Happening here. We continue with this outperformance from the small caps. We continue with this rotation. Abigail we do, and today is relatively subtle. The outperformance came from energy and financials, which at the end of the day finished higher. Today we are once again seeing movement into the cyclical sectors even though the s p 500 on the surface is basically flat. The nasdaq 100 is lower. You were mentioning the small caps. The russell out another alltime high on the day. You again have investors moving to small caps, value, the cyclical sectors. Theres the financials. Industrials, energy, real estate can materials, all of the sectors in green are the growth and cyclical sectors. On bottom, you have tech and communication services. It is pretty interesting because tech is really being weighed on by apple right now, and they have cut their developer fees by to 15 from 30 . That is a pretty decent chunk of revenue in the past fiscal year, 1 3 of it to those apt of elements. That i
And Nobel Peace Prize lets return to the Northern Irish winner, has died. Politician and Nobel Peace Prize winnerjohn hume, who has died at the age of 83. A bbc investigation finds the number of deaths an architect of the northern from coronavirus in iran is nearly ireland Peace Process, he was regarded as one of the most three times higher than important figures in recent the government claims. Irish political history. Earlier, we heard from the bbcs former ireland correspondent Islamic State militants denis murray, who paid tribute in afghanistan say theyre behind an attack on a prison in the city to the life ofjohn hume. In my opinion, he wasntjust a of jalala bad thats left at least 20 dead and hundreds of prisoners giant of irish politics, he was a trying to flee. Nearly two years giant of irish politics, he was a giant of irish politics, he was a giant of uk politics and i think it on from the collapse of genoas morandi bridge, was a giant of World Politics, as killing 43 people,
Lots of earnings coming out. Ups is the latest. They are withdrawing their 2020 forecast for revenue, as well as eps, as we have seen from Many Companies trying to estimate the impact. Theirre withdrawing forecast. They are suspending the Share Buyback for 2020. We want to get you all of todays top moving news from new york and our london team. We want to begin with the volatility in the u. S. Oil market. Wti at one point falling below 11 a barrel. Bps ceo, after the Company Released firstquarter results which showed a 2 3 drop in profit. We have a situation where we have excess supply, and storage is filling up. Cushing is 70 full. People think we will reach completely full sometime in may. We are very fortunate to have a large trading organization, and they have been able to find a physical home for our crude, but not everyone is that fortunate. What is happening here is a very simple case of supply and demand, and the market really isnt going to find some stability until that comes
Today. We are seeing crude fall 13 when it comes to w. T. E and the phillipines, that is one of the weaker side. But when it comes to the june ontracts, down 4 to 19 bucks. Look at what it comes to w. G. E . We are hovering around the 11 mark when it comes to new york crude, down 13. 6 . We mentioned about the United States oil fund, the largest oil fund in the world selling off e and ingsings in w. G. Unexpected move. Lets get more analysis with jp morgan asia yeah strategist. Is this starting to hurt the equity market . I think the moves that we are seeing in the oil complex is very, very specific. And looking across massive impacts doesnt i think the easiest thing to see the forward looking long data futures on Oil Prices Remains rather stable and it is not assuring. And the weakness we are seeing the new york futures is specific to the supply and storage they are seeing. I wouldnt put too much into that will market at this point. Interesting you say that, there is a divergence and
Seem to think there is a little worry out there. Out and say this could be less of a shock than we think, and as long as the ecb still buys and is on the Balance Sheet for longer, than the markets may not need to be as worried as perhaps we think they should be. Spreads, andening now lets get straight to first word news in new york city. Here is viviana hurtado. Viviana we begin with the Trump Administration, pushing a 1. 2 trillion stimulus plan, this on account of the impact of coronavirus. Could get payments of 1000 or more within two weeks. And months later, a second set of checks could be sent out. Steven mnuchin warning republican senators if there is no stim of this package, the u. S. Could face a 20 unappointed rate. Stimulus package, the u. S. Could face a 20 Unemployment Rate. Great britain is announcing 24 billion in loan grants and tax cuts to keep the coronavirus from wrecking that economy. Biden has tighten his grip on the race for the democratic president ial nomination,