01Jun2020 Pre-Market Commentary: Wall Street Set To Open Fractionally Lower, DOW Down 28 Points, WTI Crude Unchanged At 35.21, US Dollar Weak At 98.12, Gold At 1734

Here is the current market situation from CNN Money

European markets are higher today as French and British shares show gains. The CAC 40 is up 1.08% while the FTSE 100 is up 0.92%. The German DAX is closed.

U.S. utilities look newly cheap, but face COVID-19 headwinds this summer

U.S. utility stocks have started to look like bargains after being considered expensive relative to the broader market for well over a year. Still, the outlook is far from certain as demand this summer is set to be hard hit by the contraction in commercial and industrial usage.

Eli Lilly starts human study of potential COVID-19 antibody treatment

Eli Lilly and Co said on Monday it had started an early-stage trial to test its potential treatment for COVID-19, in the world’s first study of an antibody treatment against the disease.

Sign here first: U.S. salons, gyms, offices require coronavirus waivers

As U.S. businesses reopen after weeks of pandemic lockdowns, many have been posting coronavirus disclaimers or requiring employees and patrons to sign waivers before entering.

Gilead trades that made millions on COVID-19 drug news raise eyebrows

Well-timed trades in Gilead Sciences Inc’s options ahead of good news on the biopharmaceutical company’s COVID-19 drug treatment may draw regulatory scrutiny, experts said.

London Stock Exchange finds broad backing for shorter trading day

There is broad backing in stock markets for cutting the trading day by 90 minutes in a coordinated way across European exchanges, the London Stock Exchange said on Monday.

Rich world’s jobs crisis jolts money flows to millions

Carlos Sosa, a Salvadoran waiter in New York, used to send up to $500 a month back home to his mother to help pay for her medical bills and food. But now, after the coronavirus hit and he lost his job in early March, Sosa has burned through his savings and the wire transfers have stopped.

Facebook’s Zuckerberg faces employee blowback over ruling on Trump comments

Facebook employees critical of CEO Mark Zuckerberg’s decision not to remove an inflammatory comment from U.S. President Donald Trump took their dissent public over the weekend on Twitter, praising the rival social media firm for taking action and rebuking their own employer.

Global stocks buoyant, dollar slips as economies start to unlock

World stocks hovered near three-month highs and the dollar was flat on Monday as optimism over economies opening up again boosted risk appetite, despite worries over riots in the United States and unease over Washington’s standoff with Beijing.

Zynga to buy Turkish mobile-game maker Peak for $1.8 billion

Zynga Inc said on Monday it has agreed to buy Turkish mobile-game maker Peak for $1.8 billion in a cash and stock transaction, in a deal that will help the FarmVille maker boost its daily active user base by 60%.

‘It’s Out Of Control’ – Brazil Joins US As Only Countries With More Than Half A Million COVID-19 Cases: Live Updates

‘It’s Out Of Control’ – Brazil Joins US As Only Countries With More Than Half A Million COVID-19 Cases: Live Updates Tyler Durden Mon, 06/01/2020 – 08:32

With US equity markets set to kick off the month of June in the green in defiance of any rational fundamental analysis, most of the army of journalists who have been covering various aspects of the coronavirus crisis have seemingly been diverted to covering the “protests” that have broken out across the US last night, most of Monday’s big virus related news has come from abroad.

We’re Living The Founding Fathers’ Nightmare: America Is Corrupt To The Core

We’re Living The Founding Fathers’ Nightmare: America Is Corrupt To The Core Tyler Durden Mon, 06/01/2020 – 08:25

Authored by Charles Hugh Smith via OfTwoMinds blog,

Our ruling elites, devoid of leadership, are little more than the scum of self-interested, greedy grifters who rose to the top of America’s foul-smelling stew of corruption.

S&P Futures Storm Higher Ignoring Riots, Chinese Halt Of Some US Imports

S&P Futures Storm Higher Ignoring Riots, Chinese Halt Of Some US Imports Tyler Durden Mon, 06/01/2020 – 08:10

The honey-badger market is back.

After initially dropping more than 1% at the start of trading on Sunday in kneejerk response to the worst US riots in decades, stocks recovered all losses by the time Europe opened for trading, then just after 4am ET reports hit that that state-owned traders Cofco and Sinograin were ordered to suspend purchases of some American farm goods including soybeans. At the same time China also accused the US of undermining bilateral relations and said its comments regarding Hong Kong œdisregarded facts, days after President Donald Trump moved to rescind the city’s special trading status.

Futures dropped quickly on this news, but then once again quickly recovered and erased most of the loss as the market is fully in “ignore all negative news” mode. As a result, the Emini was just up from the Friday close, trading at 3,044 last, after dropping as low as 3,008 overnight.

Beijing Retaliates: Trade Deal On Verge Of Collapse As China Halts Some US Farm Imports

Beijing Retaliates: Trade Deal On Verge Of Collapse As China Halts Some US Farm Imports Tyler Durden Mon, 06/01/2020 – 06:39

Veteran traders couldn’t help but laugh when they checked US equity futures last night and saw that – as some probably had suspected they might – Dow futures were tracking for a 100-point jump at the open. With so much emergency liquidity still sloshing around the financial system, it seemed the most near-term risk many could fathom was a probable spike in new coronavirus infections in the coming weeks, hardly an imminent, overnight risk.

TikTok’s owner is trying to become less Chinese, more Indian

TikTok’s owner is trying to become less Chinese, more IndianByteDance may formally file an application with the government for a corporate base.

Revised criteria will further boost MSMEs

Revised criteria will further boost MSMEsThe Union Cabinet on Monday said it has approved and further revised the definition of MSMEs in the country.

Jhunjhunwala has a surprise Q4 pick

Jhunjhunwala has a surprise Q4 pickAnalysts have already cut FY21 EPS estimates for the stock by up to 50 per cent.

Bond Report: Treasury yields inch higher as investors play down U.S.-China tensions

U.S. Treasury yields edge higher as investors largely shrug off U.S.-China tensions and a weekend of civil unrest in major U.S. cities.

Metals Stocks: Gold edges lower as investors play down U.S.-China tensions

Gold trades slightly lower Monday, losing ground as equities drift into positive territory and investors appear to play down U.S.-China tensions after President Donald Trump last week refrained from tearing up a phase one trade deal with China.

The Conversation: Police officers accused of brutality often have a history of violence with few consequences

Law-enforcement agencies fail to adequately investigate misconduct and rarely sustain citizen complaints.