Space. Oil getting a bit of a reprieve. The concern is you have even more oil flow if the opec deal comes to an end. We want to get you todays market moving news from new york as well as washington. We want to start with the latest pmi data. Factories around the world suffering one of their grimmest months on record in march. Fbloombergs Michael Mckee joins me for more. Theres a lot to dig into. Give me some of your takeaways here. Michael mr. Rogers word of the day is contraction. Across the developed world, they are pretty bleak at this point. Some of them not as bad as thought because of a quirk in the data, but lets go through the data right now. Anybodye hardest hit of i the virus, and now the hardest hit in terms of the pmi number. Eurozoneance, germany, u. K. Are also in the 40s, which marks contraction. New orders of production crashed, but there is a quirk in the data where supplier delivery times are linked. However, in this case, there are no supplies to deliver, so it makes
When it comes to the dow jones, boeing is the worst performer, proved to be a drag. The 10year yield, down slightly after the economic data. Back below 20 a barrel on crude oil. Itn the government saying may give producers money not to take oil out of the ground. The next backup about 41. Lets get some details from Abigail Doolittle on the markets. Abigail it is proven to be a choppy, volatile day. Small moves but nonetheless, up and down, as investors do with jobless claims, earnings. Hat last leg lower right around the time Governor Cuomo said that the shotgun for new york state would extend to may 15, a leg lower. Investors trying to figure out what is behind all the information for data, earnings, and the virus. Behind those moves up and down, distinct camps. Amazon up for the second day in a row, investors think that this company will do well in the shutdown. On the other hand, United Airlines plunging 10. 5 . Some viewing the bailout for the airlines as not enough to do anything
Abramowicz. A special edition of bloomberg surveillance. What is the title of this program . Market chaos. We are going to do two things. We wrap around the date of where we are now in terms of assets. Of course, good conversation. Jon ferro, start framing with us. We will start with the price action. Huge moves in the equity markets. The biggest oneday drop that we have seen going back to december of 2008. S p 500 futures continue to roll over in the hour or so after that. In the bond market, you know all about it. Treasury yields settle down, coming down basis points. A monster move in crude. Sunday evening, lower on brent by as much as 31 . Lisa, this is the one i know you have been watching. Debt,opin highyield that is the biggest drop going back to 2009. Lisa when you look at past market routs, they always say that credit leads. A canary in the coal mine. This time, it was not. Some people think it is at the epicenter of what is to, with companies that are heavily indebted getting
This stock hitting a century mark thats right, a 100year high for this company any guess sns send it on the twitter feed we reveal the answer later on in the program. All right. All that ahead but we begin right here with what some are worrying could be ipos gone whiled wild check out the morpt moves in the the recently public named np beyond meat, smile direct, ub err. Up double digits this year np smile direct up 34 uber up 17 beyond meat up 5 a and were only 9 trading days into 2020. Now many of the names are still well off the alltime or ipo highs. So is the recent rally too far too fast and if so which, guy adami of those names, if with with you nicked one of the names shone would you say this is the most worst and ee egregious example of momentum gone amuck. The most momentum gone amok beyond meat is fascinating to me it went from 75 to current levels in a straight line. But also off the 240 level we saw in july. I dont know if necessarily run amok they are well off the highs to
Need and it is energy and tesla, paypal, square a lot to talk about. Your traders are not here. But i still know who they are. And the top story has been Energy Following the killing of the iran general on friday and the last couple sessions, the loss has been wiped out because the world is still awash andoff supplied in the price of oil. Weve been speaking to the biggest names about what is going on and why we did not see a bigger spike weve chatted with ceos of chevron, patterson gti, marathon oil, their first interview in more than five years and pioneer will be airing on Worldwide Exchange tomorrow. Lets talk about oil and gas as well speaking of chevron, that stock fell along with oil. Not just because crude oil fell, but because bank of america and Merrill Lynch downgrading to an underperform so guy, are you surprised at like the question we asked every ceo here that the price of oil has not spiked higher given what happened on friday enjoy yourself down there, thanks for invitin