Written by Gary
US stocks fell today, trading mostly sideways (SPY -0.9%). Grim economic data and mixed earnings prompted investors to take some profits at the close of Wall Street’s best month in decades.
The Market in Perspective
Here are the headlines moving the markets. | |
Oil prices surge on last day of roller-coaster monthOil prices jumped on Thursday, after several producers said they would cut output and as signs the U.S. crude glut was not growing as quickly as many had feared brought an upbeat close to one of the most volatile months for oil trading in history. | |
Fed expands ‘Main Street’ program to firms with up to 15,000 workersThe U.S. Federal Reserve on Thursday widened a key program to nurse the “Main Street” economy through the coronavirus pandemic, agreeing to lend to even larger firms, taking on more risk in participation with banks, and hinting at some form of dedicated help for non-profits. | |
Exclusive: Wells Fargo shifts energy bankers to focus on bankruptciesWells Fargo & Co has revived its special group for bad energy loans in recent weeks as the bank braces for more pain from the sharp downturn in oil prices, people familiar with the matter told Reuters. | |
Ford wants to restart U.S. car plants shut by coronavirus, if it can convince unionFord Motor Co on Thursday outlined the safety measures it will institute to restart its most profitable U.S. plants amid the coronavirus pandemic, expanding on similar efforts by General Motors Co and Fiat Chrysler to convince leaders of the United Auto Workers union to send members back to work. | |
Special Report: FDA’s lax rules on coronavirus blood tests open U.S. market to dubious vendorsAs the coronavirus pandemic engulfed the United States, Joe Shia, a consultant to Chinese medical companies, said he was bombarded with inquiries from American firms who saw a golden opportunity in selling tests to determine coronavirus immunity. | |
Wall St. slides on bleak data, capping a banner monthU.S. stocks fell on Thursday as grim economic data and mixed earnings prompted investors to take some profits at the close of Wall Street’s best month in decades. | |
Embraer and Boeing’s $4.2 billion deal ruled out pandemic as pretext to cancelBoeing Co’s recently aborted $4.2 billion agreement to buy the commercial jet-making operations of Brazil’s Embraer specifically forbade either party from calling it off because of a pandemic or a global economic recession, Reuters has found. | |
Buffett likely to finally address pandemic at Berkshire Hathaway meetingBerkshire Hathaway Inc’s annual meeting will be nothing like the extravaganzas of years past, but will give Warren Buffett a chance to show how resilient his cash-rich conglomerate may be to the coronavirus pandemic, and the investment opportunities it offers. | |
Factbox: Warren Buffett, Berkshire Hathaway at a glanceWarren Buffett’s Berkshire Hathaway Inc’s annual meeting on May 2 will break with tradition and be held virtually, as the coronavirus pandemic halts large gatherings. | |
Stocks Scream To “Most Expensive Ever” In Greatest Month Since ’87Stocks Scream To “Most Expensive Ever” In Greatest Month Since ’87 US stocks have exploded higher in April… (ended weak on what many suspect is simple rebalance flows) | |
Georgia Lifts ‘Stay At Home Order’, Allowing Most Businesses To Reopen: Live UpdatesGeorgia Lifts ‘Stay At Home Order’, Allowing Most Businesses To Reopen: Live Updates Summary: LA becomes first US city to offer county-wide testing Lagarde warns eurozone economy could shrink up to 12% in 2020 Russia passes 100k cases Boris Johnson lays out reopening plan NYC plans to close subways between 1am and 5am for cleaning Georgia Gov lifts stay at home order Cali reports another spike in new cases deaths Turkey reports new batch of cases, deaths New Jersey reports record jump in deaths Russia reports another record single-day batch of cases Sri Lanka reimposes lockdown measures Italy retakes mantle of second-deadliest outbreak in Europe from UK Canada reports latest update Italy reports another encouraging drop in new cases and deaths Introducing “Operation Warp Speed” Pentagon orders another 100k body bags for “worst case” scenario US death toll tops 60k DHS acting secretary says social distancing will last for ‘months’ France, UK report new numbers Spain sees curve continue to flatten NYC hands out free masks Florida reports uptick in cases, deaths South Korea says ‘zero’ cases of infection stemming from April 15 election California closes parks, beaches NY reports 306 deaths, 933 new cases Total cases break above 300k Airbus reports massive loss, signals distress New data suggests 1 in 6 US nursing homes suffered COVID-19 clusters 500k coronavirus tests obtained by Maryland from S … | |
“I Don’t Need A Lecture”: Pelosi Praises Biden For His Response To Sexual Assault Allegations Despite Biden Not Responding“I Don’t Need A Lecture”: Pelosi Praises Biden For His Response To Sexual Assault Allegations Despite Biden Not Responding Authored by Jonathan Turley, Speaker Nancy Pelosi went on CNN to praise former Vice President Joe Biden for his response to the sexual assault allegations by former Biden staffer Tara Reade. | |
Amazon To Use Banned Chinese Firm’s Orwellian Thermal Cameras To Scan WorkersAmazon To Use Banned Chinese Firm’s Orwellian Thermal Cameras To Scan Workers A new Reuters investigation published Wednesday has exposed an Amazon-China bombshell, but which perhaps should come as little surprise. Chinese tech utilized in the communist state’s own deeply controversial repressive surveillance network monitoring citizens for signs of ‘dissent’ will now come to an Amazon warehouse near you:
While a US Commerce Department’s Bureau of Industry and Security has ‘red flagged’ the procurement, it’s not ultimately considered illegal or a punishable violation of federal law, given the current blacklisting of select Chinese surveillance tech firms doesn’t stop the private sector from obtaining their products. | |
Opportunities galore for India in post-Covid world. Is it ready?Opportunities galore for India in post-Covid world. Is it ready?India has the capability to rise above and become a beacon of hope for the rest of the world. | |
Banks turn saviour for Covid-hit NBFCsBanks turn saviour for Covid-hit NBFCsBanks lend whopping Rs 1.15 lakh crore to NBFCs in March, the highest on month since 2008. | |
Why India needs a robust FDI regulatorWhy India needs a robust FDI regulatorIndia needs a regulatory body on the lines of Committee on Foreign Investment in the United States (CFIUS). | |
May 2020 Economic Forecast Now In Coronavirus ContractionWritten by Steven Hansen Econintersect’s Economic Index forecast dropped deep into contraction this month. As the index is a rolling average of three months of data, the full impact of the coronavirus pandemic black swan event is not revealed by the rolling averages. The single month index showed the largest single-month decline in the history of this index. | |
Their Stories: Dr. James T. Goodrich mastered complex procedures to separate conjoined twinsThe pediatric neurological surgeon was hailed as a pioneer, and known for his kind heart. | |
In One Chart: After the best April for the Dow and S&P 500 in 82 years, is ‘sell in May’ in the coronavirus era a smart strategy?Sell in May and go away! It is one of the most common maxims in the investing world, but it may not necessarily hold true this time around as investors face one of the most significant public-health crises in history. | |
The Margin: Gov. J.B. Pritzker of Illinois provides a daily update on the COVID-19 pandemic ” watch live video stream nowAlong with daily news briefings by President Donald Trump and the White House coronavirus task force, daily updates from top governors, notably Andrew Cuomo of New York, Gavin Newsom of California and J.B. Pritzker of Illinois, have emerged as must-see events of this pandemic period. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
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