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White house briefing. We will be monitoring that for any headlines as they come. Shares of the biggest banks, citigroup and bank of america, plunging today after disappointing Earnings Results revealing just how hard the pandemic is hitting them. Goldman shares ended the day up. Their portfolio took a big hit. Joining us now, sonali. Walk us through these big loan losses and why did banks do so poorly today . Sonali these loan losses are the number one reason we are seeing issues at the big banks. This might get worse in the coming quarter. Let uncertainty as what is making investors nervous. When you go to bank of america, they expect they are considering what a recession would look like into 2021. You are drawing out time frames that go well past a couple months that people expect the economy to be closed for. The banks are factoring in the reality that the American Consum ....
Fourth positive session, up 2. 7 . Just the banks really are lower in the s p, a few oil companies. Crude oil trading down 6. 8 , back hello 21 a barrel. Back in itsyield range. The vix at 38 and change. Lets get a deeper dive into the markets with abigail doolittle. Abigail you were mentioning the gains in the s p 500, and certainly that is the case, a risk on tone from a stock perspective. Each of the averages is up 2. 5 . The nasdaq 100, make a cap companies, amazon putting in an alltime high, up almost 4 . Interesting, we have bonds higher, even as stocks are rallying, so that is something to keep in mind. Bank earnings were pretty disappointing with profits plunging and loan provisions on the rise. You were talking about how it is cooler today from yesterdays volatility. This is a year today chart at 90,highs, almost closer to when the s p 500 was closer to 2200. At this point, back below 40. It is worth noting, just a few months ago, if you talked about the vix at 40, traders and ....
Contraction than anyone realized , and the statistics on this pandemic are not all that good, are they . Francine now, they are not great. We have that horrific figure of 2 Million People infected worldwide, however we are seeing the u. S. , germany, and others thinking about relaxing the rules. It is different in japan where they are talking about a state of emergency. Today, overall the initial claim tally is said to push the fourweek total to 22 Million People without a job. We will spend time talking about that, and we have a headline from apple. I just got the air pods. Apple plans over a year headphones to bolster business working from home. Tom we have seen apple with product announcements including the smaller i found in the last lasturs, iphone in the 48 hours and they are separated from the collapse in smallcap. Right now, here is viviana hurtado. Viviana donald tru ....
President , Robert Kaplan. Why one person sees i think we can but it was one of commodity exposed risk currencies . Zach not necessarily. The main reasons why it was that is what we saw the first appropriate we take action this time around when the virus was week and why we are very opportunities. Treated by investors as a china lets check today on the carefully monitoring the shock. Situation. Monetary policy is not the lead something that was concentrated policy option in this situation. In china and therefore negative for commodity demand. We need Good Health Care now the virus shock has gone global. Street, down today, arresting western europe, north america, yesterdays gains. Policies, containment policies. Both dealing not only with the transportation index is it is possible fiscal policy spillovers from china but direct will play a role. Enough fair market. There may ....
S p indicated down about 4. 5 looks like the 10year is yielding below 1. 6 . 1. 549 well talk about what china did. Loan rates there dropping as the company tries to take on the impact of the coronavirus. Lets get an update now on the coronavirus. The people on the ship, a couple of people did die from the coronavirus. China as we heard cutting its benchmark lending rate that was expected. Authorities looking to boost the market unfortunately, two passengers from the diamond princess cruise have died. The first reported deaths in connection with the ship which was quarantined off the coast of japan nearly two weeks china is again, changing the criteria of confirmed cases adding confusion to tracking going up or down and whether weve seen a peak or close to a peak l brands reportedly selling shares of victorias sek receipt valuing that brand just over 1 billion. This had been expected that theyd pay for it. L brands chairman and ceo will step down as part of the deal but remain on the b ....