The virus infections now pushed 8 million globally. Haveoutbreaks in the u. S. Some states weighing whether to pause reopening. Shery lets get you started with a quick check of the markets. We are seeing u. S. Futures up 2 10 of 1 . It was a very volatile trading session. We had a boost after the fed pledged to follow through with the Corporate Bond purchase, but then again, we had concerns over a second wave of the pandemic. Not to mention the white house now ending an Unemployment Bonus Program on july 31. We have the s p 500 gained 8 10 of 1 . At one point, they lost as much as 2. 5 . It was a really volatile session. Financials and staples led to gains, after dropping last week by the most since march. Take a look at how the dollar is doing now. We have seen the dollar underperforming against all g10 peers and weakening to session lows after the Federal Reserve made the announcement. Right now, we are seeing more pressure on the bloomberg dollar index. The 10 year yield at 72 basis
The backdrop continues to be the coronavirus. New york city finally gets a chance to reopen today. I am waiting to hear the construction outside of my apartment. It has been three months under that stayathome order in new york. A live shot of Herald Square and the area around the empire state building. Construction, add, manufacturing, wholesale trade, and Retail Stores can offer curbside or instore pickup. A former new york state Lieutenant Governor and current member of mayor bill de blasios Fair Recovery Task force. There is really no other person. E really want to talk to today this comes in contrast to the protests we saw. How did the protests affect phase one of reopening . Dick one cannot be certain. I think the Biggest Issue is the revenue loss that the city will suffer as a result of sales taxes and property taxes and income taxes. Its impossible to measure but it is way beyond the capacity fiscally of the city or state to make up for that lost revenue. A function ofs how many
Industrial data out of germany. Desha back to that euro. Within back to that euro. We have seen Christine Lagarde speak for the first time. She has been talking about the impact that the coronavirus has had. She said that the policymakers that the ecb have done what is justified but she continues to push for this idea that we do need this fiscal pop package to come through. The european commissions proposal for a revised financial train work and the next he generation eu are decided in this regard. It it is association it is associated with the proposal and could have an impact on the International Role of the euro. It will important to adopt that package quickly. Christine lagarde speaking a little earlier today. She will speak at the bottom of this hour as well. Speaking to us from washington is adam pozen. Banks,alk about central particularly the ecb given the fact that Christine Lagarde has just been speaking. Herhe doing enough and are calls for greater fiscal policy out of europe
First week on the aflac chairman and ceo in a few minutes. We want to get the vaccine plan from the president , so lets look at the s p 500. It is now down 2 . 2 . It is on the heels of this News Conference being held at the administrations behest. The dollar index well above 100, and changed right now, and crude oil with a 29 handle in the u. S. Lets get a deeper dive into safe Market Action with taylor riggs. Taylor we want to start on tech stocks because there has been a few different actions that have been moving some of the chipmakers we are looking at. Otherwise noon as data came out overnight saying that there Second Quarter was going to see a 15 drop in revenue, much worse than the First Quarter. That goes against what we thought because we heard Companies Like apple saying they were starting to see demand turnaround. If you are seeing some suppliers like foxconn saying that is not the case, it is putting pressure on Companies Like apple. Intel and qualcomm are lower after the
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