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<ul class="summary-list"><li>Trump administration officials were far more fearful of COVID-19 in private than they were letting on in public, The New York Times reported on Wednesday.</li><li>In a February 25 address to board members of the conservative Hoover Institution, economic advisor Larry Kudlow said the virus was "contained in the US, to date, but now we just don't know."</li><li>Earlier in the day, Kudlow told CNBC: "We have contained this... It's pretty close to airtight."</li><li>The comments were recorded in a memo by one attendee, soon making their way to investors on Wall Street.</li></ul>On television, Larry Kudlow was optimistic. "We have contained this," President Donald Trump's top economic advisor said of the coronavirus. "I won't say 'airtight,' but it's pretty close to airtight."But hours after his Feb. 25 <a href="https://www.cnbc.com/2020/02/25/larry-kudlow-says-us-has-contained-the-coronavirus-and-the-economy-is-holding-up-nicely.html">appearance on CNBC</a>, Kudlow's private remarks to a right-wing think tank were far more circumspect, <a href="https://www.nytimes.com/2020/10/14/us/politics/coronavirus-trump-investors.html?referringSource=articleShare">The New York Times reported Wednesday</a>. The virus, he said, was "contained in the US, to date, but now we just don't know."The comments to the board of the Hoover Institution, which Kudlow confirmed to The Times, were recorded in a memo by William Callanan, a hedge fund consultant who noted with alarm that Kudlow and other US officials who spoke to the gathering, including Secretary of State Mike Pompeo, brought up COVID-19 "as a point of concern, totally unprovoked."In an email to David Tepper, founder of the Appaloosa Management hedge fund, Callanan noted that the president's economic advisor had just "revised his statement about the virus being contained."His attached memo was forwarded throughout the firm, The Times reported, and from there to others on Wall Street.Investors, The Times noted, were already selling off stocks at the time. But they understood the significance of administration officials appearing to support their fears: "The president's aides appeared to be giving wealthy party donors an early warning of a potentially impactful contagion at a time when Mr. Trump was publicly insisting that the threat was nonexistent," The Times explained.Have a news tip? Email this reporter: <a href="mailto:cdavis@insider.com">cdavis@insider.com</a>

Trump officials, while painting a rosy picture in public, warned conservative allies that coronavirus could harm economy

<ul><li>Former <a href="https://markets.businessinsider.com/stocks/kodk-stock">Eastman Kodak</a> executives sold about $5.1 million in <keyword id="81701" type="PERSON" weightage="60" keywordseo="stock-options">stock options</keyword> they didn't own due to faulty company controls, the company said. </li><li>Five former employees exercised roughly 300,000 in stock options that they only received through "inadequate" controls and "unauthorized issuance," chief financial officer David Bullwinkle said in a Tuesday earnings call.</li><li><keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> will try to recover about $3.9 million from the former executives for the fair value of the shares at the time of their sale. Another $3 million may be recuperated from the withholding of taxes on behalf of the five former employees.</li><li>In July, a federal loan deal helped Kodak's stock price soar 2,100%, but federal investigations have brought the name back to earth. </li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul><keyword id="355279" type="COMPANY" weightage="60" keywordseo="Eastman-Kodak">Eastman Kodak</keyword> revealed on Wednesday that a series of internal errors allowed five former executives to sell roughly $5.1 million worth of stock options in July, the same month a highly scrutinized federal loan announcement sent the company's stock price soaring more than 2,100%. The company learned of "deficiencies" in the controls used to protect its assets, David Bullwinkle, Kodak's chief financial officer, said in a Tuesday earnings call. The lack of proper controls allowed for the "unauthorized issuance" of common stock when previously forfeited stock options were exercised by the ex-executives in July, the CFO added.Kodak's third-quarter regulatory filing shows the former executives exercising roughly 300,000 stock options. The company bore $5.1 million in compensation expenses in relation to the options.Read more: <a href="https://www.businessinsider.com/investing-strategy-with-top-global-stock-fund-manager-alex-umansky-2020-11">Alex Umansky has been one of the world's best stock pickers for years, and his fund is making 6 times more than the competition in 2020. He told us the 4 pillars to his investing approach.</a>The control error didn't result in any misstatement of financial performance, Bullwinkle said. Kodak aims to have the issues solved by the end of the year.The company will try to recover roughly $3.9 million from the former executives for the fair value of the shares at the time of their sale. Another $3 million may be recuperated from the withholding of taxes on behalf of the five ex-employees, according to Kodak.The unusual stock issuance follows months of turbulence and regulatory scrutiny for the company. Kodak shares spiked as much as 2,100% higher in July after the Trump administration revealed it made a $765 million loan to the firm to produce drug ingredients. The Securities and Exchange Commission <a href="https://markets.businessinsider.com/news/stocks/elizabeth-warren-kodak-stock-price-rally-sec-probe-insider-trading-2020-8-1029468479">announced a probe</a> into how the company disclosed the loan just days later amid allegations that insiders took advantage of the news and subsequent stock rally.The stock fell back to Earth in August after the US International Development Finance Corp. <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-government-loan-investigation-dfc-elizabeth-warren-sec-coronavirus-2020-9-1029591058">put the government loan on hold</a>, citing "serious concerns" around allegations of wrongdoing. Internal reviews have since found that CEO Jim Continenza's planned stock sales <a href="https://www.businessinsider.com/kodak-surges-as-review-says-ceos-option-deals-broke-no-laws-2020-9">didn't violate insider trading rules</a>. An outside firm determined in September that Kodak's disclosure of the loan <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-committee-hired-finds-violations-law-government-loan-2020-9-1029595044">was lawful</a>.Kodak traded at $6.73 as of 2:05 p.m. ET on Wednesday, well below the $60 peak it hit in July but still up 62% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/lyft-stock-price-target-earnings-guidance-ride-rebound-wedbush-analyst-2020-11-1029793108">Lyft's set to surge 33% on a ridership bounce-back and stronger path to profitability, Wedbush says</a><a href="https://markets.businessinsider.com/news/stocks/opec-cuts-crude-oil-market-demand-forecasts-rising-coronavirus-cases-2020-11-1029792714">OPEC slashes 2020 and 2021 forecasts as surging coronavirus cases jeopardize oil-market demand</a><a href="https://www.businessinsider.com/stock-picks-to-buy-13-cheap-companies-stable-predictable-growth-2020-11">Buy these 13 stocks that offer stable and predictable growth without the excessive valuations of big tech, Credit Suisse says</a>

Kodak admits an internal error allowed former executives to make more than $5 million selling stock options they never owned

<ul><li><a href="https://markets.businessinsider.com/stocks/kodk-stock">Eastman Kodak</a> soared as much as 65% on Tuesday after an SEC <a href="https://www.sec.gov/Archives/edgar/data/31235/000110465920100787/tm2029898d1_sc13g.htm">filing</a> revealed <keyword id="62375" type="ORGANIZATION" weightage="60" keywordseo="Hedge-fund">hedge fund</keyword> D. E. Shaw &amp; Co. buying more than 3.9 million shares of the company.</li><li>The purchase represents a 5.2% stake in <keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword>.</li><li>Kodak's stock price has settled around 40% higher year-to-date after surging on the announcement of <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-movement-after-skyrocketing-1200-percent-2-days-2020-7-1029450808">a $765 million government loan</a>.</li><li>Claims of insider trading and government scrutiny have since <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-crashes-reports-765m-loan-gov-hold-2020-8-1029487105">placed the loan on ice</a>.</li><li><a href="https://markets.businessinsider.com/stocks/kodk-stock">Watch Kodak trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/kodk-stock">Eastman Kodak</a> spiked as much as 65% on Tuesday after hedge fund D. E. Shaw &amp; Co. revealed a new stake in the volatile stock.The New York-based fund bought more than 3.9 million shares of the camera company, according to a Securities and Exchange Commission <a href="https://www.sec.gov/Archives/edgar/data/31235/000110465920100787/tm2029898d1_sc13g.htm">filing</a> published Monday. The position represents a 5.2% stake in Kodak and is set to lift shares to their highest since mid-August.The stock has settled around $6 per share after outsized volatility pushed prices as high as $60 in late July. Kodak rallied higher on July 28 after the Trump administration announced a $765 million loan for the firm to produce drug ingredients. The surge continued into July 29, and by the end of the session, shares closed more than 1,200% higher from their July 27 levels.Read more: <a href="https://www.businessinsider.com/us-investing-championship-strategy-matthew-caruso-contender-secret-to-return-2020-8">US Investing Championship hopeful Matthew Caruso landed a 382% return in the first half of 2020. He shares the unique twist he's putting on a classic trading strategy — and 3 stocks he's holding right now.</a>The company has since been besieged by pullbacks and accusations of insider trading. The SEC on August 4 <a href="https://markets.businessinsider.com/news/stocks/elizabeth-warren-kodak-stock-price-rally-sec-probe-insider-trading-2020-8-1029468479">began investigating trading of Kodak shares</a> in the days leading up to the White House's announcement. Trading volumes leaped higher in the hours before the official reveal, prompting lawmakers including Sen. Elizabeth Warren to call for a probe of the matter.One day later, <a href="https://markets.businessinsider.com/news/stocks/kodak-government-loan-investigation-probe-house-democrats-elizabeth-warren-2020-8-1029474661">House Democrats launched an investigation</a> into Kodak and the government office that granted the $765 million loan.Shares <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-crashes-reports-765m-loan-gov-hold-2020-8-1029487105">crashed more than 30%</a> on August 10 after the US Internal Development Corp froze the government loan. The sum remains on ice, but Kodak shares are still up 44% year-to-date as investors hold out hope for the funds to be approved.Kodak closed at $5.98 per share on Monday.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-tech-stock-sales-dot-com-bubble-record-2020-8-1029549532">Jack Ma's $30 billion Ant IPO could push tech fundraising to highest level since dot-com bubble's peak</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-strategy-jpmorgan-kolanovic-trump-reelection-odds-rising-polls-2020-8-1029549292">JPMorgan's quant guru lays out 2 reasons he sees Trump's reelection odds rising — and urges investors to position accordingly</a><a href="https://www.businessinsider.com/investing-strategy-how-to-hedge-tech-stocks-at-risk-jpmorgan-2020-8">JPMorgan lays out 2 reasons 'bulletproof'-looking tech stocks are actually at serious risk — and shares 2 simple trades for investors looking to protect themselves</a><div type="image" title="KODK" height="1182" width="1422" msid="77873737" hostid="261"></div>

Kodak rockets 65% after hedge fund scoops up nearly 4 million shares

<ul><li>The number of <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> investors holding <a href="https://markets.businessinsider.com/stocks/kodk-stock?utm_source=markets&amp;utm_medium=ingestgest">Kodak</a> stock spiked as the company's shares soared as much as 2,189% over two days this week.</li><li>Shares of the camera company <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-surges-765-million-government-drug-loan-2020-7-1029444079">tore higher on Tuesday and Wednesday</a> after it said it received a $765 million government loan to make drug ingredients.</li><li>Before the loan was announced, about 9,300 Robinhood investors held <keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> shares, <a href="https://robintrack.net/symbol/KODK">according to Robintrack.net</a>. By Wednesday at noon, that number had surged above 72,000.</li><li><a href="https://markets.businessinsider.com/stocks/kodk-stock?utm_source=markets&amp;utm_medium=ingestgest">Watch Kodak trade live here</a>.</li></ul>The number of Robinhood investors holding <a href="https://markets.businessinsider.com/stocks/kodk-stock?utm_source=markets&amp;utm_medium=ingestgest">Kodak</a> stock grew nearly eightfold from Tuesday morning to Wednesday afternoon amid the company's extraordinary rally.The stock <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-surges-765-million-government-drug-loan-2020-7-1029444079">leaped to as high as $59.98</a> on Wednesday, bringing its two-day surge to 2,189% at its peak. Kodak shares began tearing higher on Tuesday afternoon after the company said it received a $765 million government loan to make drug ingredients during the coronavirus pandemic. The <a href="https://www.dfc.gov/media/press-releases/dfc-sign-letter-interest-investment-kodaks-expansion-pharmaceuticals">announcement</a> drove an influx of investor cash to the stock.Much of the new interest came from Robinhood investors. Retail trading has <a href="https://markets.businessinsider.com/news/stocks/retail-investors-quarter-of-stock-market-coronavirus-volatility-trading-citadel-2020-7-1029382035">represented a larger share of stock-market activity</a> in recent months as casual traders look to capitalize on virus-fueled volatility.Kodak is the latest stock to benefit from the wave of new investors. Before the Tuesday announcement of Kodak's loan, roughly 9,300 Robinhood traders held the stock, <a href="https://robintrack.net/symbol/KODK">according to Robintrack.net</a>. By noon on Wednesday, that number was above 72,000. Roughly half of the increase happened over just two hours on Wednesday.Read more: <a href="https://www.businessinsider.com/stock-picks-sectors-to-buy-us-china-trade-war-gionnotto-2020-7">A market-research expert breaks down the 3 sectors and 4 stocks that are best to own as a new Cold War between the US and China heats up</a>No other stock came close to garnering the same attention on Robinhood through morning trading. The next-most-bought stock over the past 24 hours, Heat Biologics, saw just 6% of the activity that Kodak enjoyed over the same period.Similar buying sprees have taken place on Robinhood this year. After <a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Hertz</a> announced its bankruptcy in late May, retail traders flooded the stock with cash in hopes that it would miraculously avoid insolvency. The car-rental company rallied more than 900% over nine days, and the share of Robinhood investors holding Hertz shares nearly tripled.Kodak traded at $37.79 per share as of 1:15 p.m. ET, up 808% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/amd-q2-earnings-stock-price-leaps-earnings-win-strong-guidance-2020-7-1029445905">AMD surges 12% after trouncing quarterly estimates and snagging market share from rivals</a><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-downgraded-bernstein-mind-boggling-rally-target-price-lowered-2020-7-1029440566">Bernstein downgrades Tesla and says the stock will tank 42% from its 'mind-boggling' valuation</a><a href="https://www.businessinsider.com/how-to-invest-in-stocks-credit-commodities-for-economic-recovery-2020-7">3 Wall Street pros managing $12 billion in assets share their strategies for profiting from the economy's recovery — and explain why investors should be aggressively taking risks now</a>

More than 63,000 Robinhood traders piled into Kodak shares during its 2,100% rally

<ul><li>US stocks closed mixed on Wednesday as sliding tech giants overshadowed the Federal Reserve's pledge to keep monetary support intact for the foreseeable future.</li><li>Central bank policymakers signaled near-zero interest rates would last through 2023 to buttress the US economic recovery.</li><li>The tech sector dragged major indexes into intraday losses, with mega-caps including Apple and Facebook leading the slump.</li><li><keyword id="87998" type="PERSON" weightage="60" keywordseo="Retail-sales">Retail sales</keyword> <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">grew by just 0.6%</a> in August, missing the average economist estimate of 1% and marking a slowdown from July's 1.2% growth.</li><li>Oil prices increased on reports of US stockpiles falling by 9.5 million barrels last week. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> jumped as much as 5.4%, to $40.33 per barrel.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities closed mixed on Wednesday as investors weighed the Federal Reserve's latest policy decision against a tech-sector slump.Tech names slowed their roll on Wednesday after rebounding in recent sessions. Mega-caps including <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> sank through the afternoon and dragged the S&amp;P 500 and Nasdaq composite into intraday losses. The sector has endured intense volatility through September as investors have weighed historically high valuations against the firms' earnings strength through the pandemic.The Federal Open Market Committee elected to hold rates near zero and maintain asset purchases at least at their current pace after their two-day September meeting. Central bank policymakers also signaled <a href="https://www.businessinsider.com/federal-reserve-fomc-decision-september-near-zero-rates-through-2023-2020-9">near-zero rates would last through 2023</a>.In an update to its forward guidance, the Fed said it "expects to maintain an accommodative stance of monetary policy" until maximum employment is achieved and inflation averages 2% over time, according to a Wednesday <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm">statement</a>. The stance signals to investors that highly supportive monetary policy will remain in place well into the US economic recovery. Here's where US indexes stood at the 4 p.m. ET market close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,385.49, down 0.5%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 28,032.38, up 0.1% (37 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,050.47, down 1.3%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-strong-earnings-2021-jefferies-2020-9" target="_blank" rel="noopener">A Wall Street firm says investors should buy these 15 cheap, high-earning stocks now to beat the market in 2021 as more expensive companies fall behind</a>"If there was any doubt about the Fed's intention to allow the economy to run hot, today's FOMC meeting put paid to that," Seema Shah, chief strategist at Principal Global Investors, said. "The only question that remains, is how hot is hot?"Investors also grappled with <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">retail-sales data that was weaker than expected</a>. August sales grew by just 0.6%, missing economists' estimates of 1% and sinking from July's 1.2% growth. The reading marked the fourth straight increase since spending cratered in April but also showed a slowdown as economic stimulus dried up last month.Energy stocks gained the most through the day, with real estate and industrial stocks also notching healthy gains. Tech stocks fell the most of the S&amp;P 500's 11 sectors along with communication services and consumer cyclical stocks.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-from-house-hacks-to-multifamily-units-2020-9">Anthony Angotti quit his 9-to-5 career to pursue real-estate investing full time. Here's the strategy he's used to balloon his portfolio to 89 units after an initial duplex investment.</a><a href="https://markets.businessinsider.com/news/stocks/snowflake-stock-price-soars-market-trading-debut-buffett-ipo-2020-9-1029595825">Cloud-data startup Snowflake more than doubled</a> in its first day of trading on the New York Stock Exchange. The company raised roughly $3.4 billion in its debut, making it the largest-ever software initial public offering and biggest IPO of the year.<a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> shares surged after an internal investigation found that stock trades by CEO Jim Continenza around the time the Trump administration disclosed a $765 million loan to the firm didn't violate company rules.The sports-betting platform <a href="https://www.businessinsider.com/draftkings-stock-price-new-york-giants-deal-big-10-restart-2020-9">DraftKings rose</a> after <a href="https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-and-new-york-giants-announce-official-exclusive">announcing an exclusive deal</a> with the New York Giants to operate online wagers, a sportsbook, and a virtual lounge on game days.<a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-jpmorgan-analyst-defends-company-following-cfo-meeting-2020-9-1029595994">Nikola reversed an intraday tumble and soared</a> after JPMorgan analyst Paul Coster backed the company after a discussion with its management. The stock slipped through recent sessions amid research reports knocking Nikola for misrepresenting its performance and sales. Nikola deemed such reports false, but the statement did little to keep shares from falling earlier in the week.Read more: <a href="https://www.businessinsider.com/options-trading-strategy-market-wizards-schwager-tony-saliba-shares-advice-2020-9">Legendary options trader Tony Saliba famously put together 70 straight months of profits greater than $100,000. Here's an inside look at the strategy that propelled him to millionaire status before age 25.</a>"The overall message was reassuring: no loss of momentum with existing partners, prospective customers, suppliers and employees," Coster said in a Wednesday note.Spot gold climbed as much as 1%, to $1,973.60. The US dollar erased losses and gained slightly, and Treasury yields ticked higher after the Fed's announcement.Crude-oil futures jumped above $40 per barrel after the American Petroleum Institute reported that US inventories fell by 9.5 million barrels last week, <a href="https://www.bloomberg.com/news/articles/2020-09-15/oil-extends-rally-after-report-shows-decline-in-u-s-stockpiles?srnd=markets-vp">according to Bloomberg</a>. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> gained as much as 5.4%, to $40.33 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international standard, climbed 4.5%, to $42.37 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/investing-strategy-skybridge-gayeski-hedge-fund-managers-to-invest-in-2020-9">The co-investing chief of SkyBridge explains how he finds opportunities in places where no one is looking — and shares the 3 hedge fund titans he's plowing money into ahead of market-wide 'muted returns'</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-rally-continue-fed-aid-economic-recovery-ubs-2020-9-1029591603">The world's largest wealth manager says central banks still have plenty of ammo that can keep stocks rallying</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-stocks-us-election-wells-fargo-2020-9-1029595832">Wells Fargo says stock market volatility will balloon after US election</a>

US stocks close mixed as tech slump overshadows Fed's plans for long-term support

<ul><li>US stocks dropped on Thursday after economic data detailed the US's biggest gross domestic product contraction on record.</li><li>The country's economy shrank at <a href="https://www.businessinsider.com/us-q2-gdp-record-decline-coronavirus-pandemic-recession-lockdowns-economy-2020-7">an annualized rate of 33%</a> in the second quarter, the Commerce Department announced Thursday. Economists expected a contraction of roughly 35%.</li><li>Jobless claims data pointed to lasting virus fallout. Claims <a href="https://www.businessinsider.com/us-jobless-claims-unemployment-insurance-labor-market-filings-recession-coronavirus-2020-7">ticked higher for the second-straight week</a> to 1.43 million, still beating economists 1.45 million expectation.</li><li>Investors braced for earnings from major tech companies including <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a>, and <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> after the close.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities slipped on Thursday as new data revealed the full extent of the coronavirus's damage to the nation's economy.The country's gross domestic product <a href="https://www.businessinsider.com/us-q2-gdp-record-decline-coronavirus-pandemic-recession-lockdowns-economy-2020-7?utm_source=notification&amp;utm_medium=referralrral">fell at an annualized rate of 33%</a> through the second quarter, the Commerce Department <a href="https://www.bea.gov/news/2020/gross-domestic-product-2nd-quarter-2020-advance-estimate-and-annual-update">announced</a> Thursday. The reading is the worst in records dating back to the 1940s, marking the US's biggest economic slump in modern history.The contraction slightly beat expectations. Economists surveyed by Bloomberg anticipated a roughly 35% annualized shrinkage. Experts largely expect the second quarter to serve as the trough of the nation's economic downturn, though a resurgence in virus cases and signs of weakening consumer sentiment threaten to prolong an already deep recession. Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,220.04, down 1.2%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingeste=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 26,116.58, down 1.6% (423 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 10,473.10, down 0.7%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-jim-osman-pinpoints-3-potential-winners-2020-7" target="_blank" rel="noopener">200-plus money managers pay thousands to set eyes on Jim Osman's stock buy list. Here are 2 he says are set to soar — and an under-the-radar IPO to keep a watch on</a>Elsewhere in economic data, weekly jobless claims <a href="https://www.businessinsider.com/us-jobless-claims-unemployment-insurance-labor-market-filings-recession-coronavirus-2020-7">registered a second straight week of increases</a> after steadily declining for four months. Claims rose by 12,000 to 1.43 million in the week ended on Saturday, the Labor Market said Thursday. Economists expected a larger increase to 1.45 million claims, according to Bloomberg data.Continuing claims, which track Americans already receiving unemployment benefits, climbed by 867,000 to 17.06 million in the week ended July 18."Investors should be prepared for a choppy process of data digestion, but not be surprised that the market feels the future is better than the present and that unprecedented stimulus and liquidity exist to drive valuations," David Bahnsen, chief investment officer of financial planning firm The Bahnsen Group, said in a note.Read more: <a href="https://www.businessinsider.com/stock-picks-investing-advice-from-growth-fund-manager-jason-tauber-2020-7">Portfolio manager Jason Tauber is outstripping the market's returns in 2020. He says these 3 high-growth companies have 'hidden assets' that could make them far more valuable than most investors believe.</a>Traders also prepared for quarterly reports from nearly all tech mega-caps. <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a>, and <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> are slated to release their quarterly figures after the close, offering investors insight into how the most crowded growth stocks held up through the pandemic. The four tech giants all dipped in early trading and lead indexes lower.A handful of companies traded higher after reporting earnings Thursday morning. <a href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a> soared after beating expectations for profit and revenue amid strong delivery demand. <a href="https://markets.businessinsider.com/stocks/pg-stock">P&amp;G</a> similarly toppled estimates as cleaning product sales surged through the quarter.<a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> continued to rally after the previous two sessions saw shares spike about 1,200%. The camera company's shares swung higher on Tuesday after announcing it received a $765 million government loan to produce drug ingredients in response to coronavirus.<a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> prices paused after a nine-day winning streak placed the precious metal at record highs.Read more: <a href="https://www.businessinsider.com/storage-units-real-estate-investing-strategy-demand-oriented-ryan-gibson-2020-7" target="_blank" rel="noopener">Millions in profits and 5,429 units: Why Ryan Gibson is going all in on storage-unit investing after years of flipping homes — and the strategy he's using to capture the booming trend</a>Oil prices declined amid continued worries of a demand slump. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> fell as much as 6.2%, to $38.72 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, oil's international standard, slid 5.4%, to $41.38 per barrel, at intraday lows.Thursday's busy session follows a similarly eventful trading day. Major indexes <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-indexes-fed-meeting-big-tech-testimony-2020-7-1029447460">notched moderate gains on Wednesday</a> after the Federal Reserve held interest rates near zero and indicated it would use all of its policy tools to facilitate a full economic recovery. Jerome Powell noted that a rise in virus infection rates was already dragging on the economic rebound, and hinted at forward guidance possibly being used for further easing efforts in the future."With rates already so low, monetary policy is becoming less effective at stimulating the economy," Seema Shah, chief strategist at Principal Global Investors, said. "Policymakers can soften a downturn, but ultimately, they do not have the power to prevent it."Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/facebook-q2-earnings-preview-ad-boycott-virus-dent-revenue-analysts-2020-7-1029450986">'Pandemic and advertiser boycott create heightened uncertainty': Here's what 3 analysts expect from Facebook's quarterly earnings</a><a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-rally-leads-robinhood-investors-buy-robintrack-retail-2020-7-1029447131">More than 63,000 Robinhood traders piled into Kodak shares during its 2,100% rally</a><a href="https://www.businessinsider.com/stock-picks-to-buy-jim-osman-pinpoints-3-potential-winners-2020-7">200-plus money managers pay thousands to set eyes on Jim Osman's stock buy list. Here are 2 he says are set to soar — and an under-the-radar IPO to keep a watch on</a>

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