Covid19 virus it is monday, april 6, 2020. You are watching cnbc. Good morning welcome to the show. Im dominic chu live at cnbc headquarters dow futures pointing toward a surge at the opening bell. If all things hold true, we could see an 838point gain for the Dow Jones Industrial average, 101point gain for the s p 500 and 320point gain for the nasdaq a big surge after down moves last week. Also keeping an eye on the bond market as well we are seeing some movement there in terms of yields on benchmark u. S. Treasury bonds and notes. Twoyear, 26 basis points or 0. 26 . A tick higher there. Tenyear benchmark treasury yields a hair over 65 basis points, or 0. 65 you can see sell off of government bonds, those yields rising crude also moving at least to the downside right now wti, 26. 60 after logging its best week in history well have much more on that trade in a moment. We have Team Coverage from around the world to kick off your monday morning. Julianna tatelbaum is standing by in our l
Little, too late. European Officials Say it is too lockdownrelax restrictions. The german finance minister says he is prepared to offer aid. Read on the screen in asia for the third day in a role. Weakness in european and u. S. Futures. After gains in their cash trading yesterday. Investors mulling this grim milestone in terms of the outbreak. Jobless claims out of the u. S. , 10 million ssericans laming joblessne over the past two weeks. It could be noisy data because it does not take into account the full stale scale of the lockdowns. The dollar index above 100, Holding Onto Gains from the past two gains. Record to jump as President Trump talked about saudi and russia cutting production. The state ofto fourwith coronavirus, months after surfacing in wuhan, china, it has infected one Million People across the world. Italy and spain amount for almost half the deaths. The u. S. Accounts for a quarter of the cases. For a quarter of the cases. With some virus carriers preventing presentin
After inside story by. Will record breaking cuts in production to stop the Oil Price Slump crude producers led by saudi arabia and russia agreed to the biggest of the reduction in oil. So who will be most affected this is inside story. Hello welcome to the program. 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. 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
Tom i would really suggest oil is important, but complete we secondary to the implosion that we saw yesterday and american jobs data. And the french data not much better. Right now, for global wall street, it is about calibrating the slow down and the nonrecovery out in the third quarter. And also, its the follow on from the rents that werent paid. There were massive upsets this morning. Francine i dont disagree. But oil can make things worse. Lets get straight to uber first word news in new york city with viviana hurtado. Viviana we do begin with oil. Opec putting together a Virtual Meeting of its members as President Donald Trump calls for a court need cut to end the historic crash in crude prices. Two delegates telling bloomberg the meeting will be held on monday. Saudi arabia insists it will only cut if others do. This includes the u. S. Of thetoric streak economy adding jobs for one under 13 months is probably ending as tom was mentioning. The march jobs report coming out at 8 30
Loans, slash grants, becoming available right now, to the tune of close to 35, 40 billion thus farce. Conservative estimates. Maybe as high as 75 billion by the end of day. That is buoying the s p 500. The dow is 19 off its bear market low reached a little more than three weeks ago. A similar situation for the s p 500. Now, about 16 or so away from those lows. Whether that holds is anyones guess. But a lot amid talk as well well get more stimulus here or relief, whatever you want to call it. That it could rival the price of last and most recent relief package north of 2. 2 trillion, hard to say. Blake burman has been looking at all of that. Blake . Reporter hi, there, neil, hard to say indeed. Here is what i am seeing speaking to Senior Administration last night, there has not been sizable movement the last couple days next potential steps coming in terms of economic relief. I am told there are some ideas that they are kick around within the white house as of if that does happen, what