Written by Gary
US major stock indexes shed their green luster to end closing in the dumps (SPY -0.2%). Investors decided to jump ship after Trump confirmed a China news conference tomorrow.
The Market in Perspective
Here are the headlines moving the markets. | |
Renault poised to announce 15,000 layoffs worldwide: unionFrench carmaker Renault is poised to announce 15,000 layoffs worldwide on Friday as it unveils a plan to boost its profitability and cope with faltering sales, a representative for the CFDT union said after meeting with the company. | |
Canada’s Huawei extradition ruling could unleash more Chinese backlashA Canadian court ruling that could permit the extradition of a senior Huawei Technologies Co Ltd [HWT.UL] executive to the United States leaves Canada vulnerable to further retaliation from Beijing, analysts said. | |
S&P cuts Rolls-Royce credit rating to junk on COVID-19 hitRating agency Standard & Poor’s cut engine maker Rolls-Royce’s credit rating to junk on Thursday, citing the disruption caused to global air travel from the COVID-19 pandemic. | |
Oil rises as higher U.S. refinery rates offset surprise crude buildOil futures rose about 2% on Thursday as a steady improvement in U.S. refining activity offset a surprise build in crude and diesel inventories and on worries that China’s new Hong Kong security law could result in trade sanctions. | |
Trump set to order a review of a law that protects social media companiesU.S. President Donald Trump is expected to order a review of a law that has long protected internet companies, including Twitter and Facebook, an extraordinary attempt to intervene in the media that experts said was unlikely to survive legal scrutiny. | |
Masks, cleaning, filtration better than blocking middle seats: United CEOUnited Airlines Holdings Inc Chief Executive Scott Kirby said on Thursday that facial masks, aircraft cleaning, and air filtration systems are better measures for preventing the spread of the coronavirus on airplanes than trying to social distance. | |
Stocks, euro rise on recovery hopes; U.S.-China rift lifts goldGlobal equity markets climbed on Thursday on optimism for a speedy economic recovery and a massive stimulus plan in Europe helped lift regional stocks and the euro, while gold rebounded on a safety bid on deteriorating U.S.-China relations. | |
Fed’s Kaplan says U.S. economy has bottomed, ties rebound to testingThe U.S. economy has likely bottomed, Dallas Federal Reserve Bank President Robert Kaplan said on Thursday, but a healthy rebound depends on a massive increase in testing so that people feel comfortable resuming traveling, dining out, and other pre-crisis activities. | |
German auto supplier ZF Friedrichshafen to cut up to 15,000 jobs: memoGerman car parts supplier ZF Friedrichshafen plans to reduce the workforce by up to 15,000 jobs, or around 10%, by 2025 as a result of a slump in demand, according to a memo on Thursday. | |
Dollar Slumps, Small Caps Dump, Oil PumpedDollar Slumps, Small Caps Dump, Oil Pumped Tyler Durden Thu, 05/28/2020 – 16:02 Today’s stock action was dominated by a dramatic shift in Small Caps vs mega-cap tech as the US Cash open sparked a puke in the former and a panic-bid in the latter…but that all snapped when President Trump confirmed a China news conference tomorrow and commented in more detail on his intent to crackdown on social media giants… | |
Trump Says Executive Order Will Strip “Liability Shield” From Social Media CompaniesTrump Says Executive Order Will Strip “Liability Shield” From Social Media Companies Tyler Durden Thu, 05/28/2020 – 15:54 Update (1550ET): After announcing that he plans to sign the executive order tonight before 5pmET, Trump said Thursday evening that the EO will strip social media platforms of a “liability shield”, and that the DoJ will work with state AGs to make sure they enforce laws on “deceptive” business practices. He added that social media companies are “tantamount to a monopoly.” AG Barr was also in attendance, and as President Trump assured the public that he would push for legislative changes to the Communications Decency Act of 1996. Both Trump and Joe Biden have said that section 230 of the controversial law – which provides the so-called “liability shield” that protects platforms from speech on their platforms. Of course, Dems and Republicans have very different views on why that law should be rolled back. TRUMP SAYS TWITTER HAS STARTED EDITORIALIZING TRUMP SAYS SOCIAL MEDIA COMPANIES HAVE UNCHECKED POWER TRUMP SAYS SOCIAL-MEDIA COMPANIES WILL LOSE LIABILITY SHIELD TRUMP SAYS HE WILL PURSUE LEGISLATION IN ADDITION TO HIS EXECUTIVE ORDER U.S. ATTORNEY GENERAL BARR SAYS THE EXECUTIVE ORDER DOES NOT REPEAL SECTION 230 OF COMMUNICATIONS LAW TRUMP SAYS TWITTER SHOULD BE SHUT DOWN IF … | |
DraftKings Shares Soared 300% As COVID Killed Sporting EventsDraftKings Shares Soared 300% As COVID Killed Sporting Events Tyler Durden Thu, 05/28/2020 – 15:50 There are no baseball, basketball, golf, equestrian, lacrosse, auto racing, and or other sporting events at the moment. Major League Baseball could restart in July, but there is still too much uncertainty. Football, if the season starts on time, won’t be seen until late August, and the 145th Preakness Stakes won’t be seen until October. But DraftKings, an American daily fantasy sports betting website, which recently went public, has seen its stock soar 273% since lockdowns began and all sporting events canceled. | |
Boston Marathon Cancelled, Global Coronavirus Cases Near 6 Million: Live UpdatesBoston Marathon Cancelled, Global Coronavirus Cases Near 6 Million: Live Updates Tyler Durden Thu, 05/28/2020 – 15:40 Summary: North Carolina reports 827 deaths Premier League soccer to re-start June 17 NY reports just 74 deaths for the second day in a row. Italy reports | |
COVID crisis reveals the desperate need for bold reforms in IndiaCOVID crisis reveals the desperate need for bold reforms in India ‹ ‹In response to a crisis such as the current pandemic, India needs to come up with an effective rescue plan. | |
How will the economy fare in Q4? Here’s cueHow will the economy fare in Q4? Here’s cueThe country’s GDP growth is likely to be at 3.6 percent in January-March 2020, Crisil has said. | |
No respite in the near future for Auto IncNo respite in the near future for Auto IncThe automobile industry is headed for another year of double-digit sales decline this fiscal, Crisil said. | |
Market Extra: Why it might be a gamble for companies to borrow directly from the FedThe Federal Reserve wants to give U.S. companies the option of borrowing directly from the central bank over the next few months to help offset the pandemic, but the offer comes with strings attached. | |
The Margin: Tom Brady is selling ‘a part of the Brady family’ for $300,000The NFL legend probably isn’t in the market for a typical home in Tampa Bay, where the median runs cost about $250,000, but if he were, he could use the proceeds of his SUV sale and still have plenty left over for some new golf pants. | |
The Tell: Millionaires are hesitant to buy stocks amid a gloomy market outlookThe seven-figure set owns about 85% of all individually held stocks, so it’s worth listening when they say they’re bearish enough to commit only a third of their cash to equities. |
Summary of Economic Releases this Week
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: