21Apr2020 Pre-Market Commentary: DOW Set To Stumble A Second Day As Crude Contagion Spreads To All Markets, DOW Down 530 Points, WTI Steady At 15.77 – May Contracts Have Negative Prices, US Dollar Rises To 100.29, Gold At 1665

Here is the current market situation from CNN Money

European markets are sharply lower today with shares in Germany off the most. The DAX is down 3.31% while France’s CAC 40 is off 3.02% and London’s FTSE 100 is lower by 2.29%.

Lockheed Martin profit beats, but company trims sales outlook on virus hit

Lockheed Martin reported better-than-expected quarterly profit on Tuesday, helped by higher sales in its aeronautics business that makes the F-35 fighter jets, but lowered its 2020 sales outlook due to coronavirus-led supply chain delays.

Oil at two-decade lows, price of U.S. crude for delivery below zero

Benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after U.S. May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis.

Futures slide as sub-zero U.S. crude adds to pandemic jitters

U.S. stock index futures resumed their slide on Tuesday as gloomy quarterly earnings reports and a historic collapse in U.S. crude prices to below zero raised the spectre of a deep global recession in the coming months.

Lululemon apologises after staffer offends with ‘bat fried rice’ T-shirt

Canadian exercise apparel brand Lululemon issued statements on Tuesday apologising for, and distancing itself from, a T-shirt design promoted by one of its art directors that triggered outrage and accusations of racism online.

The half a trillion dollar British money transfusion that may not be enough

It took Lucio and Meera Santoro 35 years to build up their London design company and just a week to watch it fall apart.

Oil crash slams stocks, dollar gains as risk sentiment rolls over

Global stocks fell on Tuesday, a day after U.S. crude oil prices turned negative for the first time ever, as dismal corporate earnings underlined worries about economic damage from the coronavirus pandemic.

Primark owner AB Foods right not to pay dividend, says boss

Primark owner Associated British Foods’ decision not to pay an interim dividend to shareholders was “absolutely the right thing to do” given the coronavirus crisis, its boss said on Tuesday.

Primark owner scraps dividend, takes charge for surplus stock as coronavirus crisis hits

Primark owner Associated British Foods will not pay an interim dividend to save cash during the coronavirus crisis and has booked a 284 million pound ($352 million) charge to reflect an expected lower value of stock when its stores reopen.

French court to issue verdict in Amazon case on April 24: judge

A verdict in a case involving U.S. e-commerce giant Amazon will be issued by the Court of Appeal in Versailles on April 24, a French judge said on Tuesday.

Joe Biden Would Pick Michelle Obama As Running Mate ‘In A Heartbeat’

Joe Biden Would Pick Michelle Obama As Running Mate ‘In A Heartbeat’

Joe Biden says he’d pick Michelle Obama to be his running mate with no hesitation, though he says he doubts she’d be interested in the position, according to The Hill.

“I’d take her in a heartbeat,” said the former Vice President during a Monday interview with Pittsburgh’s KDKA on Monday. “She’s brilliant. She knows the way around. She is a really fine woman. The Obamas are great friends.”

Apple Shares Climb On Report Of 4% Boost To iPhone Production

Apple Shares Climb On Report Of 4% Boost To iPhone Production

With the Dow futures pointing to another large drop at the open, the good people at Apple have come through with a headline that, for all we know, could have been uniquely crafted to bolster the lagging Dow.

To wit, Apple is apparently planning to boost iPhone production 4% through March, literally the very first economic ‘green shoot’ to emerge amid a torrent of abysmal global economic data and a rash of alarming corporate earnings reports, Nikkei reports.

APPLE AIMS TO INCREASE IPHONE OUTPUT BY 4% THROUGH MARCH:NIKKEI

The company has reportedly notified several of its suppliers that it plans to make about 213 million iPhones in the 12 months through March 2021, up 4% from the same period a year ago, despite some suppliers’ belief that orders could end up being significantly lower.

Futures, Oil Plunge As Crude Contagion Spreads To All Markets

Futures, Oil Plunge As Crude Contagion Spreads To All Markets

The experts said ignore the May WTI meltdown – it is irrelevant and is only confined to the deliverable contract. The experts were wrong.

Not only was the Monday May WTI meltdown not contained, with the contract still trading negative after closing down nearly $40 on Monday in their first ever sub-zero dive as traders realized Cushing was on the out of storage space, but overnight it spread to the more-active June contract which crashed almost 50% plunging to the low teens, before stabilizing down 23.5%, to $15.64 a barrel. June trading volumes were roughly 80 times those of the expiring May contract.

Treasury Yields Are Tumbling… 5Y Just Hit Record Lows

Treasury Yields Are Tumbling… 5Y Just Hit Record Lows

As commission-rakers and asset-gatherers cheer the rebound in stocks as if it means anything – remember, stocks are a discounting mechanism (like they were in February?) – bond markets are saying this is far from over.

5Y Treasury yields are now at record lows…

India defends move to firewall China, says no rules were bent

India defends move to firewall China, says no rules were bentChina has itself put restrictions for entry of firms including from India such as IT and pharma.

Deloitte, KPMG survive a 5-yr ban in India

Deloitte, KPMG survive a 5-yr ban in IndiaThe Bombay High Court said that the Ministry of Corporate Affairs (MCA) can’t take action against the two.

Jim Rogers isn’t baffled by oil at sub-zero

Jim Rogers isn’t baffled by oil at sub-zeroWhat happened with WTI was for a special reason, says commodities guru.

The Moneyist: ‘I was punished for being responsible. I filed my 2019 taxes early ” and received almost no stimulus check’

‘Is there anything I can do? I find this very unjust and poorly thought out.’

Market Snapshot: Dow set to stumble a second day after historic plunge in oil prices

U.S. stock-index futures early Tuesday point to a second day of losses for the major benchmarks after a historic fall for oil, as investors brace for a fresh slate of earnings and weigh the impact of overnight developments.

Capitol Report: Trump says he hopes to have Senate vote Tuesday on more coronavirus aid for small businesses

President Donald Trump said Monday night he’s hopeful for a Senate vote Tuesday on a deal that would replenish a loan program for small businesses devastated by the coronavirus, as he cited œtremendous progress in negotiations.