Written by Gary
US stocks surge into close; SPY ends up 2.7% on hopes for COVID-19 treatment and phased reopening of US Economy. US oil futures settle at lowest since early 2002 at 18.27.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall Street gains on Boeing surge, coronavirus drug hopesU.S. stocks rose on Friday and posted gains for the week, helped by a surge in Boeing shares, President Donald Trump’s plan to reopen the economy and hopes of a potential drug by Gilead to treat COVID-19. |
| Boeing to restart operations at Philadelphia area plants next weekBoeing Co said on Friday it would resume operations at production facilities in Philadelphia next week after a two week suspension due to the spread of the coronavirus. |
| Oil mixed as weak Chinese data, growing U.S. supplies offset Trump plan to ease lockdownOil prices were mixed on Friday, with weak Chinese economic figures and rapidly filling U.S. crude storage offsetting bullishness built on U.S. President Donald Trump’s outlines for the U.S. economy to emerge from the coronavirus shutdown. |
| Retailers, restaurants, hotels get 18% of small business bailout cash: SBARetailers, restaurants and hotels — whose low-paid workers are among the hardest hit in the coronavirus pandemic — got a combined 18% of the $342 billion allocated under a new federal government program to help small firms keep paying their employees during widespread shutdowns, data from the agency running the program showed on Friday. |
| Occidental shareholders get first say on Anadarko deal with vote on Berkshire financingOccidental Petroleum shareholders next month will get their first say on the oil company’s troubled acquisition of Anadarko Petroleum when they vote on issuing shares and warrants to Berkshire Hathaway for helping finance the $38 billion deal. |
| Global stocks rally as investors take heart on U.S. economic reopening planGlobal stocks rallied on Friday on President Donald Trump’s plans to revive the coronavirus-hit U.S. economy and hopes of a potential drug to treat COVID-19, while the dollar fell amid investors’ growing risk-on sentiment. |
| Half of announced North American oil cuts come from just three companiesNumerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron Corp , ConocoPhillips and Occidental Petroleum Corp – account for more than half of the cuts. |
| Walmart to hire 50,000 more workers in coronavirus-driven hiring spreeWalmart Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak. |
| Ford’s three-part unsecured debt offering worth $8 billion: IFRFord Motor Co will launch a three-part unsecured debt offering of $8 billion, yielding up to 9.6% on the 10-year loan, capital markets intelligence provider International Financing Review reported on Friday. |
| Crude Crashes As Mega-Techs Soar Amid Record Surge In Deaths, UnemploymentCrude Crashes As Mega-Techs Soar Amid Record Surge In Deaths, Unemployment Nasdaq stocks soared on the week (second week in a row) as Small Caps and Trannies disappointed… |
| Global Coronavirus Death Toll Tops 150k: Live UpdatesGlobal Coronavirus Death Toll Tops 150k: Live Updates Summary: Wuhan revises citywide coronavirus death toll 50% higher Beijing blames ‘overwhelmed’ health care system for the error Foreign Ministry says new numbers “can stand the test of history” US sees huge spike in deaths on Thursday NYC cancels all ‘nonessential’ events for the month of May Global death toll passes 150k Report on Chicago remdesivir trial stokes hopes for new “miracle drug” to fight the virus Illinois closes schools for rest of year NY total cases: 229,642 NY reports slight drop in hospitalizations, ICU admissions, but deaths ‘ basically flat’ at 630 NJ reports 300+ deaths WHO says China’s ‘revision’ to Wuhan numbers was latest ‘attempt to ensure no case goes uncounted’ Italy reports slowdown in new cases but slight uptick in deaths Texas cancels school until end of year France reports 761 new deaths Michigan Gov says she hopes to begin reopening May 1 Iran holds ‘military parade’ with equipment used to fight the virus South African lions seen lounging in middle of road as lockdown continues FT trend analysis shows deaths in Italy, Spain have slowed, while US and UK see continued acceleration Switzerland’s small-business loan program sees resounding success *Â Â Â Â Â *Â Â Â Â Â * Update (1545ET): Johns Hopkins just confirmed that the global death toll from the coronavirus outbreak has surpassed 150,000. For those who haven’t been keeping close track, … |
| Peter Schiff: This ‘Is’ A Financial CrisisPeter Schiff: This ‘Is’ A Financial Crisis Via SchiffGold.com, A lot of people in the mainstream still insist this isn’t a financial crisis like we saw in 2008. They say this is just a self-inflicted shutdown of the economy. Since we decided to shut it down, we can decide to start it back up again. Peter Schiff begs to differ. In his podcast, he explains that this is absolutely a financial crisis and it’s going to be worse than 2008. |
| Guggenheim CIO Sees S&P500 Falling As Low As 1,200Guggenheim CIO Sees S&P500 Falling As Low As 1,200 With Morgan Stanley’s (former) uber-bear Michael Wilson emerging recently as one of the biggest bulls on Wall Street, a power – or rather wildlife – vacuum emerged over the spot of who will be crowned Wall Street’s next super bear (excluding such icons as Albert Edwards) of course. However, it increasingly appears that Guggenheim’s weightlifting CIO, Scott Minerd, may be the obvious shoo-in for the spot in light of his recent apocalyptic predictions. Four weeks after tweeting on when the market may have hit a bottom, saying we know we have not reached the bottom “when the talking heads on CNBC are buying” (incidentally that tweet took place on what has been the market’s bottom so far)…
… the chief investment officer of Guggenheim Investments double down and said gains in the S&P 500 are unsustainable and the stock benchmark could fall as low as 1,200 when it retreats. “Investors who are sitting out there right now who rebalanced a few weeks ago and moved from fixed income to equities should probably think about rebalancing again, he said Friday on a panel. œIt could b … |
| The good, not-so-good and the bad about RBI’s Covid doseThe good, not-so-good and the bad about RBI’s Covid doseThe central bank could, instead, have been more forthcoming on regulatory forbearances. |
| Relief for realty could soon become a realityRelief for realty could soon become a realityGovt may consider real estate developers’ long-pending demand for loan restructuring for a period of 12 month. |
| What happens to planes grounded by Covid?What happens to planes grounded by Covid?Aircraft can’t simply be dusted back into action. They need plenty of work and attention while in storage. |
| 10 April 2020 ECRI’s WLI Moves Deeper Into Contraction
ECRI’s WLI Growth Index which forecasts economic growth six months forward declined, remains in contraction, and remains at a level below the values seen during the Great Recession. ECRI also released its coincident indicator for March which shows the economy contracted. |
| Coronavirus pandemic shows the U.S. food supply chain is due for an upgrade, experts sayExperts and executives say the food supply chain in the U.S. has struggled to shift from foodservice to retail. |
| Futures Movers: U.S. oil futures settle at lowest since early 2002, pummeled as storage fears growThe nearby May futures contract for U.S. crude oil plunged on Friday to its lowest settlement price since early 2002 as it nears expiration, reflecting fears over a global glut and tight storage space. |
| Bond Report: Treasury yields follow stocks higher on hopes for coronavirus drugU.S. Treasury yields edge up on Friday, recovering some of this week’s decline, after global stocks rallied on hopes that an effective treatment to the COVID-19 disease was coming into view and after President Donald Trump outlined steps for reopening the U.S. economy late Thursday. |
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