Cramer, david faber coming to you live from separate locations this morning its risk off following those onemonth highs from yesterday empire and retail sales for march were abysmal the worst on record. Below Expectations Oil below 20 earnings from citi, goldman, bank of america showed the major banks are, as expected, bracing for a wave of defaults some more than others when you look at the percentage of the total loan book at jpm and city. Jpm is the one that people decided wasnt that great. When i look at it, i think it had to do with tone. Jpmorgan, the crucial lines were something that were uttered by jamie, which were, look, may is not realistic. It will be june, july. The problem with basing everything on that is that you dont realize these banks are much more much better prepared than we thought you have a citi thats down from its tangible book value, its actual youll have multiples that are incredibly low because people feel the dividends are in question yet you have a tremend
Wish we were together again. So the word unprecedented is getting quite a workout over the past month or so. Jack, it certainly applies to what was happening in the Energy Market over the past week. Right at the start of the week the Energy Markets you know what . Lets get weird. I know you think youve seen weird, but how does 37 sound on a barrel of crude oil . Does that mean i can go to a gas station, theyll pea me to if fill up the car . Thats not what it means. In the futures market, each contract has to do with a specific type of Oil Delivered to a specific place at a specific time, and on april 20th when that may west texas intermediate contract came due, you better have had a pipeline and storage tank willing to accept your oil in oklahoma or you got closed with next to zero liquidity. Most people didnt have it, so so we had prices go sharply negative. Now jack if you have a boat that holds oil, thats a nice thing. Funny you mentioned that because on my street wise podcast for b
The daily show with Trevor Noah Trevor first, lets talk about a Major Development in the president ial race. After staying on the sidelines throughout the democratic primary, president Barack Hussein obama has now made an endorsement. Choosing joe to be my Vice President was one of the best decisions i ever made and that the why im so proud to endorse joe biden for the president of the United States. Trevor yes, my friends, barack obama has officially endorsed joe biden. Now, i know some people think its weird obama waited this long to give biden his blessing, but really this is just his african side coming out. This is likely what african fathers do. Now that you have taken on your enemies by yourself, you are a man today. Now i can call you my son. So i wasnt im not saying you were not my son. I said if you failed defeat the lion, i would disown you. All right, before we catch up on the coronavirus update, fun in our light hearted segment a ray of sunshine. Lets kick things off with
Still hovering at just 16 a barrel in the futures market the ceo of the oil and gas Drilling Company pattersonuti energy will be here. That as another 4. 4 million of americans file for jobless claims in just one more week bringing the total to more than 26 million in the past five weeks. Its a stunning number well dig into it. Kelly, over to you tyler, thanks its been a volatile day in the market after the gilead report hit the requires about an hour ago. Lets get to bob for more. Kelly, i want to show you the s p 500. There may be conflicting reports about what it said the market viewed it as disappointing. T there was a very sharp drop in the s p 500. We lost about 35 points. Were now below 3,000. Thats a significant drop. Reports that the remdesivir trials were not good look at this exxon and chevron just keep chugging along although pretty low levels for them. I want to remind everybody how Many Companies withdrawing guidance theres many, many every day now. Today, we saw pulte, U
Week yeah. This is the expiration day so what happens is you actually its tomorrow, but people are trying to prep it what happens is rusty braziel explains to me, the rollover from the may contract to june occurs tomorrow. The reason that happens is because the may futures price converges with cash and expiration so in other words, youre looking at what the real price is its not the futures price so what happens is that imagine if youre producing at 32 a barrel, 33 a barrel like occidental, thats just youre hurting nobody can make any money at these prices rusty points out that after seeing this, the next month, it might go to zero and thats i think a lot of it is because where will you put it maybe keep it in the ground. It is extraordinary and jarring. And i think its causing the decline. Carl, whats so amazing, it was completely predictable thats why maybe the decline isis really overdone if its based on oil if its based on other factors, i dont know it looks like oil is bringing th