1. Dow set to add to the two-session rally of nearly 1,100 points
In addition to Labor’s weekly department on unemployment claims Thursday, the Commerce Department released its strong April stock and its second reading of first-quarter economic growth. Last month’s strong commodity orders fell 17.2%, slightly higher than expectations. GDP in the first three months of the year, ahead of the full state lockdown, showed a much-anticipated 5% decline compared to the 4.8% decline in the first reading.
2. The United States and Chinese relations live in many places
Police are guarding a road to prevent pro-democracy protesters from blocking roads in Hong Kong’s Mong Kok district on May 27, 2020, as city legislatures contend with a law. forbidding to insult China’s national anthem. Hong Kong police filed a dragnet around the financial hub’s legislature on May 27, firing round-ball rounds and arresting hundreds as they staged protests against a bill banning insults in China’s national anthem.
Isaac Lawrence | AFP | Photos of Getty
The Chinese parliament on Thursday approved a proposal to impose a new national security law for Hong Kong, and set a way for the law to be completed and implemented. Protests on China’s autonomous territory reigned after the law was first proposed Friday. The United States criticized China’s move, saying it was undermining Hong Kong’s independence that Beijing had promised to keep in place for 50 years when the former British colony returned to Chinese rule in 1997.
In a separate issue that could wreak havoc on Washington-Beijing relations, sparked by the source of the coronavirus outbreak, the House sent President Donald Trump a bill calling for sanctions against Chinese officials for detention and torture of Uighur Muslims in the western region of the country. of Xinjiang. The law was approved by 413-1 following an over-passage in the Senate earlier this month. Trump has not said whether he intends to sign it into law.
3. As Trump observed on social media, Mark Zuckerberg’s Facebook reaction
President Donald Trump receives questions after speaking about the coronavirus (COVID-19) outbreak and the cost of treating diabetes and the Rose Garden at the White House in Washington, U.S., on May 26, 2020.
Jonathan Ernst | Computers
Trump is expected to sign on Thursday an executive order targeting social media companies a day after threatening to shut down Twitter and other platforms accusing him of abstaining from conservative voices. Trump’s latest controversy on social media surfaced after Twitter on Tuesday for the first time attached a warning to some of his tweets urging readers to review the president’s claims. In a CNBC interview delivered Thursday morning, Facebook CEO Mark Zuckerberg was asked about it. He said he doesn’t think social networks should fact-check what politicians are posting.
4. American Airlines plans to cut 5,000 management and support jobs
American Airlines’ passengers plan a flight where they parked because of flight cuts at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020.
Nick Oxford | Computers
American Airlines plans to cut 30% of its staff management and support, a reduction of nearly 5,000 jobs, as the toll coronavirus takes over business, according to a company memo viewed by CNBC. The airline also began offering buyouts to these staff and plans to offer voluntary leave and buyouts for front-line staff, such as flight attendants, in June. Last month, airlines began receiving parts of a $ 25 billion federal aid package for carriers. Airports that receive assistance are prohibited from stopping or lowering employee pay rates until Sept. 30.
5. Boeing continues to manufacture the still-grounded 737 Max
An employee was working near a Boeing 737 Max aircraft at Boeing’s 737 production facility in Renton, Washington, United States on December 16, 2019.
Lindsey Wasson | Computers
Boeing has continued to manufacture beleaguered 737 Max planes. Production stopped in January as a global basis for planes longer than expected. Flights have been banned from flying the 737 Max since March 2019 after the second of two fatal crashes involving a jet that killed a total of 346 people. The stop stopped the delivery shortly after the second crash. It has logged a fall in cancellations from customers this year as the coronavirus pandemic adds to the struggles. Earlier on Wednesday, Boeing CEO Dave Calhoun said the company had close to 7,000 employees this week, the first group in a plan to cut its staff by 160,000 by 10%.
– Reuters contributed to this report. Follow all the developments on Wall Street in real-time on CNBC’s live blog market. Get the latest on pandemics with our coronavirus blog.