Earnings can tell investors a lot about what's ahead for U.S. economy: Allianz's El-Erian

Mohamed El-Erian, chief economic advisor at Allianz, joins "Squawk Box" to discuss earnings season and what the numbers could mean for the economy.

Dow futures trimmed earlier gains as U.S. oil prices turned lower after a five-session winning streak on an uptick in coronavirus-depressed demand from more and more states taking steps to reopen their economies. Earnings and ADP’s April private-sector jobs report could determine whether Wall Street logs its third straight day of gains. (CNBC)

U.S. companies shed over 20.2 million jobs in April, according to the ADP’s monthly private sector employment report. The Labor Department’s April employment report is out on Friday morning. The unemployment rate is expected to soar from 4.4% to over 16.1% in April, the highest level since 1939, according to Dow Jones. (CNBC)

* Fed’s James Bullard says the jobs report on Friday will be one of the worst ever (CNBC)
* Fed Vice Chair Clarida says more support may be needed, but economy should rebound next quarter (CNBC)
* Treasury launches 20-year bond to help fund the record borrowing needed this quarter (CNBC)

General Motors shares were jumping in Wednesday’s premarket after the automaker said before-the-bell that it made $294 million in the first quarter despite coronavirus factory closures. Revenue slipped 6.2% to $32.7 billion but exceeded estimates. GM burned through $903 million during the quarter. The company is targeting May 18 to restart the majority of U.S. production under extensive safety measures.

* CVS Health revenue rose 8% as customers rushed to buy essentials (CNBC)
* Wendy’s shares jump as company reports US same-store sales picking up (CNBC)

Shares of Disney were under pressure after the media and theme park giant issued lower-than-expected fiscal second-quarter earnings of 60 cents per share. While revenue of $18 billion exceeded forecasts, Disney said after the bell Tuesday the pandemic fallout would continue in all aspects of its entertainment businesses for the foreseeable future. The company is suspending its dividend payout for the first half of the fiscal year. (CNBC)

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Видео Earnings can tell investors a lot about what's ahead for U.S. economy: Allianz's El-Erian канала CNBC Television