01Apr2020 Midday Update: Wall Street Sinks As Coronavirus Anxiety Grows, DOW Down 577 Points, WTI Crude Pennies Higher At 20.56, US Factory Orders Tumble To 11-year Low

Here is the current market situation from CNN Money

North and South American markets are sharply lower today with shares in Brazil off the most. The Bovespa is down 3.02% while U.S.’s S&P 500 is off 2.55% and Mexico’s IPC is lower by 2.24%.

Kroger posts 30% jump in March comparable sales, borrows $1 billion

Kroger Co’s comparable sales surged about 30% in March as consumers stockpiled due to the coronavirus pandemic, and the grocer said it had borrowed $1 billion to boost its cash reserve as it prepared for any fallout from the health crisis.

Insurers fret as company bosses face coronavirus legal claims

Insurers are increasingly worried about shareholders, employees or customers bringing coronavirus-related claims against company executives and are considering excluding the virus from policies which protect the bosses, industry sources say.

Swiss distillery shifts from schnapps to sanitizer

A Swiss distillery has converted its production of pear schnapps to make disinfectant hand gel for use against the coronavirus.

Fiat Chrysler hopes discounts, web can juice dormant auto sales

With auto showrooms shut during the coronavirus pandemic, Fiat Chrysler Automobiles NV on Wednesday reported a 10% drop in U.S. quarterly sales and moved to juice demand with bigger discount and a program allowing customers to buy vehicles entirely online.

Wall Street sinks as coronavirus anxiety grows

The Dow Jones tumbled more than 700 points on Wednesday as investors fled to safe-haven assets after new orders for U.S.-made goods plunged to an 11-year low and private payrolls fell for the first time since 2017.

Whiting files for Chapter 11 bankruptcy as oil prices hover at $20

U.S. shale producer Whiting Petroleum Corp said on Wednesday it filed for Chapter 11 bankruptcy, the first major casualty of a free fall in crude prices to $20 a barrel.

T-Mobile completes merger with Sprint

T-Mobile US Inc said on Wednesday it officially completed the merger with Sprint Corp , solidifying its postion as the No.3 wireless providers in the U.S.

U.S. construction spending unexpectedly falls in February

U.S. construction spending unexpectedly fell in February and could decline further as the coronavirus pandemic wreaks havoc on the economy.

U.S. factory activity contracts in March; orders tumble to 11-year low: ISM

U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession.

New US Intelligence Report Accuses China Of Deliberately Lying About Coronavirus Figures

New US Intelligence Report Accuses China Of Deliberately Lying About Coronavirus Figures

A day after China reported more than 1,500 additional “asymptomatic” cases that authorities said had been left out of the country’s data, while promising to start reporting these cases (they’ve already reported 50 more on Wednesday, blaming most of them on travel) going forward, an intelligence report has been submitted to the White House accusing Beijing of deliberately underreporting cases.

The report, which was leaked to the US press by senior-level officials, revealed that the US believes China deliberately tried to conceal the extent of the outbreak, suggesting that Beijing’s decision to lift its lockdown is probably premature, which is why they’re pivoting toward blaming foreigners for these new “asymptomatic” cases that have supposedly been known to the government all along, they just simply ‘forgot’ to count them.

What If The Fed Did Nothing?

What If The Fed Did Nothing?

Authored by Noah Bonn via The Mises Institute,

Austrians and Libertarians are well-established critics of central banking in general, and emergency monetary stimulus in particular.

There is near universal agreement that Alan Greenspan should not have cut rates following the Dot-Com Bubble, and that Ben Bernanke and Janet Yellen should not have quadrupled the monetary base following the Housing Bubble.

Putin Self-Isolates After Shaking Hands With Infected Doctor At Moscow Hospital

Putin Self-Isolates After Shaking Hands With Infected Doctor At Moscow Hospital

On Tuesday it was revealed that Denis Protsenko, the head doctor at the infectious diseases hospital treating coronavirus patients in Moscow, tested positive for COVID-19.

Just a week ago Dr. Protsenko was photographed shaking hands with President Vladimir Putin, during the Russian leader’s visit to the hospital, where he donned a full protective Hazmat suit to visit patients. But during most of his interaction with Protenko, Putin wasn’t wearing the protective gear.Â

Putin’s office now reports he’ll conduct his duties remotely, in self-isolation after the exposure. “The president prefers these days to work remotely,” Kremlin spokesman Dmitry Peskov told the press just before Putin was due to hold a cabinet meeting by videoconference Wednesday.

The COVID-19 Tripwire

The COVID-19 Tripwire

Authored by Michael Lebowitz and Jack Scott via RealInvestmentAdvice.com,

œYou better tuck that in. You’re gonna’ get that caught on a tripwire.

 “ Lieutenant Dan, Forrest Gump

There is a popular game called Jenga in which a tower of rectangular blocks is arranged to form a sturdy tower. The objective of the game is to take turns removing blocks without causing the tower to fall. At first, the task is as easy as the structure is stable. However, as more blocks are removed, the structure weakens. At some point, a key block is pulled, and the tower collapses.

How high is the kill rate of Covid-19? Here are new findings

How high is the kill rate of Covid-19? Here are new findingsThe death rate for Covid-19 could be significantly lower than what was previously thought, a new study has found.

Ratan Tata is going after Mistry again

Ratan Tata is going after Mistry againTata Sons has objected to Mistry Group’s plan to pledge a portion of its stake to raise money.

Hindustan Unilever just got a Horlicks boost

Hindustan Unilever just got a Horlicks boostGSK brands like Horlicks, Boost, Maltova and Viva have come to HUL’s portfolio as part of the merger.

March 2020 ADP Employment Declines 27,000

Written by Steven Hansen

ADP reported non-farm private jobs growth at -27,000 which was well above expectations. A quote from the ADP authors:

It is important to note that the ADP National Employment Report is based on the total number of payroll records for employees who were active on a company’s payroll through the 12th of the month … As such, the March NER does not fully reflect the most recent impact of COVID-19 on the employment situation, including unemployment claims reported on March 26, 2020.

Here are the best bets for investors seeking income, according to Goldman Sachs

Investors should expect companies to dial back their dividends just as bond yields are hitting fresh lows

Economic Report: U.S. manufacturers see biggest plunge in new orders and employment in 11 years, ISM finds

American manufacturers began to feel the brunt of the coronavirus pandemic toward the end of March as new orders fell to the lowest level since the end of the 2007-2009 Great Recession, a new survey of executives showed. The Institute for Supply Management said its manufacturing index slipped to 49.1% last month from 50.1%.

Here’s how big of a bear market rally in stocks you can expect, according to nine decades of history

Every major crash dating to 1929 has had bear market rallies, but they differed in key ways.