Refuse to go back to work you will not be eligible for those fat unemployment checks. Unintended consequences when you make more money not to work. Well get reaction from governor Mike Huckabee himself. That and so much more on making money. Charles stocks are higher as connecticut becomes the last state to partially reopen as number of coronavirus cases are drifting lower, and number of people getting back to work drifting higher. Yesterday was a different story. We saw the dow, losses actually accelerate into the final hour of trading, on two things. Headlines from the omb that talking about how bad the Second Quarter will be. There was an article that questioned efficacy of modernas new covid knight, the vaccine trials. Here is the question, did you sell into the late swoon yesterday . Clearly the market was spooked. Im sure many did probably cut bait. If you knew history you would, you might have held and might have even bought. According to spoke research, the market had 14 sharp
Nobody wants a second wave. The market starts the week on the upside again. Investors like the get back to work trend and there are several forecasts of imminent recovery for the economy. Secretary mnuchin says there will be a rebound july, august and september. The dow is looking at a 200 point gain first thing this morning. Thats close to 1 . A nice gain for the s p, close to 1 . The nasdaq will be up over a half percentage point. Now, the reason the nasdaq is up, because of this. This week, many Big Tech Companies report their financial position. Strong results expected because the virus lockdown has a more limited effect on these companies. Premarket, most of them are up. But look at oil. No joy for the drillers. They are looking at 12 a barrel and the worldwide glut shows no sign of easing. Over the weekend, the price slump claimed another victim, diamond shamrock. The drillers declared bankruptcy. The price of gas still falling, albeit slowly, about one cent down a day. The avera
Hardpressed drillers . We will ask. Now we are quoting the next contract for june delivery. The price coming in at, where was it moments ago, what was it, 15, 16 a barrel. The president will fill the Strategic Petroleum reserve with up to 75 billion barrels. That helps storage capacity. But it makes no impression on collapsing demand which is at the heart of the oil price problem. A lot of people expect that that price, the one we see right now, what was it, 16, 15 a barrel, expect it to down from here. Well see. Stocks, theyre down in part because of the Oil Situation. Its another indicator of how badly the virus is affecting the economy. Investors not happy about the demise of Americas Energy industry. The dow will be down 500, s p, lets see, 54 points down and the nasdaq down about 82. A small loss in percentage terms compared to the dow and the s p. Well, the president s twitter account active last night, late last night. He called the virus the invisible enemy and said he would is
Are in the markets for the second day in a row, weve had a nice rally in the open thats faded as we go into the close. This is part of that fading on the optimism of the reopening story here so banks have been weaker, retailers generally have been weaker, but still up fractionally, because the big five, the mega cap tech stocks are on the upside. We were talking about guidance, and once again, a number of the companies today pulled their guidance papa johns, mattel, office depot, genuine parts company, equity residential, Waste Management they join 170 other companies, that is one third of the ap 500 that has declined to give guidance and this is one of the reasons were seeing so much stock volatility how do you figure out what the right prices and multiples are when you dont have any idea what the earnings situation is going to be like we also have problems with dividends. Many companies are cutting their dividends as well, or even eliminating them altogether. Morgan stanley put toget
Relatively good news out of new york where hospitalizations continue to decline although there is a spike in deaths in the state. The governor is worried, outlining for folks the idea of a staggered reopening of the state. Only 45 minutes after new yorks mayor bill de blasio was saying look, it is looking like june. That the city will not be able to open up before june. That was not exactly worthy after fox news or fox business alert. No shocker there. A highranking mayor of the city was making it official all you needed to hear, wow, this whole comeback for the economy which cant get any robust way without new york kicking in is not likely to happen. So that is kind of been pulling and pushing at investors today. Jackie deangelis has more on all of the above. Hey, jackie. Reporter good afternoon. Good to see you, neil. Thats right, the market is paring the losses right now. Youre right stocks are kicking off the week in the red after a very strong week last week. Investors are cautiou