Losses the university of michigan warning of a billion dollar hit from the pandemic. Their president will join us kelly. Stocks are lower coming off two straight weeks of losses lets get to bob for more on the selling today. Modest rally in the last hour s p is comfortably over 2800 again. Two issues weighing on the markets. I think a lot of investors surprised by warren buffet not so much buying the realizizati realization tha slower than people anticipated restaurant stocks all down dave and busters, dennys. You can see theres less optimism it will go so well in the restaurant stocks today. Mr. Buffet getti inting out of positions didnt help at all all down 3 or 4 the leadership out there on the plus side, wfh the work from home stocks have done so well the wall greens walmarts have all done so well a little bit of, i think optimism that the Energy Stocks are continuing to holdup well. Weak open but a lot of the big names in positive territory. Refiners Like Marathon Petroleum and th
I have to go to the gossip of london. We will get to oil with jim caron in a moment. Why does the sunday times go after the Prime Minister of the United Kingdom when he is just out of the hospital bed . That is a very good question. First of all, lets remember the sunday times and of good the times were huge supporters of mr. Johnson. There is a feeling that the fact the Prime Minister got sick maybe gave him a free pass in how he handled the situation. There are two schools of thought. One thing, we just need to get through the crisis and need to try to work together. And then those who say we need to hold our leaders accountable for what they have done because theres the change of course. Yesterday we found out the critical number of personal Protection Equipment that was data for the nhs will not arrive in time. This after the scathing article that is basically saying Boris Johnson was pretty much thinking of other things instead of dealing with the crisis in february and march. I d
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
States, and even some states already taking measures, minnesota and texas, to ease restrictions. What thisget a lay of meanings for the tech economy. Joining us now, our own tom giles, our editor in san francisco. The president is planning a phasing reopening of the economy but this depends on what governors want to do. For states like california and washington, what does that mean . The thing that you have to remember about the Big Tech Companies in those two states is that in terms of keeping operations going, in terms of employees showing up to work, getting, working on their projects, delivering software weve seen companies in these states have been performing fairly well. Engineer working at google, if you are in the main office at amazon, those people are able to do their jobs by and large from home. There hasnt been the same kind of disruption. As you get into the physical space with the people who are in amazon warehouses, doing the deliveries, the people who are working apple
President. That was then. A lot of people think it is fundamentally different this time. All of this is really catalyst, via a virus. But again, one of the interesting things im also following is that we still have negative Interest Rates at the very, very front of the socalled yield curve. One month and threemonth bills are still in negative territory right now with the one month bill at negative. 117 , the three month bill at negative 0. 348 . I hate to add that. That is actually good news. People dont look at a prospect of negative rates as good news but what it means technically, when you give the bank your money, you have to pay them for a privilege. A lot of people look at that, say, what the i will take my chances in the stock market. At least with conservative investments and dividend yields north of 3 i could do better almost doing nothing. That is the view. It benefits stocks. The fact we think were over the worst of the potential Economic Impact of this. That might be premat