Written by Gary
US stock index futures have slipped this morning (SPY -2.1%). With most global markets shutdown for May 1 celebration, US jobless claims surged, some states lagged with payments.
Here is the current market situation from CNN Money | |
 | Shares in London are lower today as the FTSE 100 falls 1.83%. The German and French stock markets are closed at this time. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Futures slide as Trump threatens new tariffs on ChinaU.S. stock index futures slid on Friday after President Donald Trump threatened to slap new tariffs on China over the coronavirus crisis, while Apple and Amazon became the latest companies to warn of more pain in the future. |
| 3M sues five vendors for attempting to sell nonexistent N95 respiratorsIndustrial conglomerate 3M Co said on Friday it sued five vendors for allegedly attempting to target government officials with fraudulent offers to sell billions of nonexistent N95 respirators. |
| Special Report: How a corporate PR machine is trying to kill a Wall Street taxAs Democratic presidential hopefuls descended on New Hampshire prior to the state’s Feb. 11 primary, John Tackeff was busy. |
| World stocks fall further after Trump’s China tariff threatWorld stocks pulled back further on Friday on grim U.S. economic data and President Donald Trump’s threat to impose new tariffs on China over the coronavirus crisis. |
| Ryanair to cut 3,000 jobs as the coronavirus crisis drags onRyanair plans to cut 3,000 jobs and talk to Boeing about delaying plane deliveries as it does not expect European air traffic to recover fully from the coronavirus crisis until 2022, the Irish airline said on Friday, |
| For small business loan program, forgiveness may be the hardest partThe U.S. government’s $660 billion small business rescue program has stumbled on missing paperwork, technology failure, and the misdirection of funds to big corporations. Now, it is lurching toward another hurdle: forgiving those hastily arranged loans. |
| Wall Street Week Ahead: Stocks face test as reopenings could fuel demand – or more coronavirusA bounce in stocks is likely to face a test in the coming weeks as investors try to gauge whether countries and U.S. states emerging from lockdowns can arrest a sharp fall in economic growth without provoking a resurgence of coronavirus cases. |
| Long lines, lots of kids, and plenty to touch: How does Disney reopen its parks?For a glimpse at how Disney recovers from the coronavirus pandemic, look no further than Shanghai, where the entertainment giant has staged a limited reopening of Shanghai Disney Resort. Adults, kids and senior citizens wear masks while wandering among staff and security guards who carry contact-less thermometers and hand sanitizer. |
| Trump threatens new tariffs on China in retaliation for coronavirusU.S. President Donald Trump said on Thursday his hard-fought trade deal with China was now of secondary importance to the coronavirus pandemic and he threatened new tariffs on Beijing, as his administration crafted retaliatory measures over the outbreak. |
| “It’s A Crock Of S**t!” – Here’s Why Bill Blain Is Furious This Morning“It’s A Crock Of S**t!” – Here’s Why Bill Blain Is Furious This Morning Authored by Bill Blain via MorningPorridge.com, I am deeply uneasy about what’s happening in financial markets. The Coronavirus has completely turned the global economy on its head. It will create the most profound changes to the way we live and our future prospects ” we are all beginning to realise that. There is not going to be a V-Shaped recovery. Many lives will be shattered and ruined in its wake. Yes, what I saw yesterday confirms two terrible truths we’ve long denied:Â
What has made me so angry? Boeing. Boeing has launched an extremely successful multi-tranche $25 billion bond deal. The issue solves all its immediate funding needs. It enables the company to walk away from difficult bailout discussions. It claims its access to market capital demonstrates it’s soundness – which is utter bollchocks – and that it doesn’t need a government rescue. The issue of moral hazard for government is avoided. Boeing will survive ” for time being ” as is. < … |
| Exxon Reports First Quarterly Loss In 32 YearsExxon Reports First Quarterly Loss In 32 Years The energy industry is truly reeling. One day after Shell unexpectedly cut its dividend for the first time since WWII, supermajor Exxon Mobil reported its first quarterly loss in 32 years amid a glut of oil, a global recession, and a pandemic that has forced billions of people to stay indoors instead of driving, destroying petroleum demand. The company reported a $610 million loss for the quarter ending March 31, equivalent to a 14c loss per share in 1Q versus earnings per share estimates of around 55c Y/Y. First-quarter results are a reminder that the worst has yet to come, as lockdowns only began around mid-month, so the quarter only captured about 15 days or so of demand destruction. Here are some of the highlights from the 1Q earnings report: 1Q production 4,046 mboe/d, +1.6% y/y, estimate 3,943 (Bloomberg Consensus) 1Q capital expenditure $7.14 billion, +3.7% y/y 1Q production 9,396 mmcfe/d, -5.3% y/y, estimate 8,633 1Q chemical prime product sales 6,237 kt, -7.9% y/y 1Q downstream petroleum product sales 5,287 kbd, -2.4% y/y 1Q cash flow from operations and asset sales $6.36 billion, -25% y/y 1Q refinery throughput 4,060 mb/d, +4.5% y/y Exxon also announced it is “reducing 2020 capital spending by 30 percent and cash operating expenses by 15 percent. Capex is now expected to be approximately $23 billion for the year, down from the previously announced guidance of $33 billion.” “COVID-19 has significantly impacted near-term d … |
| Futures Tumble, Dollar Surges After Trump Threatens To Restart China Trade WarFutures Tumble, Dollar Surges After Trump Threatens To Restart China Trade War With most global markets shutdown for May 1 celebration, US equity futures sank after President Donald Trump threatened to block a government retirement fund from investing in Chinese stocks and to slap new tariffs on China over the coronavirus crisis, while Apple and Amazon became the latest companies to warn of more pain in the future. As a result, the Emini wiped out virtually all of the weekly gains in one session. |
| Joe Biden Officially Denies Tara Reade Sexual Assault ClaimJoe Biden Officially Denies Tara Reade Sexual Assault Claim Update (0812ET): Just as we expected, the interview has devolved into a bunch of “believe all women” double-talk. Yes, all assault claims must be taken seriously, just like this one is being taken ‘seriously’…sure. BIDEN: BELIEVING WOMEN MEANS TAKING THEM SERIOUSLY, VETTING BIDEN SAYS HE HAS NOTHING TO HIDE, NO COMPLAINTS BIDEN SAYS THERE ARE NO NON-DISCLOSURE AGREEMENTS IN HIS CASE *Â Â Â Â Â Â Â *Â Â Â Â Â Â Â Â * Update (0800ET): And as the ‘Morning Joe’ interview gets underway, Mika just announced that she will be interviewing Biden alone.
|
| Wheels set in motion to breach the great pharma wall of ChinaWheels set in motion to breach the great pharma wall of ChinaThe government is mulling incentives for reviving old pharmaceutical ingredient units. |
| Buffett breaks his silence on Covid tomorrowBuffett breaks his silence on Covid tomorrowBerkshire’s chairman has been relatively quiet as the pandemic escalated. |
| India’s infamous billable hour is under attackIndia’s infamous billable hour is under attackTop lawyers & consultants who charge by the hour have seen their fees being slashed. |
| Rail Week Ending 25 April 2020 – Rail Decline Continues To WorsenWritten by Steven Hansen Week 17 of 2020 shows same week total rail traffic (from same week one year ago) contracted according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is taking a hit from coronavirus. The intuitive sector’s rolling average again worsened this week and now is historically low. Intermodal continues to worsen due to the logistic headwinds of the coronavirus.
|
| Diana Furchtgott-Roth: ‘I was told I could never work remotely:’ Before coronavirus, workers with disabilities say they implored employers to allow them to work from home‘I have been trying for years in tech to get to a place where I could permanently work from home.’ |
| Need to Know: The economy may already have achieved what marked the bear-market lows of 1970, 1974, 1982, 1990, 2001 and 2009Jeff Hirsch, editor of the Stock Trader’s Almanac and chief market strategist at Probabilities Fund Management, says the lows from late March are likely to hold ” here’s why. |
| Americans will cut down on home remodeling projects because of coronavirusPeople may be forced to spend more time at home because of the viral outbreak, but that doesn’t mean they’re spending more money to make their properties nicer. |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
