans to show their support by singing and dancing to Cordero's "Live Your Life" on social media using the hashtag #OffTheVent. A GoFundMe page has also been created to raise funds for Cordero's medical bills. As information about the coronavirus pandemic rapidly changes, PEOPLE is committed to providing the most recent data in our coverage. Some of the information in this story may have changed after publication. For the latest on COVID-19, readers are encouraged to use online resources from CDC, WHO, and local public health departments. PEOPLE has partnered with GoFundMe to raise money for the COVID-19 Relief Fund, a GoFundMe.org fundraiser to support everything from frontline responders to families in need, as well as organizations helping communities. For more information or to donate, click here.
'Not a bailout': Morneau says Canadians can benefit from Ottawa's loans to big business - Yahoo Canada Finance
Public companies must issue warrants with the option to purchase the borrower’s common shares totalling 15 per cent of the principal amount, or receive cash consideration equivalent to the value of the warrants.
Finance Minister Bill Morneau provided details about the federal governments Large Employer Emergency Financing Facility (LEEFF) on Wednesday. The program, announced last week, gives financial support to big businesses that need help get them through the COVID-19 pandemic. Companies with annual sales of at least $300 million can apply for the program designed to protect businesses and jobs. These terms ensure that this financing facility provides financing to bridge through this difficult time, but not bailouts, Morneau said during a news conference. Public companies must issue warrants with the option to purchase the borrowers common shares totalling 15 per cent of the principal amount, or receive cash consideration equivalent to the value of the warrants. The idea behind the warrant is to make sure that if a firm does well, that Canadians and Canadian tax payers share in that upside, Morneau said. Morneau also said Ottawa wont sit on company boards, but will have observers. Private companies will pay a fee in lieu of the warrants. Businesses can qualify for loans of $60 million or more, of which 80 per cent is secured and 20 per cent is unsecured. There is no upper limit and businesses can apply for the next 12 months through CDEV. Approval will be on a case-by-case basis. The interest rate will be cumulative at 5 per cent per annum, payable quarterly in arrears. It increases to 8 per cent on after a year, and by a further 2 per cent per annum each year thereafter. As previously announced, the loan comes with strict conditions. Companies will be required to have a large footprint in Canada and show how a plan to maintain employment. They will also be subject to environmental assessments and conditions. There will be strict limits on dividends, share buy-backs, and executive pay. Companies convicted of tax evasion will be disqualified. Collective bargaining agreements, including pensions, will have to be respected. Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains. Download the Yahoo Finance app, available for Apple and Android.
Stocks in Asia Trade Mixed; Treasuries Hold Gains: Markets Wrap - Yahoo Canada Finance
(Bloomberg) -- Stocks in Asia were mixed as reports on Moderna Inc.’s coronavirus vaccine added to concern that a successful way to beat the pandemic remains a long way off, offsetting calls to stick with bets on more equity gains. Treasuries held an overnigh…
(Bloomberg) -- Stocks in Asia were mixed as reports on Moderna Inc.s coronavirus vaccine added to concern that a successful way to beat the pandemic remains a long way off, offsetting calls to stick with bets on more equity gains. Treasuries held an overnight advance. Japanese and Korean shares edged higher, while shares dropped in China and Hong Kong. U.S. futures nudged up and European contracts dropped. The S&P 500 lost ground in the final hour of trading, and closed down. Riskier assets had started the week on the front foot after Moderna had fueled hopes for a coronavirus vaccine, but investors are struggling to maintain the optimism. Crude oil slipped below $32 a barrel in New York. We are being fairly cautious, Shawn Matthews, founder and chief investment officer at Hondius Capital Management LP, said on Bloomberg TV. If you look at the economy, it feels like its the summer of hope right now, where everyone is hoping its going to turn around. Large money managers from Capital Group Inc. to BlackRock Inc. are keeping their faith with equities despite warning calls from some corners of Wall Street. Still, headwinds remain for stocks, not least a deteriorating U.S.-China relationship. In a further sign of tightening scrutiny on capital flows to the Asian nation, Nasdaq is set to unveil new rules for initial public offerings including tougher accounting standards that will make it more difficult for some Chinese companies to list on the exchange. Walmart and Home Depot both suspended their outlooks for the year, the latest companies to show the difficulties in predicting the road ahead. Earlier, Federal Reserve Chairman Jerome Powell reiterated during a Senate hearing that the central bank is ready to use all the weapons in its arsenal to help the U.S. economy endure the coronavirus pandemic. Meantime, the New Zealand dollar rose after comments from central bank governor Adrian Orr suggested any move to bring interest rates below zero remain some way off. These are some of the main moves in markets: Stocks Futures on the S&P 500 rose 0.5% as of 12:22 p.m. in Tokyo. The gauge fell 1.1% on Tuesday.Japans Topix index rose 0.4%.Hong Kongs Hang Seng fell 0.2%.Shanghai Composite dipped 0.4%.South Koreas Kospi added 0.2%.Australias S&P/ASX 200 Index was little changed.Euro Stoxx 50 futures dropped 0.4%. Currencies The yen was little changed at 107.75 per dollar.The offshore yuan held at 7.1162 per dollar.The euro bought $1.0941, little changed. Bonds The yield on 10-year Treasuries remained at 0.69%.Australias 10-year yield fell three basis points to 0.95%. Commodities West Texas Intermediate crude was at $31.96 a barrel.Gold rose 0.2% to $1,749 an ounce. For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted business news source. ©2020 Bloomberg L.P.
Joe Rogan Signs Exclusive Podcast Deal With Spotify - Yahoo Canada Finance
Podcasting juggernaut Joe Rogan is taking his talents exclusively to Spotify. Rogan announced the move on Twitter on Tuesday, saying his podcast, “The Joe Rogan Experience,” will hit Spotify on September 1, before being exclusively available on the streaming …
Podcasting juggernaut Joe Rogan is taking his talents exclusively to Spotify. Rogan announced the move on Twitter on Tuesday, saying his podcast, The Joe Rogan Experience, will hit Spotify on September 1, before being exclusively available on the streaming service by the end of 2020. Spotify will pay Rogan more than $100 million, the Wall Street Journal reported on Tuesday afternoon. Ironically, the deal comes after Rogan explained why his show which generates about 190 million downloads each month is not available on Spotify. Were not on Spotify, and the reason why were not on it is because it didnt make any sense. They were like We want to put you on it, its gonna be great for you. And I was like, how is it great? You guys are gonna make money, Rogan said in 2018. You guys are making money and you dont give us any. The video component of Rogans podcast will continue, but it will not be available on YouTube by the end of the year. Spotifys deal with Rogan comes as the streaming heavyweight has been looking to beef up its podcasting efforts in recent years. Just a few months earlier, Spotify acquired Bill Simmons sports and pop culture site The Ringer, primarily to tap into the companys podcast network. The service, which has 130 million paying customers worldwide, has been aiming for high-profile podcasts that will continue to drive subscriber additions. We need to give [listeners] a reason to think of Spotify when it comes to podcasts, one company employee familiar with their podcasting strategy told TheWrap last October. And having shows they want and cant find anywhere else is only going to help us gain more [users]. Signing Rogan is certainly a coup for Spotify, with The Joe Rogan Experience routinely situated at the top of Apples podcasting rankings. Rogans podcast is also a cash cow, bringing in $30 million last year, according to Forbes, easily making him the top earner in the podcasting world. Read original story Joe Rogan Signs Exclusive Podcast Deal With Spotify At TheWrap
Stock market news live updates: Stock futures little changed after mixed batch of earnings - Yahoo Canada Finance
Stocks are coming off a big day, with investor cheered by news of a coronavirus vaccine, and potential monetary stimulus.
Stocks futures were little changed Tuesday morning, indicating Wall Street was taking a breather from the regular sessions monster rally, after a trifecta of good news propelled the Dow and S&P 500 Index to their best day in over a month. The Dow popped into slightly positive territory Tuesday morning after Walmart shares rose on the back of strong quarterly results. However, this was outweighed by declines in shares of peer Dow components including Home Depot, which fell after reporting weaker than expected quarterly profit. Modernas (MRNA) success with a potential coronavirus vaccine converged with more states reopening and the Federal Reserve pledging more support for the recovery to boost blue-chips and tech stocks. The S&P 500 closed at its highest in over two months. States and cities are gradually relaxing restrictions that have sent the economy into a tailspin. The cautious moves have been enough to spark market hopes for a relatively brisk economic revival, and along with the potential for an effective COVID-19 treatment, have been enough to blunt the impact of ugly U.S. economic data. Elsewhere, traders have decided not to fight the Federal Reserve, which insists it still has the ammunition to backstop the economy, even as its already pledged trillions at the market to contain the coronavirus fallout. Federal Reserve Chairman Jerome Powell said the central bank can still do more to soften the economic blow of the coronavirus pandemic, telling CBSs 60 Minutes that a recovery is possible in the second half of the year. There's a lot more we can do, Powell said. We've done what we can as we go. But I will say that we're not out of ammunition by a long shot. The brisk rally thats carried stocks off Marchs multi-year lows has made some analysts nervous that investors are being too optimistic, given that theres neither an approved coronavirus treatment or vaccine on the immediate horizon. The plunge in consumer spending has been amplified by the unprecedented loss of jobs, highlighted by the latest report on initial unemployment claims, which on Thursday showed a greater than expected 2.981 million Americans filed for first-time unemployment benefits last week. This brought the total number of new claims filed since the week ended March 20 to a staggering 36.5 million. 8:30 a.m. ET: Housing starts decline more than expected in April, hitting lowest level since 2015 Housing starts tumbled more than expected in April, signaling a persistently tough housing market amid the coronavirus pandemic. New housing starts fell by 30.2% over March to a seasonally adjusted annual rate of 891,000, or the lowest level since February 2015. Consensus economists had expected housing starts to drop by 26% to 900,000. Marchs starts were revised up to 1.276 million, constituting an 18.6% decline over the prior month. Building permits, which serve as a proxy for future home-building, also fell in April over March, but at a slower pace than expected. These dropped 20.8% to a seasonally adjusted annual rate of 1.074 million, versus a drop of nearly 26% to 1 million expected. This extended a 5.7% month-over-month decline in building permits in March. 7:43 a.m. ET: Stock futures hug the flat line, paring earlier losses after mixed earnings Here were the main moves in markets, as of 7:43 a.m. ET Tuesday:
- S&P 500 futures (ES=F): down 3.25 points, or 0.11%, to 2,944.75
- Dow futures (YM=F): up 8 points, or 0.03%, to 24,515.00
- Nasdaq futures (NQ=F): up 11.25 points, or 0.12%, to 9,336.75
- S&P 500 futures (ES=F): down 11.5 points, or 0.39%, to 2,936.50
- Dow futures (YM=F): down 90 points, or 0.37%, to 24,417.00
- Nasdaq futures (NQ=F): down 12.25 points, or 0.13%, to 9,313.25
- Crude (CL=F): +$0.77 (+2.42%) to $32.59 a barrel
- Gold (GC=F): +$2.40 (+0.14%) to $1,736.80 per ounce
- 10-year Treasury (^TNX): -2.3 bps to yield 0.719%
- S&P 500 futures (ES=F): 2,946.00, off -2.00 (-0.07%)
- Dow futures (YM=F): 24,507.00, flat
- Nasdaq futures (NQ=F): 9,332.50+7.00 (+0.08%)
Stock market news live updates: Stock futures slightly lower ahead of jobless claims report - Yahoo Canada Finance
Stock futures were lower after a selloff during the regular session Wednesday sent the Nasdaq back into negative territory for the year to date. The Labor Department’s weekly report on new jobless claims showed another 2.981 million individuals filed for firs…
Stock futures were lower after a selloff during the regular session Wednesday sent the Nasdaq back into negative territory for the year to date. The Labor Departments weekly report on new jobless claims showed another 2.981 million individuals filed for first-time unemployment benefits last week, or more than had been expected. On Wednesday, the S&P 500 closed at its lowest level since April 23, amid a rising chorus of warnings from economists and officials over the outlook for the virus-stricken economy, as well as signs of lingering tensions between the U.S. and China. Remarks Wednesday morning from Federal Reserve Chair Jerome Powell spooked investors, as he raised the specter that lasting damage may be done to the U.S. economy in the wake of the coronavirus pandemic. The U.S. may need additional stimulus on both the monetary and fiscal policy fronts to ward off a deeper and more destructive downturn. Powell also said he expected that unemployment would peak over the course of the next month or so, after the jobless rate surged to a record high of 14.7% in April, based on Bureau of Labor Statistics monthly data. He noted that those on the lower end of the income spectrum have borne the brunt of the declines, with the Fed finding nearly 40% of people in households making under $40,000 a year lost their jobs in March. Economists at major firms have issued increasingly grim outlooks on the economic outlook in the near-term. Goldman Sachs economists said in a note Wednesday they anticipate the unemployment rate will peak at 25%, up from their previous estimate of 15%. In a similar downgraded forecast, Nomura economists said in another note Wednesday they now believe second-quarter U.S. gross domestic product will be about 16.0% below its level in Q4 of last year, compared to a decline of 12.5% in our previous forecast. Others, however, have highlighted data showing areas of the economy that are moving in a direction of less bad, rather than worsening, as the outbreak progresses. In a new report Wednesday, Bank of America said its daily credit and debit card data for May showed meaningful improvement in card spending relative to the doldrums of March, driven by the lower income population. Total card spending was running at a -10% pace over last year between May 3 and 7 which, while still negative, was an improvement from the -36% year over year trend seen during the last 5 days of March, the analysts said. The analysts attributed this to stimulus payments authorized by Congress and a phased reopening of the economy in some states, along with a greater number of individuals receiving benefits after filing jobless claims. Meanwhile, corporate earnings season continued on Wednesday. Cisco (CSCO) shares rose in late trading after the company guided toward a shallower drop than expected in sales over last year for the current quarter. 8:30 a.m. ET: New unemployment claims totaled 2.981 million for the week ended May 9 Initial unemployment claims came in at 2.981 million for the week ended May 9, the Department of Labor said in its weekly report Thursday morning. Consensus economists expected claims to have totaled 2.5 million for the week, according to Bloomberg consensus data. The prior weeks new unemployment insurance claims were slightly upwardly revised to 3.176 million. Continuing unemployment claims rose to a fresh record of 22.833 million for the week ended May 2. This was slightly below consensus expectations for a rise to 25.12 million. The prior weeks continuing unemployment insurance claims were revised down slightly to 22.377 million. 7:20 a.m. ET: Norwegian Cruise Line Holdings says it expects net losses for the second quarter, full-year 2020 Norwegian Cruise Line Holdings (NCLH) posted a first-quarter net loss of $1.9 billion, versus net income of $118.2 million in the same quarter last year, after the coronavirus pandemic hit the cruise industry especially hard. The losses came as cruise operating expenses jumped by more than one-fifth over last year, due to factors including the costs of suspending cruise voyages. First-quarter revenue of $1.2 billion fell 11.2% over last year, Norwegian said. Norwegian added it expects to post a net loss for both the second quarter and the full year in 2020, and estimates its monthly cash burn to be, on average, in a range of $120 million to $160 million per month while operations are suspended. Still, Norwegian added, There continues to be demand for cruise vacations particularly beginning in the fourth quarter 2020 accelerating through 2021 with the Companys overall booked position and pricing for 2021 within historical ranges. 7:09 a.m. ET Thursday: Stock futures mostly lower ahead of jobless claims report Here were the main moves in markets, as of 7:10 a.m. ET:
- S&P 500 futures (ES=F): down 1.25 points, or 0.04%, to 2,811.75
- Dow futures (YM=F): down 31 points, or 0.13%, to 23,135.00
- Nasdaq futures (NQ=F): up 7.25 points, or 0.08%, to 8,999.5
- Crude (CL=F): +$1.13 (+4.47%) to $26.42 a barrel
- Gold (GC=F): +$7.20 (+0.42%) to $1,723.60 per ounce
- 10-year Treasury (^TNX): -4.1 bps to yield 0.61%
- S&P 500 futures (ES=F): up 9.75 points, or 0.35%, to 2,822.75
- Dow futures (YM=F): up 107 points, or 0.46%, to 23,273.00
- Nasdaq futures (NQ=F): up 36.75 points, or 0.41%, to 9,029.00