Debt. Joining us to discuss is a high veteran, Lehmann Livian Fridson Advisors chief Investment Officer martin fridson. I want to talk about this wave of downgrades we have had. Yet, itenomenal, and seems like we have not reached the apex. Do you anticipate more double and triple downgrades . Martin i think we will see that continue for some time. If is such a dramatic change in environment, it is taking a while to get through all the companies, but in addition to aat, some Companies Just had light switch turning off kind of change. Historically, you have some finance companies go down quickly if they lost their ability to borrow, they could sell quickly. Industrial companies historically have taken a long time to make the migration that we observed recently. 1100 basis points around march 23, and then we had a bit of easing. What do you see in terms of levels, spread wise, and default wise . Martin default will clearly rise. Defaults will clearly rise. We think double digits. The high
The s p is down 1. 9 . The only sector higher are the retailers, but in the s p, that includes netflix and amazon. Crude oil up . 43 right now, 1. 9 . The retailing index, up 1. 6 . Abigail doolittle is with us now for a deeper dive into the afternoon session. Abigail it is certainly a risk off tone with the across asset class check with stocks lower. A look at the major averages, the dow is down 2 , the s p 500 close. Interesting, the nasdaq is down just pointed percent after that big rally you were mentioning last week. The question is, is this healthy consolidation or the beginning of a swing back down to the sears lows this years lows . The russell 2000 also down 3 . That was the best performer last week. Maybe suggesting consolidation, but it is all about earnings, uncertainty about what the virus will do to earnings. Take a look at oil after the opecplus deal output cuts of about 10 . Oil is up 1. 5 . The energy sector, one of the better sectors. Those are the movers to the upsid