A similar loss on the s p. Big loss on the nasdaq composite. Why the nasdaq down so much . Well, just look at this. Big tech being taken to the cleaners this morning. Start with apple. Look at that. Its still a trillion dollar company, way down this morning after its Financial Report late yesterday. Ive got more on all this. Amazon, huge drop, down 120. They are plowing their profit into coping with the virus. Microsoft, not much impact from the virus but its caught in the downdraft. Microsoft is down nearly 2 , 3. 46. Next case, the political news. Topping that this morning is joe biden. He has denied a Sexual Assault allegation. He says quote, this never happened. Ive got more on that in a moment, too. Got a big weekend coming up. Texas opens up a lot of businesses. Who will go to the store, the barbershop, the restaurant . Thats going to be a pretty good indicator of the urge to get out of the house. In california, the governor has relocked down the beaches. How will that go down .
The dow futures down 448 points. Down almost 2 . S p better than 2 , nasdaq lower by 225. 2 and a half percent there as well. Strong showing in april despite losses yesterday, the dow, s p 500 posting largest monthly gain in 33 years for month of april. Oil prices are still down this morning sliding again, take a look, this morning more on the impact, low prices and decline in demand are having on big energy. Oil now 39 cents, better than 2 . I will be speaking this morning exxon mobile and chevron will be reporting and we will speak with the ceo of chevy robe coming up. Amazon with jump in sales but seeing profits fall as cost of doing business of the pandemic rises. Could post First Quarterly loss in 25 years. More bombshells, more unsealed documents reveal the fbi was moving to close the investigation of Michael Flynn back in january of 17 before agent peter strzok stepped in to say keep the case open. Flynns Attorney Sidney Powell will join me powell at 8 10 a. M. Eastern on the ef
Dollaryen pushing a bit higher. You are also looking at the 10 year going no real place, and oil trying to stabilize as earnings continue to rollout. Honeywell the latest, suspending their fullyear guidance. Time for todays market moving news from new york and washington. Lets start with earnings. We are about halfway through the seasons. Oil giant chevron out this morning, cutting capex for the second time at about five weeks, warning profits will suffer. Bloombergs Annmarie Hordern has more. Annmarie thats right, that capex headline is really the one to take away from chevron. Clearly, they are doing what they can to save cash. The original plan before they cut earlier was for 20 billion. 14 billion is roughly where chevron has been spending over the past three years or so. Dividends has been a big topic for the oil company. Sayingre now they are they are doing everything they can to protect it. In just going to be out under 30 minutes. They said they are going to freeze it. One thin
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu
Reopening process going. Look, it does feel that there is a very self confident sense by governors that its time. I think that the president is so oriented towards its time, and the president is soed ed ed eet in having a vaccine by years end, that theres an element of two different worlds here. Theres the real world influenced by the president saying open it up, people want to do it, and the stock world influenced by Warren Buffett who said i sold the airlines because that industry has fundamentally changed. Its a big gulf. Really the largest ive seen amazing. David . Sorry, carl weve been talking about that for weeks. The many phone calls that you or i will have with Business Leaders who are focused on maintaining their liquidity, focused on just being around to fight another day come the end of the year. The many ceos who join us on air who constantly talk about their businesses not coming back to the levels they were prior to the virus for maybe two or three years. Now they may be