Stocks fell sharply Thursday after the U.S. economy contracted the most since the 1940s in the second quarter and Wall Street prepared for earnings from America's largest and most powerful tech companies.
Donald Trump in a tweet Thursday suggested the presidential election in November should be delayed “until people can properly, securely and safely vote,” claiming that mail-in voting during the pandemic would make for a fraudulent election. The president, however, doesn't have the power to delay the vote.
The Commerce Department reported Thursday that gross domestic product, which measures the output of the economy, dropped 9.5% between April and June, which equals an annual pace of 32.9%. Economists polled by FactSet had been expecting the economy to shrink by 34.6%.
Stocks closed broadly higher Wednesday after the Federal Reserve vowed to continue using all its tools to support the U.S. economy through the coronavirus pandemic.
The Federal Reserve left its benchmark interest rate near zero and said the "path of the economy will depend significantly on the course of the virus.”
The Fed reiterated that the coronavirus outbreak “poses considerable risks to the economic outlook over the medium term” and said rates would be held near zero “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”
So what's Jim Cramer watching?
Watch the video above.