Last weeks big rally with saudi arabia and russia feud over cuts the oil market taking a hit today. We do have full Team Coverage of these markets for you. Bob and rick covering the action in stocks and bonds. Steve on the latest economic fall out from the virus. Bob, well kick it off with you and this rally that just keeps building it started early on we got right up great overseas numbers. When Governor Cuomo started talking a couple of hours ago, we moved up on his comments on hopes for plateau. The market took it positively. I want to point out that we are, i call it markets in the middle. Were now 20 off of the lows from the february 19th high, were now down 22 remember at one time we were down 35 a bull market to bear market to i dont know how to characterize characterizeize this morning were 20 off the lows the most beaten up are rallying the most retailers they are a big today wayfair up best day since march 26th for the banks. Here are some of the regional banks. Sta stap stap
Will record breaking cuts of production to stop the Oil Price Slump crude producers led by saudi arabia and russia agree to the biggest of the reduction in oil to say so who will be most affected. Is inside story. Hello welcome to the program and its me. Factories shut grounded cars and trucks off the roads in many cities under lockdown demand for oil has collapsed due to the coronavirus pandemic and Oil Prices Fell further when major producers saudi arabia and russia couldnt agree on cutting output. Now theyve set aside their dispute opec and the oil cartels allies agreed to a 10 percent Production Cut the biggest ever but the deal to switch off the top spy 10000000 barrels a day still needs approval from mexico but these circumstances require swift and timely measures all of our Oil Producing countries must pull efforts to change the situation related to the substantial over production of oil in the world the us it didnt take part in the opec discussions on thursday which are the foc
President trump donald trump saying america is winning the war against the virus. Dr. Anthony fauci says at least part of the economy could reopen next month. Over at the capital additional funding for Small Businesses, Congressional Republicans to add 251 billion, democrats looking for more money and a much broader use of the funds. Meantime futures are pointing to a lower open to kick off this week. You have almost 300point loss on the dow futures after u. S. Markets in a short week last week rallied big time. The dow, nasdaq and s p all up more than 10 . S p having the best week since the mid70s. 1974. Deadly storms slamming parts of the United States over easter weekend. The southeast still being battered by horrible weather. We will have a live update. Mornings with maria is live now. Dagen and good morning, maria. Maria good morning, everyone. Dagen, thank you. We want to check Global Markets. This is a big week. Hope everybody had a great easter. Lets check Global Markets right
At a 10 plus number for on them limit on friday. The dow jones is down zero point 3 . The s p is positive by just a point. The nasdaq is down by four points. Very Little Movement right now, at least around these indices. The dollar index is stronger today at 100. 18, as the said continues to as the fed continues to invent ways to get money into the economy, the latest to get banks to breach their leverage ratios. What is going on in europe right now, guy . Guy as you say, the dollar is creeping up, which means the euro is going down. The euro a big component of the dxy index. The dollar regaining a bit of traction right now despite the fed efforts. European stocks down by about 0. 6 . The only sector in positive territory is the oil and gas sector, given the climb we are seeing in crude prices. Brent is up by 5 on expectation for the president that a deal can be done between the russians and the saudis. Eurodollar now with a 1. 08 handle. Down at the bottom, youve got a bit of an offer
The actions. Not just high yield indexment many of these outliar assets are showing a little bit of relief i suppose you could say. What does that say to you at ubsf Financial Services . Lisa i think its very important that the fed did what they did. Obviously after easing tremendous amount of of keep Interest Rates low, financial conditions continue to tighten f you dont have access to crede at this time creates a problem. To prevent unnecessary insolvency we think is very important Going Forward. We think the fed action is positive overall, but we dont think this is going to be just a straight shop upward. We do anticipate continued volatility for the less of the year. Lisa if thats the case vonnie if thats the case would you hold your fire or start looking for places to put some of the dry powder to work . Lisa we had come in to this recent fed policy and fiscal stimulus long high heeled. Markets had gotten to the point where they became so bad it quickly, spread quickly and widened