Written by Gary
Oil rallies on Gulf tensions and output cuts (SPY +0.5%). US weekly jobless claims over 4.4 mil, bringing 5-week total to more than 26 million.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The CAC 40 is higher by 0.28%, while the DAX is leading the FTSE 100 lower. They are down 0.21% and 0.05% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Drowning in crude, U.S. drillers say Trump strategic reserve plan is no lifelinePresident Donald Trump’s plan to fill the U.S. emergency crude oil stockpile has become the centerpiece of his administration’s strategy to shield drillers from a meltdown in energy demand – but company officials and industry groups say the program will not be enough. |
| Gap says may not have enough money to run operationsGap Inc warned on Thursday it may not have enough funds to run its operations in the next 12 months as it weathers the impact of the coronavirus pandemic, and said it would need to cut costs and raise money by issuing debt. |
| Futures retreat ahead of jobless claims, business activity dataU.S. stock index futures headed lower on Thursday as investors braced for another staggering jobless claims report and a plunge in business activity data as state-wide lockdown measures hammer economic growth. |
| Mideast, African governments failing to protect airlines: IATAMiddle Eastern and African governments are failing to take the action required to protect their airlines from the economic crisis caused by the new coronavirus pandemic, the International Air Transport Association (IATA) said on Thursday. |
| Markets brush off ugly data, pin hopes on stimulusWorld stocks inched up on Thursday on hopes for a massive joint stimulus fund to support the European Union during the coronavirus crisis and on an ongoing rebound in oil prices, while investors brushed off a slew of awful economic data. |
| Blackstone’s first-quarter profit rises but coronavirus weighsBlackstone Group Inc , the world’s largest manager of alternative assets such as private equity and real estate, reported a 4% rise in its first-quarter distributable earnings driven by a surge in management fees on strong fundraising, even as its funds took a hit in the coronavirus-induced downturn. |
| Daimler’s earnings plunge as coronavirus hammers salesGerman car and truck maker Daimler reported a plunge of nearly 70% in first-quarter operating profit on Thursday due to the coronavirus pandemic and warned that the cash flow it uses to pay dividends would fall this year. |
| Oil rallies on Gulf tensions and output cutsOil rose on Thursday, spurred by rising tensions in the Middle East, output cuts by producing nations to tackle oversupply and the promise of more government stimulus to ease the economic pain of the new coronavirus pandemic. |
| Domino’s Pizza forecasts rise in comparable sales; pulls long-term outlookDomino’s Pizza Inc on Thursday forecast a 7.1% rise in U.S. comparable store sales in the first four weeks of the current quarter, benefiting from home-delivery orders from diners put under lockdown to curb the spread of the coronavirus. |
| Round 2: Chamath Explains Why Corporate America Is “Incompetent” & Fed Stimulus Is “Dangerous” In Epic 7-Minute CNBC InterviewRound 2: Chamath Explains Why Corporate America Is “Incompetent” & Fed Stimulus Is “Dangerous” In Epic 7-Minute CNBC Interview More than 125 years ago, the American financial press emerged from the primordial ooze with a simple mission: To help even the playing field between retail investors and professionals. The theory was that by lessening the ‘informational asymmetry’ that gave insiders an insurmountable edge over retail investors (or at least creating the illusion of a kind of informational equality), more workers would feel comfortable plunking their savings in the public securities markets. The financial press developed in tandem with securities regulators and – of course – the Fed, and has for years been part of the Wall Street firmament. |
| We Have Become ‘Karen’ NationWe Have Become ‘Karen’ Nation Authored by Tom Luongo via Gold, Goats, ‘n Guns blog, A week ago, I didn’t know what a ‘Karen’ was. Today I can’t stop seeing Karens everywhere I look. It’s like that moment in They Live! when Nada puts on the glasses for the first time. The problem now is I can’t take the glasses off. |
| 565 Americans Have Lost Their Job For Every Confirmed COVID-19 Death In The US565 Americans Have Lost Their Job For Every Confirmed COVID-19 Death In The US In the last week 4.427 million Americans filed for unemployment benefits for the first time. |
| Futures Flat Despite Record Eurozone Business Collapse Ahead Of Latest Claims ShockerFutures Flat Despite Record Eurozone Business Collapse Ahead Of Latest Claims Shocker US equity futures and global stock markets were surprisingly uneventful on Thursday on the back of a continued modest rebound in oil prices despite a record collapse in European business activity, as investors braced for another staggering jobless claims report as sweeping lockdown measures hammer economic growth. |
| Can India spend its way out of the Covid mess? Probably notCan India spend its way out of the Covid mess? Probably notRich countries can afford to throw the kitchen sink at the crisis. Emerging markets can’t afford that luxury. |
| IndiGo rolls back April pay cuts for staffIndiGo rolls back April pay cuts for staffIndiGo was the first airline to announce salary cuts of up to 25% across its workforce. |
| DA hike for babus put on hold till July 2021DA hike for babus put on hold till July 2021No arrears will be paid for the period from January 1, 2020 to June 30, 2021. |
| Market Snapshot: Dow futures tread water even as unemployment ranks top 26 millionU.S. stock-index futures point to modest increases Thursday as the pace of job losses slowed slightly according to weekly data, while investors are also digesting more weak corporate earnings reports for signs of the impact of the COVID-19 pandemic. |
| Futures Movers: U.S. oil prices surge 18% as traders point to escalating Middle East tensionsOil prices on Thursday head sharply higher, with gains being attributed to the threat of conflict between the U.S. and Iran. |
| The other NFL draft: Rookies pick their financial advisersNFL rookies are selecting financial advisers without meeting them in person because of the coronavirus ” here’s how they can still properly vet them |
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