After officials celebrate positive results from a gilead trial. The data shows that remdesivir has a clear cut positive affect in diminishing the time of recovering this is important for a lot of reasons. Socgen gals. It triples provisions and suffers poor performance at Investment Banking business. Nokia takes a 200 million euro hit saying 5g will be an ongoing boost to demand. Elsewhere to facebook focusing on the positives shares jump in after hours trade as the social media giant said ad revenues made a come back and monthly users neared the 3 billion mark we are not immune from this crisis we did see a steep decline in advertising revenue starting about the first week in march. That has continued weve seen some more recent stabilization. A warm welcome to street signs, everybody. The French Economy has suffered the deepest contraction since world war ii meanwhile spanish gdp data also showed that economy slumped 5. 2 , quarter on quarter as the virus brought the countrys economy t
And workers. Finish on the barrons round table tonight but at a safe distance, ben leveson, carl english and jack howe. Ben, first to you. Lets talk about whats happening in the market right now. In the beginning of the bear market, we had that crazy panic stage, lots of missed pricings. Now things seem to have settled down, investors maybe trying to find what the right prices are . They are. Or at least they, you know, theyre making bets that some kinds of companies are going to have a lot of trouble going ahead, and thats your traditional retailers, airlines, cruise companies. After rallying last week, theyve gotten hit very hard this week. And there are companies that have been winners including Biotech Companies who are working on treatments and vaccines for coronavirus. And theyve done very well. The one strange one is energy which has been among the losers but had a fantastic week because of reports that maybe we could see some production cuts to oil, and that would help drive th
Really just the tip of the iceberg with probably millions of layoffs still to come. On monday the first big wave hit the Retail Sector with macys, kohls and gaps announcing they would furlough tens of thousands of mows. The closure of stores to prevent the spread to have virus has taken a heavy toll on its business. And President Trump had to give up on his hope expressed just a week ago that the u. S. Could be opened up by easter. Hes now saying the company will have to keep practicing social distancing for the entire month of april, and he add added that we should prepare for a very painful two weeks ahead. Meantime, his top medical advisers warn that up to 240,000 americans could die from this disease even with current Safety Measures in place. On wall street stocks ended their worst First Quarter ever. The dow lost 23 , thats the biggest quarterly decline since the quarter of the black monday market crash of 1987. And the New York Stock Exchange floor remained eerily quiet, tempora
Why this is good for business and workers. Finish on the barrons round table tonight but at a safe distance, ben leveson, carl english and jack howe. Ben, first to you. Lets talk about whats happening in the market right now. In the beginning of the bear market, we had that crazy panic stage, lots of missed pricings. Now things seem to have settled down, investors maybe trying to find what the right prices are . They are. Or at least they, you know, theyre making bets that some kinds of companies are going to have a lot of trouble going ahead, and thats your traditional retailers, airlines, cruise companies. After rallying last week, theyve gotten hit very hard this week. And there are companies that have been winners including Biotech Companies who are working on treatments and vaccines for coronavirus. And theyve done very well. The one strange one is energy which has been among the losers but had a fantastic week because of reports that maybe we could see some production cuts to oil
I think everyone would agree, tgif, not from the dows perspective. All in all, we were up 13 on the dow, and the best week since 1938 and that is cold comfort given what weve seen and we are down thousands of points from our high just one month ago and the dow losing 115 points today. The benchmark tenyear treasury note ended kind of where it began at 0. 7 . When you throw a couple trillion dollars like the fed is at the bond market maybe you will see a move, maybe not, and continues to fall, and it is moving around after hours. Oil stocks falling across the board as well today. The average oil stock in the United States is now down 50 this year and theres a lot more that are down each more than that welcome. Options action will be on at 5 30 as well and our group has been resilient, and that is guy adami, tim seymour, and we are proud to welcome victoria fernandez who is in houston. We will get to all of the traders in just a moment, but we have breaking news on General Motors really