Written by Gary
US stock index futures have jumped nearly 4% this morning (SPY +4.0%). Recession fears remain the next turn downward say some analysts.
Here is the current market situation from CNN Money | |
 | European markets are sharply higher today with shares in Germany leading the region. The DAX is up 4.52% while France’s CAC 40 is up 3.45% and London’s FTSE 100 is up 2.10%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | JPMorgan CEO Dimon calls ‘bad recession’, mulls suspending 2020 dividendJPMorgan Chase & Co’s top boss Jamie Dimon on Monday said he sees a “bad recession” in 2020, and that the largest U.S. bank could suspend its dividend if the coronavirus crisis deepens. |
| Cemex to shut Mexico operations until at least April 30 due to coronavirusMexican cement company Cemex will suspend its operations in the country until at least April 30 in line with government guidelines aimed at stopping the spread of coronavirus, the firm said in a statement on Monday. |
| Norwegian Air’s March traffic tumbles 60% amid virus lockdownNorwegian Air’s passenger volume fell by 60% year-on-year in March as it grounded planes amid efforts to halt the spread of the new coronavirus, and will book a hedging loss of $102 million as the cost of fuel has plunged. |
| BT boss gives salary to health workers, lifts pay for key staffThe head of Britain’s biggest telecoms firm BT said he would donate his salary to health workers for at least six months and award a pay rise to his frontline staff who are maintaining broadband networks during the COVID-19 shutdown. |
| Futures jump on hopes of slowdown in coronavirus casesU.S. stock index futures jumped nearly 4% on Monday after President Donald Trump expressed hope that the coronavirus health crisis was “leveling-off” in some of the hardest-hit U.S. states. |
| Canada, U.S. farms face crop losses due to foreign worker delaysMandatory coronavirus quarantines of seasonal foreign workers in Canada could hurt that country’s fruit and vegetable output this year, and travel problems related to the pandemic could also leave U.S. farmers with fewer workers than usual. |
| SeaWorld CEO steps down after just five months on the jobSeaWorld Entertainment Inc said on Monday Sergio Rivera, the theme park operator’s chief executive officer for just five months, has resigned due to disagreements with the board. |
| GSK to partner with Vir for potential COVID-19 treatments, invest $250 millionBritish drugmaker GlaxoSmithKline Plc will invest $250 million in Vir Biotechnology Inc and collaborate to develop potential treatments for COVID-19, the disease caused by the new coronavirus, the companies said on Monday. |
| Oil falls after Saudi Arabia, Russia delay meetingOil prices fell on Monday after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help to reduce global oversupply as the coronavirus pandemic pummels demand. |
| Doubts Raised About Reported Drop In NYC Deaths As “The Hardest And Saddest Week Of Our Lives” Begins: Live UpdatesDoubts Raised About Reported Drop In NYC Deaths As “The Hardest And Saddest Week Of Our Lives” Begins: Live Updates Summary: First ‘confrontation’ reported at White House task force ‘Peak week’ begins in the US Experts question drop in NYC hospitalizations, deaths Situation in Italy, Spain continues to improve as UK reports biggest jump in fatalities Tokyo reports another 50+ cases Global death toll sitting on the verge of 70k *Â Â Â *Â Â Â * Update (0811ET): Like a jockey whipping his horse in the home stretch, President Trump is firing off tweets celebrating this morning’s surge in S&P futures.
We expect he will keep these tweets coming into the open. Meanwhile, Downing Street says Boris Johnson said he’s in “good spirits” after spending a “comfortable” night in St. Thomas’s hospital in central London, his … |
| ªCOVID-19 “Changes Everything” – Mark Cuban Welcomes “America 2.0”ªCOVID-19 “Changes Everything” – Mark Cuban Welcomes “America 2.0” Mark Cuban appeared on Fox News’ “Watters’ World” on Saturday night to discuss how he would approach the bailout of America a little more different than the current administration. Cuban said after the virus clears, “everything” will fundamentally change about this country.Â
Cuban calls President Trump’s bailout of America “a good program,” but says he would have done things a little bit differently:Â
|
| 2008 Playbook Update: What’s Happened So Far…2008 Playbook Update: What’s Happened So Far… Submitted by Nick Colas and Jessica Rabe of DataTrek Three points to cover today: New York City is bracing for œPeak COVID-19 this week but there are hopes that we can avoid the worst-case outcomes. The 2008 Playbook calls for 2-3 weeks of volatile stability for the S&P 500. The 1973/1974 history is another guide for what happens when investors reset corporate earnings expectations sharply lower: a 2-year bear market and a 37% decline (just like 2008). #1: Update from New York City: Driving around town doing food shopping yesterday we saw very few people out and about. The local supermarket was well stocked (ex cleaning supplies and TP, of course). Even the hardiest local store owners are increasingly choosing to close up for now. Our local corner bodega, owned/run by 2 Korean families, has been shuttered for a week. They are normally open 24/7/365. Overall, the city is amazingly quiet. Anecdotal evidence says Manhattan families have left New York to isolate themselves at weekend/rental properties outside the city with more room for their children. Younger single New Yorkers, in many cases reliant on the city’s hospitality/services industries, have gone home to be with their families while they wait for unemployment checks. Many businesses and individuals are simply not paying April rent, and obviously May is not looking good either. There is lots of chatter about ap … |
| Jamie Dimon Warns Of Coming “Bad Recession,” Repeat Of 2008 Crisis In Annual LetterJamie Dimon Warns Of Coming “Bad Recession,” Repeat Of 2008 Crisis In Annual Letter Sounding a markedly more somber note about the global economy than he has in the past few years, JPMorgan CEO Jamie Dimon released his annual ‘investor letter’ Monday morning, warning the world that, from Dimon’s vantage point, at least, the US appears to be on the verge of a “bad recession” that could be exacerbated by “financial; stress similar to the global financial crisis of 2008.” Though, leaving off on an optimistic note, he warned that while the challenge ahead might be great, he believes the US economy can emerge from it “stronger” than in the past.
This, after sell-side banking analysts have spent the last two weeks telling CNBC’s audience that the banks are much better capitalized this time around (though excessive corporate debt is keeping some up at night).
The fact that the CEO’s 23-page letter is his shortest in more than a decade (since March 2008, just months before the global economy nearly collapsed) is hardly a surprise: Dimon suffered a sudden ‘heart tear’ requiring h … |
| India slashes salaries of its lawmakers in fight against Covid-19India slashes salaries of its lawmakers in fight against Covid-19The cabinet promulgated an ordinance to slash the pays, allowances and pensions of MPs by 30% for a year. |
| Mumbai hospital caught in Covid crossfireMumbai hospital caught in Covid crossfire26 nurses and 3 doctors of Wockhardt Hospital have tested positive for the virus. |
| The tiny state leading India’s Covid fightThe tiny state leading India’s Covid fightEarly identification system and specialised Covid-care wards are reasons behind Kerala’s good recovery rate. |
| U.S. was not adequately prepared for pandemic, says J.P. Morgan CEO Jamie DimonThe U.S. was not adequately prepared for the current coronavirus pandemic and needs to address the lack of planning to better prepare for future crises, JPMorgan Chief Executive Jamie Dimon said Monday. |
| U.K.-listed companies rush to raise equity to help steer them through the coronavirus crisisCoronavirus-hit British companies raise cash to shore up their balance sheets and navigate through the pandemic. |
| Key Words: Wall Street star money manager says S&P 500 could plunge to 1,500 in worst case, with coronavirus fallout lingering for yearsScott Minerd is looking for opportunities to dip his toes into the coronavirus-stricken market. However, you may not find him wading into equities soon if current market trends hold. |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
