13Apr2020 Market Close: Wall Street Slides As Focus Shifts To Earnings, DOW Closed Down 329 Points, WTI Crude Settles At 22.70, Gold At 1717, Americans Are Becoming Increasingly Rattled By Bad News

Crude mixed on output deal, recession fears; shares slip

Stocks on Wall Street slid on Monday over concerns of what the coronavirus pandemic will do to corporate earnings while crude prices were mixed as a global deal on record output cuts failed to quell doubts the pact would head off an oil glut.

Oil mixed as demand worries offset gains from output cut deal

Oil prices were mixed on Monday, as the historic production-cut deal inked by major global oil producers was not enough to assuage existing worries about the demand destruction brought on by the coronavirus pandemic.

Exclusive: U.S. Treasury wants details on airline debt, liquidity, loyalty programs – sources

U.S. Treasury officials have asked airlines seeking government payroll support to provide additional detailed information on capital structure, liquidity and loyalty programs, people briefed on the matter told Reuters.

The list of U.S. Treasury questions for airlines seeking bailout cash

U.S. Treasury officials have asked airlines seeking money from a $25 billion fund for payroll support to provide detailed information on their capital structure, liquidity and collateral, people briefed on the matter said.

Exclusive: Treasury wants warrants, repayment from major U.S. airlines on 30% of grant money – sources

(This April 10 story has been refiled to fix typo in ‘aid’ in paragraph nineteen.)

U.S. airlines ease loyalty programs in coronavirus travel slump

U.S. airlines are extending loyalty program benefits and status into 2021 for members homebound because of the new coronavirus.

Single passenger flights: The daily woes of airlines, and the crew still working

When Reuters photographer Carlos Barria boarded American Airlines flight 4511 from Washington Reagan National Airport to New Orleans on Friday for an assignment, he was the only passenger on the 76-seat jet.

Trump: It’s my decision when to reopen U.S. economy

President Donald Trump said on Monday it was his decision when to reopen the U.S. economy, not that of state governors, but legal experts disagree and governors are going their own way.

Wall Street slides as focus shifts to earnings

U.S. stocks fell in subdued trading on Monday after a strong rally last week, as U.S. companies prepared to kick off a widely expected painful quarterly earnings season due to the coronavirus pandemic.

Gold Jumps As Stocks & Oil Dump From Exuberant Open

Gold Jumps As Stocks & Oil Dump From Exuberant Open

After the best week in decades for stocks…

Consumer sentiment just suffered the largest single-month decline on record as Americans became increasingly rattled by thousands of business closings and millions of layoffs across the country. Not only did the University of Michigan’s main gauge of confidence take a big hit from the swift reversal of fortunes, but so did a measure of buying conditions. The share of respondents who said times were œgood plunged in April to the lowest level since May 1980… despite the biggest surge in The Fed Balance Sheet ever…

Builders In ‘Denial’

Builders In ‘Denial’

Authored by Douglas French via LewRockwell.com,

The year 2006 seems like a lifetime ago. The housing boom seemed to be going full throttle, but danger lurked. I wrote on LewRockwell.com in March of that year, concerning a Las Vegas real estate seminar, that œnary a discouraging word was spoken.

But, despite the happy talk coming from the podium that day, pleasing the 1,300 attendees, I was hearing something different, œbuilders I talked to at the Outlook don’t believe [Dennis] Smith’s numbers. They say their traffic numbers are half what they were last year and cancellations are soaring. A builder described the market as a bloodbath.

“Perilously Close To Meat Shortfalls”: World’s Largest Pork Producer Shutters Key Factory After COVID-19 Outbreak

“Perilously Close To Meat Shortfalls”: World’s Largest Pork Producer Shutters Key Factory After COVID-19 Outbreak

Operations at one of Smithfield Foods’ key U.S. factories have been brought to a halt after a coronavirus outbreak among employees. Smithfield is the world’s biggest pork producer.

Now, the company is warning that meat supplies are “perilously close to the edge of shortfalls,” according to Bloomberg.Â

The company is shuttering its Sioux Falls, SD plant, which accounts for 4% to 5% of U.S. production. The news comes after more than 200 cases of Covid-19 were reported among employees.Â

Jim Kunstler Exposes “The Most Atrocious Racket The World Has Ever Seen”

Jim Kunstler Exposes “The Most Atrocious Racket The World Has Ever Seen”

Authored by James Howard Kunstler via Kunstler.com,

The ruins of Mary McClellan Hospital stand on hill overlooking the village of Cambridge, New York, in what was a œflyover corner of the country until the planes stopped flying. The hospital cornerstone was laid July 4 1917. The USA had entered the war against Germany a few months earlier. The œSpanish flu pandemic kicked off in January, 1918. The hospital opened in January 1919. The flu burned out a year later. The hospital shut down for good in 2003.

I’ve lived around here for decades and never actually got a look at the place until I went up there on a blustery spring Saturday before Easter to look around. I like to read landscapes and the human imprint upon them. This one is a ghost story, not just of the bygone souls who came and went here, but of an entire society, the nation that we used to be and stopped being not so long ago.

India plans to turn Covid crisis into a big pharma opportunity

India plans to turn Covid crisis into a big pharma opportunityIndia plans to ramp up production of pharmaceutical ingredients to become an alternative supplier to China.

Coronavirus leaves textile sector in tatters

Coronavirus leaves textile sector in tattersThere could be as many as one crore job cuts in the textiles sector due to Covid lockdown, as per CMAI.

What the world can learn from Covid outbreak

What the world can learn from Covid outbreakThe virus and state-imposed lockdowns have wrought changes that are not just temporary.

Is quarantine like early retirement? These people think so

The coronavirus has forced many of us to stay at home, but there’s more to retirement than stopping work

The force that’s propelled the stock market rally will exhaust itself this week

As of last week, the S&P 500 had risen over 20% from its mid-March low. That explosive rally will soon be over, argues Nigam Arora.

Futures Movers: Oil ends on mixed note as drop in demand offsets support from historic OPEC+ deal to cut output

Crude prices settle on a mixed note Monday, with global prices higher but U.S. prices down as pressure from the drop in oil demand from efforts to prevent the spread of COVID-19 offset support from a historic agreement by major oil producers to cut oil production.