Written by Gary
S&P 500 gains as investors look beyond pandemic to recovery (SPY +0.02 flat). As investors balanced caution over new spikes in coronavirus infections as an economy crippled will soon be re-opened for business.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | WeWork directors seek to preserve right to sue owner SoftBankA special committee of WeWork board members filed a motion in Delaware on Monday to prevent it from being disbanded, as it pursues legal action against majority owner SoftBank Group Corp over an abandoned $3 billion tender offer for the office space-sharing start-up. |
| Richard Branson to sell 25 million shares in Virgin Galactic to battle pandemic impactBillionaire Richard Branson’s Virgin Group said on Monday that it may sell up to 25 million shares of space tourism company Virgin Galactic Holdings Inc to raise funds amid the COVID-19 pandemic. |
| California should do whatever’s needed to help Tesla reopen car factory: MnuchinCalifornia should do whatever is necessary to help electric carmaker Tesla Inc reopen its only U.S. vehicle factory, U.S. Treasury Secretary Steven Mnuchin said on Monday. |
| Tesla sues California county in virus factory closure fight, threatens to leaveTesla Inc sued local authorities in California on Saturday as the electric carmaker pushed to re-open its factory there and Chief Executive Elon Musk threatened to move Tesla’s headquarters and future programs from the state to Texas or Nevada. |
| S&P 500 gains as investors look beyond pandemic to recoveryThe S&P 500 inched higher on Monday as investors balanced caution over new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business. |
| Marriott profit misses as bookings, revenue per room plungeU.S. hotel operator Marriott missed already lowered estimates for first-quarter profit by a huge margin on Monday, as bookings plunged due to the coronavirus-led lockdowns that kept a quarter of its hotels closed. |
| KKR builds 5.2% stake in ProSieben, says company undervaluedU.S. private equity house KKR said on Monday it had acquired a stake of 5.2% in ProSiebenSat.1 Media , becoming the third investor to amass a sizable shareholding in the struggling German broadcaster. |
| Oklahoma oil regulators hear arguments on output cutsOklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices. |
| Oil falls on fears of second coronavirus waveOil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses. |
| White House Orders All Staff To Wear Face Masks ‘At All Times’White House Orders All Staff To Wear Face Masks ‘At All Times’ President Trump and Chief of Staff Mark Meadows have issued a memo to all who work in the West Wing that masks must be worn at all times inside the building except when at one’s desk, WSJ reports. The decision is notable since the White House actually seems to be reacting to criticism and improving its policy on masks after President Trump and VP Pence were both called out for not wearing masks in public. |
| Banks Battered, Bitcoin Bruised, As Big-Tech Buying-Spree ContinuesBanks Battered, Bitcoin Bruised, As Big-Tech Buying-Spree Continues The Nasdaq is now up over 40% off the March lows… |
| Watch Live: Trump Holds Briefing After Pledging Just $11 Billion To StatesWatch Live: Trump Holds Briefing After Pledging Just $11 Billion To States President Trump and the White House task force will deliver a press conference Monday – what could be the first real team briefing since the task force ended their regular briefings two weeks ago – to talk about aid to help the states ramp up testing efforts. ABC News reports that Trump is “expected to push his view that there is enough testing for states to reopen, even as the White House is instituting increased testing and considering other new precautions over fears that the novel coronavirus has invaded the cramped offices of the White House West Wing.” Watch below: Tyler Durden Mon, 05/11/2020 – 15:55 |
| The Fed Is Fueling A Revolt That It Cannot ControlThe Fed Is Fueling A Revolt That It Cannot Control Authored by Charles Hugh Smith via OfTwoMinds blog, It’s not that hard to forecast a populist revolt against the parasitic class that’s grown obscenely wealthy as a direct result of Fed policies. |
| Will provisions’ war chest help lenders tackle Covid crisis?Will provisions’ war chest help lenders tackle Covid crisis?Private banks have increased its provision coverage ratio (PCR) in the quarter ended March. |
| How rail travel will look like from todayHow rail travel will look like from todayRailways has asked passengers to carry their own food and arrive at stations at least 90 mins before departure. |
| Covid turns gamechanger for gaming industryCovid turns gamechanger for gaming industrySales of board games in India are soaring like never before amid lockdown. |
| April 2020 Conference Board Employment Index Again PlummetsWritten by Steven Hansen The Conference Board’s Employment Trends Index – which forecasts employment for the next 6 months crashed with the authors saying “A decline in jobs of this magnitude is unprecedented. The principal objective of the economy going forward is to accommodate the delicate balance of getting people back to work while minimizing the spread of the virus.”
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| The Tell: The U.S. economy may be in for a ‘square root’-shaped recovery ” and you won’t like it any more than algebra classA small dead-cat bounce and then lower for longer is what a œsquare root implies. |
| Coronavirus update: Global case tally tops 4.1 million; South Korea reports cluster from Seoul nightclubs, and Wuhan, China, has 4 new casesThe number of cases of COVID-19 rose above 4.1 million on Monday, as South Korea reported a new cluster stemming from Seoul’s nightclub district and China reported four new cases in Wuhan, the city believed to be the source of the outbreak late last year. |
| Key Words: ‘If a year from now, we are still in the same situation,’ dealing with coronavirus lockdowns ‘we would be called a second’ Great Depression, says tearful billionaire Paul Tudor JonesBillionaire investor Paul Tudor Jones remains optimistic about the U.S.’s ability to tackle the COVID-19 pandemic but offered a warning about the economic prospects for America if the viral outbreak cannot be slowed a year from now. |
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