The daily business briefing: October 23, 2020
New jobless claims fell below 800,000 last week, the FDA approves remdesivir for COVID-19 treatment, and more
1. Weekly new jobless claims fall below 800,000
The number of Americans filing new jobless claims has declined to less than 800,000 for the first time in seven months. The Labor Department on Thursday said that 787,000 Americans filed new jobless claims last week, a decline of 55,000 from the previous week's revised level and significantly below the expected 875,000 claims. It was the first time since the middle of March that the number of claims was below 800,000. Additionally, the number of continuing claims declined by about 1 million to 8.37 million claims. Last week, the number of new jobless claims unexpectedly rose to the highest level in almost two months. At the same time, CNN notes that "23.2 million Americans received some form of government jobless benefits in the week ended October 3."
2. FDA approves remdesivir for COVID-19 treatment
The Food and Drug Administration on Thursday approved remdesivir to treat COVID-19, making Gilead Science's antiviral drug the first and only coronavirus treatment with full federal approval. The FDA gave remdesivir emergency-use authorization in May, giving doctors the option of administering the drug to hospitalized COVID-19 patients after an extensive consent process. Full approval required further evidence of the drug's safety and effectiveness, which came through three clinical trials. A National Institutes of Health-funded trial found that remdesivir reduced hospital stays for moderately ill patients by four days, from 15 to 11. The drug has not been shown to significantly reduce mortality, and a multi-country trial backed by the World Health Organization found the drug had "little to no effect."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Walmart files pre-emptive opioid lawsuit against federal government
Walmart on Thursday filed a pre-emptive lawsuit ahead of a looming Justice Department civil suit against the retailer in connection with the opioid crisis. Walmart accused DOJ and the Drug Enforcement Administration of trying to scapegoat the giant retail chain to hide their own "profound" regulatory and enforcement failings in the fight against the deadly opioid epidemic. Walmart said federal authorities were trying to impose harsh financial penalties by arguing that Walmart's pharmacists have filled dubious prescriptions for addictive painkillers. Walmart's suit argues that the federal government has no legal basis for suing Walmart, which operates more than 5,000 in-store pharmacies in the United States. The Justice Department and DEA declined to make any immediate comment.
4. Mortgage rates fall to 11th low of 2020
Mortgage rates fell to their 11th record low of the year last week. The average rate on a 30-year fixed-rate mortgage dropped to 2.8 percent, the lowest level in nearly 50 years, according to Freddie Mac. The 15-year fixed-rate mortgage fell to 2.33 percent. Today's rates are more than a full percentage point lower than they have been over the last five years, said Sam Khater, Freddie Mac's chief economist. "This means that most low- and moderate-income borrowers who purchased during the past few years stand to benefit by exploring refinancing to lower their monthly payment," Khater said. Unfortunately for buyers, prices are rising as the number of available homes declines. The median home price jumped by 15 percent in September over the same month last year.
5. Stocks rise slightly as coronavirus stimulus talks remain in focus
U.S. stock index futures edged higher early Friday as investors continued to monitor talks on a new round of coronavirus relief. Futures for the Dow Jones Industrial Average were up by 0.3 percent several hours before the opening bell. Those of the S&P 500 rose by 0.2 percent, while those of the tech-heavy Nasdaq were up by less than 0.1 percent. The Dow and the S&P 500 gained 0.5 percent on Thursday. The Nasdaq closed up by 0.2 percent. Investors also were monitoring earnings. Intel shares dropped by 9 percent after the chip maker reported mixed quarterly results. Coronavirus developments also remained in focus after the Food and Drug Administration made Gilead Sciences' drug remdesivir the first drug to receive full federal approval for treating COVID-19 patients.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
'The House GOP is begging to lose their majority'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Pig kidney transplant recipient dies
Speed Read Richard Slayman has passed away two months after undergoing the historic procedure
By Peter Weber, The Week US Published
-
Putin replaces defense minister with economist
Speed Read In a surprising shake-up, Putin replaced Sergei Shoigu with civilian economist Andrei Belousov
By Peter Weber, The Week US Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published