Dollaryen pushing a bit higher. You are also looking at the 10 year going no real place, and oil trying to stabilize as earnings continue to rollout. Honeywell the latest, suspending their fullyear guidance. Time for todays market moving news from new york and washington. Lets start with earnings. We are about halfway through the seasons. Oil giant chevron out this morning, cutting capex for the second time at about five weeks, warning profits will suffer. Bloombergs Annmarie Hordern has more. Annmarie thats right, that capex headline is really the one to take away from chevron. Clearly, they are doing what they can to save cash. The original plan before they cut earlier was for 20 billion. 14 billion is roughly where chevron has been spending over the past three years or so. Dividends has been a big topic for the oil company. Sayingre now they are they are doing everything they can to protect it. In just going to be out under 30 minutes. They said they are going to freeze it. One thin
Beijing says mainland infection rates are falling rapidly. The virus continues to wreak economic havoc. Data shows acrosstheboard slumping china for the first time on record. Shery lets take a quick check of the markets closed in the friday session and how u. S. Futures are reacting to that emergency rate cut. We are seeing u. S. Futures accelerating losses at the open, down more than 4 despite the fact we saw another emergency rate cut by the Federal Reserve and President Trump expection x resting satisfaction expressing satisfaction. This comes on the cut friday and we saw the s p 500 seeing its best day since 2008. We have every sector of the s p 500 index in the green, rising at least 4 following the worst session since 1987. We did have the president also coming out with many measures to support the economy including a declaration of National Emergency and moving to prop up energy prices. A moratorium of federal student loan interest. Not to mention the private sector jumped into
Looked like both the house and senate would be out next week and it would be difficult to get anything done fiscally in terms of legislation before next week. The timeline is getting pushed out. Because of that we lost all of our gains. 3 gains in some cases. Then we had some mike pence strategy from the meeting with insurers. At that meeting mike pence said there would be no surprises, there would be 4 million test sent out and there would be no copay. Insurers would waive copays. That gives the markets the idea we are going to get an accurate and quick assessment of those infected and those passing it on. We also heard President Trump Pay Lip Service to the fact that they were looking at the cruise industry and Airline Industry and that has stocks bouncing. The s p 500 up almost 1 . The 10 year yield, 60 basis points. Jim vogel out with some good levels saying there was a cluster around 55 and buying is concentrated in certain areas. It is trading within a 21 basis point range. The y
That could have a negative shortterm affect on the economy. Manager onh an asset whether we should expect larger than usual volatility ahead. European equities are trading just before 30 minutes ahead of the close today. Theresa may, the Prime Minister cannot trigger article 50 without parliament. She does not have to consult s part of the process. There should be some trouble getting it done in two months. She wants to achieve that by the end of march. Stocks are rising today. Sterling declining against the dollar. It is just a massive move in the corporate space today. Shares are up as much as 11 . Biggest gain since may 2010. Thatlic of reporting italys secondbiggest lender is considering making an all stock offer for generali, the insurance company. This comes after the insurer but as a defensiveis move following speculation they may make a bid. That was according to people familiar with the matter. Forysts say and offer generali is unlikely to succeed because of competition concer
And 10 minutes. The timing of this symposium is intentional. 75 years ago next week, General Macarthur was recalled from retirement to u. S. Service, starting a road that defined him and asia are many years. World,rstand the modern you have to understand to understand much of the modern world, you have to understand the stories we are exploring today. In the Memorial Building next to us, the general is buried with his wife. We also have a temporary exhibit new the theater to your left on the liberation of the philippines, which i incurred you to explore. Take times during the breaks. The museum and this building will be open until 5 00 today. This symposium is another Great Partnership between the city of norfolk and that General Macarthur foundation to provide key support for the memorial and its programs. I would like to recognize them for their support. We have several Board Members here. I would like to recognize them for their support. Also might staff who are here today my staff