13Apr2020 Pre-Market Commentary: Wall Street Futures Slide With Dismal Earnings On Deck, DOW Down 95 Points, WTI Crude Slips To 22.87, Gold Stagnate At 1688

Here is the current market situation from CNN Money

European markets closed sharply higher on Thursday with shares in London leading the region. The FTSE 100 is up 2.90% while Germany’s DAX is up 2.24% and France’s CAC 40 is up 1.44%.

‘Elbow to elbow:’ North America meat plant workers fall ill, walk off jobs

At a Wayne Farms chicken processing plant in Alabama, workers recently had to pay the company 10 cents a day to buy masks to protect themselves from the new coronavirus, according to a meat inspector.

Futures fall as focus turns to corporate earnings

U.S. stock index futures retreated on Monday after a strong rally last week, with investors bracing for the first-quarter earnings season to underline the coronavirus-induced damage to Corporate America.

Fading Vision Fund to tip SoftBank into first loss in 15 years

SoftBank expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen ($16.5 billion) due to the worsening performance of its tech bets, which will tip the group as a whole into its first loss for 15 years.

Volkswagen to aid U.S. dealers supporting coronavirus relief efforts

Volkswagen AG said on Monday it would give financial assistance to its U.S. dealers who wish to use their loaner fleet to pickup and deliver essential supplies in areas affected by the COVID-19 pandemic.

Amazon stops accepting new online grocery customers amid surging demand

Amazon will begin to put new grocery delivery customers on a wait list and curtail shopping hours at some Whole Foods stores to prioritize orders from existing customers buying food online during the coronavirus outbreak, the company said on Sunday.

Oil prices broadly shrug off output cut as demand worries weigh

Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.

OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.

Norway will announce oil output decision soon: minister

Norway, Western Europe’s largest oil producer, will announce its decision on whether to slash crude output soon, potentially adding its weight to a global push to shore up prices, the energy minister said on Monday.

Trading gains for big U.S. banks may not last past first quarter

Big U.S. banks made a pretty penny in trading during the first quarter as the coronavirus pandemic caused wild market swings, analysts said, but those gains will likely be overshadowed by declines in other businesses and a bleak outlook for the rest of the year.

New CDC Study Shows Coronavirus Can Survive For Hours On Floors, Walls, Shoes

New CDC Study Shows Coronavirus Can Survive For Hours On Floors, Walls, Shoes

A preview of a new study by the US Centers for Disease Control and Prevention – the CDC, for short – released last night offers some distressing news for health-care workers, as well as their families, partners and friends: New research suggests that nurses, doctors and others can track the virus out of the ward and into another – perhaps a more public, or less well-protected – environment, helping to spread the disease in a new way that public health officials haven’t really considered.

Watch: Former FDA Head Says China’s Lies Over COVID-19 Should Be Investigated

Watch: Former FDA Head Says China’s Lies Over COVID-19 Should Be Investigated

Authored by Steve Watson via Summit News,

The former head of the FDA declared Sunday that China’s misinformation over the spread of the coronavirus needs to be investigated, while also noting that the World Heath Organisation validated Chinese lies in January, which ultimately doomed the globe into a pandemic.

Futures Slide With Dismal Earnings On Deck

Futures Slide With Dismal Earnings On Deck

S&P index futures declined as much as 1% on Monday along with Asia stocks (Europe was still closed for Easter) after a torrid 27% rally last week, with investors bracing for what will be the worst earnings season since the financial crisis. Even if EPS do not drop by as much as the catatrophic 30% that Goldman is expecting…

China, Russia See Distressing Jump In New Cases As Outbreak Slows In Europe, US: Live Updates

China, Russia See Distressing Jump In New Cases As Outbreak Slows In Europe, US: Live Updates

After reporting another promising slowdown in the rate of COVID-19-linked deaths yesterday, Spain reported only 517 deaths on Sunday, the lowest number since the country’s lockdown began. Now, with much of Western Europe observing a holiday on Monday, the Spanish government is beginning the process of reopening in the economy, despite still being roughly around the ‘peak of the curve’.

Spain wasn’t the only embattled European country to report some encouraging progress on Sunday: Italy reported its lowest number of new deaths since March 19, as the number of people in intensive care continues to decline.

Covid puts Softbank’s $2 bn bet on Oyo’s boy wonder at risk

Covid puts Softbank’s $2 bn bet on Oyo’s boy wonder at riskOyo risks turning into another problem startup for SoftBank and Son, still reeling from WeWork’s meltdown.

Markets may not be able to Bear lockdown 2.0

Markets may not be able to Bear lockdown 2.0Christopher Wood says he has a marginally ‘outperform’ rating on India.

PM could end lockdown suspense tomorrow

PM could end lockdown suspense tomorrow Punjab, Odisha, Telangana and Maharashtra have already extended restrictions.

Metals Stocks: Gold pulls back from highest price in more than 7 years

Gold futures lose ground, consolidating after ending a holiday-shortened week at a more-than-seven-year high.

FA Center: This well-known measure puts the S&P 500 at 35% overvalued

Stock analyst’s discounted cash flow model calculation pegs S&P 500 fair value at 1,800, writes Mark Hulbert.

FA Center: Here’s proof about whether short sellers are making this bear market more painful

Short sale restrictions could be costly for all investors, writes Mark Hulbert.