Written by Gary
US major indexes climbed tepidly out of the session lows to post fractional gains at the bell (SPY +0.5%). Treasury yields bounce off lows as stocks mount late-session comeback.
The Market in Perspective
Oil futures settle higher for the session, with U.S. prices up 19% for the week
June WTI oil climbs $1.87, or 6.8%, to settle at $29.43/bbl
Fragile Oil Markets Under Threat From 50 Million Barrels Of Saudi Crude
Big Oil’s Dilemma: Cut Dividends Or Cut Operations
| Here are the headlines moving the markets. | |
 | S&P ends higher after gyrations on reopening optimism, weak data, trade woesThe S&P 500 closed higher after swinging between gains and losses on Friday as investors weighed worries about Sino-U.S. trade relations and weaker-than-expected U.S. economic data against growing optimism that easing coronavirus restrictions would boost activity this month. |
| U.S. moves to cut Huawei off from global chip suppliers as China eyes retaliationThe Trump administration on Friday moved to block global chip supplies to blacklisted telecoms equipment giant Huawei Technologies [HWT.UL], spurring fears of Chinese retaliation and hammering shares of U.S. producers of chipmaking equipment. |
| Investors prepare for more U.S. stock swings as states reopenInvestors are bracing for more turbulence in U.S. stocks, as some states prepare to reopen their economies and global trade tensions rise. |
| Companies fear coronavirus liability lawsuits. So far, few existBusinesses are urging U.S. lawmakers to shield companies from what they fear could be a flood of lawsuits by workers and consumers blaming employers for exposing them to the new coronavirus. |
| SAA has spent $539 million since filing for bankruptcy protection: practitionersSouth African Airways (SAA) has spent just under 10 billion rand ($540 million) since it entered a form of bankruptcy protection, business rescue practitioners said on Friday as they flagged a structured wind-down process as their preferred option for the carrier. |
| Coronavirus boosts U.S. layoffs; job openings fallLayoffs in the United States jumped to a record high in March, while the number of people voluntarily quitting their jobs dropped to a 4-1/2-year low as the novel coronavirus crisis rapidly changed labor market dynamics. |
| Ethiopian Airlines sees Boeing 737 MAX compensation deal by end-JuneEthiopian Airlines expects a settlement with planemaker Boeing by end of June over compensation related to the 737 MAX grounding in March 2019 following two fatal crashes, CEO Tewolde Gebremariam told Reuters on Friday. |
| Wirecard shares plunge as Dubai-based partner shuts shopShares in Wirecard fell to more than two-year lows on Friday after a Dubai-based business partner closed its doors even as the German payments company played down the impact on operations. |
| As Air France restores some flights, pilots queue for simulatorAir France is putting its grounded pilots through their paces in the flight simulator as the airline prepares to restore flights to dozens of destinations that had been suspended under coronavirus lockdown measures. |
| Gold, Dollar, & Bonds Jump; Stocks Slump On Fauci Fearmongering, China Trade TurmoilGold, Dollar, & Bonds Jump; Stocks Slump On Fauci Fearmongering, China Trade Turmoil Tyler Durden Fri, 05/15/2020 – 16:00 US equities suffered their worst weekly drop in two months… |
| UN Official Suggests Lockdowns Should ContinueUN Official Suggests Lockdowns Should Continue Tyler Durden Fri, 05/15/2020 – 15:50 Authored by Paul Joseph Watson via Summit News, A top UN official says that coronavirus lockdowns should not be lifted œtoo hastily in order to protect œvulnerable people, despite the fact that some 36 million Americans have now been made vulnerable as a result of losing their jobs because of the lockdown. |
| Tesla Plans To Open New Factory In Texas As Musk Spurns “Fascist” CaliforniaTesla Plans To Open New Factory In Texas As Musk Spurns “Fascist” California Tyler Durden Fri, 05/15/2020 – 15:39 Several days after Tesla CEO Elon Musk threatened to move out of California after a highly publicized spat with Alameda County over Musk’s push to reopen Tesla’s Fremont Plant and force workers to return despite questions about safety. Many longtime Tesla fans turned against the company as many accused Musk of placing Tesla’s share price – not to mention his own personal gain – above the safety of his workers. After President Trump spoke out in Musk’s defense, Alameda County folded and Musk mostly got his way. |
| Nursing Home Deaths Peak In Illinois, Gov Pritzker Slammed For Failing To Protect State’s Most VulnerableNursing Home Deaths Peak In Illinois, Gov Pritzker Slammed For Failing To Protect State’s Most Vulnerable Tyler Durden Fri, 05/15/2020 – 15:24 On Wednesday, the Illinois Department of Public Health reported 192 COVID-19-linked deaths for the prior day, a record total for the state since the beginning of the outbreak. The next day, the number dropped to 138, but the state remains on track for a shocking spike in deaths as reopenings continue and many southern states see much more promising results. |
| 3 days, 35 steps: How India plans to contain virus’ economic fallout3 days, 35 steps: How India plans to contain virus’ economic falloutAt as much as 10% of GDP, the big stimulus package did not appear to leave any major sphere untouched. |
| Will IndiGo parent’s bid for Virgin take off?Will IndiGo parent’s bid for Virgin take off?IndiGo co-owner InterGlobe Enterprises Friday confirmed it has shown interest to buy Virgin Australia. |
| Premji’s 6-point guide for FM to fix economyPremji’s 6-point guide for FM to fix economyThe coronavirus pandemic must be dealt with on the healthcare front comprehensively. |
| Bond Report: Treasury yields bounce off lows as stocks mount late-session comebackTreasury yields rose Friday, as the stock-market shrugged off worries about deteriorating economic data and U.S.-China tensions, but yields still ended the week lower. |
| China risk has reemerged in the U.S. stock market ” here’s how events may play outApple is a key stock to watch because it has such a heavy weighting in the benchmark S&P 500 Index. |
| Do I have to pay back my $1,200 stimulus check? Don’t fall for these 5 myths about the stimulus payments‘You’re going to get the refund you qualify for, and this check.’ |
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