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Norwegian Cruise stock tumbles after 'going concern' language used, prior to proposed debt offering
https://www.marketwatch.com/story/norwegian-cruise-proposes-debt-sale-to-furlough-20-of-shoreside-staff-stock-tumbles-2020-05-05?siteid=yhoof2&yptr=yahoo
Norwegian Cruise Line Holdings Ltd. NCLH, -19.88% said Tuesday its NCL Corp. subsidiary (NCLC) is proposing to sell $650 million in exchangeable senior notes due 2024 in a private offering. The notes will be convertible to Series A preference shares of NCLC, which will be exchangeable into a number of Norwegian Cruise ordinary shares. NCLC is also proposing to sell $600 million in senior secured notes due 2024 in a private offering. The announcement comes after Norwegian Cruise said earlier that the fact plans to obtain additional financing had not been completed raised "substantial doubt about the company's ability to continue as a going concern," given the "significant financial and operational impacts" due to the COVID-19 pandemic. The stock tumbled 13% in morning trading. Among actions the company is taking Norwegian said it will furlough 20% of its shoreside employees through July 31, although that date could change, while shoreside employees not furloughed will have shortened work weeks with a commensurate 20% salary cut at least through June 22. The cruise operator also said it has identified about $515 million of capital expenditure reductions. As of March 31, the company said it was in compliance will all of its debt covenants. The stock has plunged 78.6% year to date, while the S&P 500 SPX, 1.33% has lost 10.9%.
Wayfair stock soars nearly 28% after better-than-expected results
https://www.marketwatch.com/story/wayfair-stock-drops-after-losses-deepen-year-over-year-2020-05-05?siteid=yhoof2&yptr=yahoo
Wayfair is a Zacks Rank #1 (Strong Buy) that is a leading online seller of home good products, consisting of furniture and home décor. The company is well positioned in the current lockdown environment as consumers get tired of their homes and look to remodel. Since most retail stores are closed, Wayfair is seeing more traffic and more customers.
The COVID Effect
When investors panicked in March, Wayfairs stock plunged to $22, down 80% from it January high of $112. However, the stock has seen a massive rally since, seeing a 500% bounce off the lows.
How is this bounce possible?
In March, it was full panic mode and the selling was relentless. But when investors started realizing that some companies might benefit from the stay at home environment, Wayfair shot to the top of the list. With most retail competition closed for the short-term, Wayfair has thrived catering to people that have time to remodel homes.
The company announced in early April that they will meet or exceed their Q1 guidance due to revenue growth. Here is a statement from the company:
Wayfair continues to see strong demand across most home goods categories in both its US and International segments. After entering the month of March with gross revenue growing at slightly below 20% year-over-year, consistent with January and February growth rates, Wayfair saw this rate of growth more than double towards the end of March. This run-rate has continued into early April.
The stock had already bounced to $50 before this positive news. However, the guide for Q1 accelerated the move and the stock shot up to $60 that day and has doubled from there since.
The question going forward is if all the news is priced in and if there is more room higher.
https://finance.yahoo.com/news/wayfair-planet-fitness-fox-etsy-123312935.html
US airline stocks tumble after Buffett sells whole stakes
https://www.cnbc.com/2020/05/04/us-airline-stocks-tumble-after-buffett-sells-whole-stakes.html
U.S. airline shares were down sharply again on Monday, this time after Warren Buffett said Berkshire Hathaway sold its entire stakes in the four largest U.S. carriers as coronavirus devastates travel demand.
Berkshire was among the largest investors in the four — American, Delta, Southwest and United. Buffett announced on Saturday that the firm dumped those shares. Berkshire posted a net loss of close to $50 billion in the first three months of the year.
American was down more than 9% in late morning trading. United and Delta were each down more than 8%, while Southwest fell more than 7% just after the open to a more than five-year low.
Buffett had long shunned airlines. In a 2007 shareholder letter, he said investors in those businesses “poured money into a bottomless pit, attracted by growth when they should have been repelled by it.”
But he returned in 2016 with a surprise bet on the four carriers as the industry was enjoying steady profits and the benefits of strong travel demand and lower fuel costs than in previous years.
The four last month posted their first quarterly losses in years and warned of a slow recovery in demand from prepandemic levels. Delta’s CEO said it could take two to three years.
Will the stock market tumble back to its coronavirus lows in March? About 92 years of S&P 500 history says there’s a good chance
https://www.marketwatch.com/story/will-the-stock-market-tumble-back-to-its-coronavirus-lows-in-march-about-92-years-of-sp-500-history-says-theres-a-good-chance-2020-05-01
So far, the Dow Jones Industrial Average DJIA, -2.55%, the S&P 500 SPX, -2.80% and the Nasdaq Composite COMP, -3.20% indexes were struggling to start off trade in May, after an uptrend in April that produced the best monthly gains in years.
The Dow is up about 28% from its March 23 low at 18.591.93, the S&P 500 is up 27% from its low at 2,237.40 and Nasdaq is has returned 26% from its bear-market nadir at 6,850.67, according to FactSet data.
JPMorgan Chase & Co., analysts warned last month that investors should get ready for a “vicious spiral” that is twice as severe as the 2008 financial crisis, while MarketWatch’s Hulbert wrote a separate piece pointing to August as a possible last stand for the bears.
“In the first bear market of the Great Depression, the S&P fell 44.57% over 58 days and then rallied 20%+ to enter a new bull market,” the analysts at Bespoke wrote in a Friday report. “Unfortunately, the S&P went on to make a lower low 338 days later, and then kept going lower and lower for years,” the report continued.
Many investors believe that the monetary and fiscal stimulus could be a sufficient cocktail to help ward off a revisit to the depths of March, but economic reports that point at stark deterioration in economic activity compared with a few months ago may be enough to shake the nerve of even the most rock-solid bulls.
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Trump told Saudis: Cut oil supply or lose U.S. military support - sources
https://www.reuters.com/article/us-global-oil-trump-saudi-specialreport/special-report-trump-told-saudis-cut-oil-supply-or-lose-u-s-military-support-sources-idUSKBN22C1V4
As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.
In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.
The effort illustrated Trump’s strong desire to protect the U.S. oil industry from a historic price meltdown as governments shut down economies worldwide to fight the virus. It also reflected a telling reversal of Trump’s longstanding criticism of the oil cartel, which he has blasted for raising energy costs for Americans with supply cuts that usually lead to higher gasoline prices. Now, Trump was asking OPEC to slash output.
Norwegian Cruise Line Reportedly Taps Goldman Sachs to Sell Stake
https://finance.yahoo.com/news/norwegian-cruise-line-reportedly-taps-164505526.html
Norwegian Cruise Line Holdings, the world’s third-largest cruise company, has reportedly hired investment bank Goldman Sachs to help shore up its finances as it deals with the cruise industry’s standstill amidst the coronavirus crisis.
As Reuters reported on Saturday, the troubled cruise line is considering selling a large stake of the company in what is known as as private investment in public equity (PIPE), among other options. Sources told Reuters no deal was yet certain, and that other financing options were also being explored. Neither Goldman Sachs or Norwegian Cruise Line immediately responded to a request for comment from Skift.
All three of the major cruise lines were left out of the U.S. government’s multi-trillion dollar bailout because none of them are U.S. companies. This has left them in the position of needing to raise cash — and quick — now that their revenue has come to a standstill.
The world’s largest cruise company Carnival Corp. sold an 8 percent stake to Saudi Arabia’s public investment fund and Royal Caribbean secured a $2.2 billion loan in March. All three companies instituted a voluntary suspension of cruises in mid-March. Earlier in April, the Centers for Disease Control and Prevention extended its No Sail order to last until late July — though the cruise lines seem to have other ideas about when they will sail again, if not a legal leg to stand on.
Norwegian, which has 28 docked vessels in its fleet, has seen its share price drop nearly 80 percent since the beginning of the year. It also was the subject of a damning report in March from the Miami New Times that the company instructed its customer service representatives to mislead customers about the risks of booking and embarking on a cruise during the coronavirus crisis. The report led to an investigation from Florida’s attorney general.
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https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=NCLH&time=7&startdate=1%2F4%2F1999&enddate=2%2F6%2F2012&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=3&maval=20&uf=4&lf=4&lf2=256&lf3=1024&type=4&style=330&size=3&x=46&y=14&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Fund&symb=SQQQ&time=3&startdate=1%2F4%2F1999&enddate=2%2F6%2F2012&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=3&maval=20&uf=4&lf=4&lf2=256&lf3=1024&type=4&style=330&size=2&x=47&y=10&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
Dow Jones, U.S. Stocks Rise As Countries Begin To Reopen Economies
https://www.investors.com/market-trend/stock-market-today/dow-jones-us-stocks-rise-as-countries-begin-to-reopen-economies/
As of around noon, the Dow Jones Industrial Average gained 366 points, or 1.5%. Meanwhile, the S&P 500 advanced 1.5% and the Nasdaq added 1.2%.
Investors turned bullish at the notion that stimulus measures and the easing of lockdown conditions worldwide will help boost economic activity. In the U.S. over the weekend, some states allowed retailers and salon-type businesses to reopen. In addition, countries including Italy and Spain signaled that they may loosen restrictions in the coming weeks.
New York Gov. Andrew Cuomo on Sunday said the state plans to reopen its economy in phases.
Finally, a flood of U.S. companies — including Dow giant Apple (AAPL), Amazon (AMZN), Tesla (TSLA) and Facebook (FB) — are slated to report their Q1 earnings in the coming days.
Over in the Dow Jones, roughly 24 out of the 30 blue-chip components rose on the stock market today, with 19 rising 1% or more. Stocks showing strength included financials like Goldman Sachs (GS) and JPMorgan Chase (JPM), as well as industrial giant 3M (MMM).
Apple (AAPL) fell 0.1% on the stock market today, due to a report that the company would be delaying production of new iPhones by about a month. Consumer demand for Apple products remains somewhat dented by the coronavirus pandemic. Apple reports Q1 earnings on Thursday.
The growth-focused Innovator IBD 50 ETF (FFTY), which gained 25.7% in 2019, rose 1.8% on Monday.
Stocks on the move include Zoom Video (ZM), Emergent BioSolutions (EBS) and Zynex (ZYXI).
Top coronavirus stock play Zoom Video traded nearly 5% higher, as the stock is now soaring nearly 30% above its 50-day line.
Among other top-performing stocks, Emergent BioSolutions rose over 6% Monday. The stock broke out past a 71.29 consolidation buy point last week and remains extended past its 5% buy zone. Emergent BioSolutions maintains a 96 Relative Strength Rating and its RS line is hitting all-time highs.
https://stockcharts.com/freecharts/candleglance.html?sdow,udow,sqqq,tqqq,spxs,spxl,tza,tna,ssg,smh,faz,fas|B|D20|
https://stockcharts.com/freecharts/candleglance.html?AAPL,AMZN,FB,NFLX,TSLA,WMT,EBS,ZM,ZYXI,M,TGT,XRT|B|D20|0
Singapore did almost everything right.
https://www.nytimes.com/2020/04/20/world/asia/coronavirus-singapore.html
After recording its first coronavirus case on Jan. 23, the prosperous city-state meticulously traced the close contacts of every infected patient, while keeping a sense of normalcy on its streets. Borders were shut to populations likely to carry the contagion, although businesses stayed open. Ample testing and treatment were free for residents.
But over the past few days, Singapore’s coronavirus caseload has more than doubled, with more than 8,000 cases confirmed as of Monday, the highest in Southeast Asia. Most of the new infections are within crowded dormitories where migrant laborers live, unnoticed by many of the country’s richer residents and, it turns out, the government itself.
The spread of the coronavirus in this tidy city-state suggests that it might be difficult for the United States, Europe and the rest of the world to return to the way they were anytime soon, even when viral curves appear to have flattened. Although countries can closely track contacts to try to keep an outbreak at bay as Singapore did, the coronavirus is sickening, killing and spreading with each passing day, leaving scientists and political leaders racing to catch up with its relentless pace and new dangers.
House passes $484 billion bill to boost small businesses and hospitals
https://www.cnbc.com/2020/04/23/coronavirus-updates-house-passes-bill-to-aid-small-business-hospitals.html
The House voted to pass a bill with $484 billion in funding for small business aid, hospital grants and coronavirus testing.
It added to the government’s unprecedented emergency spending to respond to the health and economic crisis created by the pandemic.
The measure likely will not be the last one Congress passes to respond to the outbreak.
The House passed a $484 billion package Thursday to bolster small businesses and hospitals ravaged by the coronavirus crisis and expand testing desperately needed to start the return to normal life.
Donning face coverings and voting in alphabetical sets to cut the risk of infection, representatives approved the bill easily by a 388-5-1 vote. One member, independent Rep. Justin Amash of Michigan, voted “present.” The House sends the proposal to President Donald Trump, who is set to sign it into law in the coming hours.
Before the chamber passed the plan to try to rescue a crumbling U.S. economy, it also approved a Democratic-majority select subcommittee to oversee the Trump administration’s use of a $500 billion pool of aid for corporations, states and municipalities. Congress approved those funds last month.
The bill passed Thursday includes:
$310 billion in new funds for the so-called Paycheck Protection Program, which gives small firms loans that could be forgiven if they use them on wages, benefits, rent and utilities. Within that pool, $60 billion will specifically go to small lenders, a priority Democrats pushed for after they blocked a $250 billion funding bill earlier this month.
$60 billion for Small Business Administration disaster assistance loans and grants.
$75 billion in grants to hospitals overwhelmed by a rush of Covid-19 patients.
$25 billion to bolster coronavirus testing, a core piece of any plan to restart the U.S. economy.
Four Republicans and one Democrat voted against the proposal. The lone Democrat who opposed it was Rep. Alexandria Ocasio-Cortez, who represents hard-hit areas of the Bronx and Queens. She argued the bill did not go far enough to help struggling individuals and governments.
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USO at 3.71
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Oil Prices Climb as Traders Prepare for Wild Ride to Continue
https://ih.advfn.com/stock-market/stock-news/82296152/oil-prices-climb-as-traders-prepare-for-wild-ride
Crude-oil prices jumped Thursday, extending a string of wild moves that are ricocheting across financial markets and roiling the global energy industry.
While prices have clawed back ground over the past two sessions, oil now trades at a fraction of where it started the year and is well below levels that make it profitable for companies to produce. The longer most of the world practices social distancing due to the coronavirus, the bigger the global glut of crude grows.
Many analysts are skeptical that the large percentage rebound from the past few days will persist, noting that such big gains tend to cluster around long-term declines. Traders are bracing for more gyrations in the coming weeks.
U.S. crude-oil futures for delivery in June rose 20% to $16.50 a barrel Thursday. The benchmark started the year above $60 and is still near its lowest level in more than two decades. Brent crude futures, used to set prices for oil throughout global energy markets, rose 4.7% to $21.33 a barrel.
Helping prices regain some lost ground: signs of a recovery in demand for oil in China, which is emerging from coronavirus lockdowns, and tensions between the U.S. and Iran. The two nations engaged in a new round of antagonism Wednesday, when Tehran said it had launched its first military satellite into space.
Earlier in the day, President Trump threatened to destroy Iranian boats that harass the U.S. Navy, boosting oil prices. Such barbs can lift crude because traders are very sensitive to tensions in the region that could disrupt the movement of oil through the Strait of Hormuz, a vital shipping channel for tankers.
"When you look at China, road traffic and refinery operations are back up," said Norbert Rücker, head of economics at Swiss private bank Julius Baer. "Don't forget the geopolitical side, too."
Thursday's advance continues a period of outsize moves in oil that is rippling to stock, bond and currency markets. Investors are concerned that damped spending, bankruptcies and layoffs in the energy industry could make the economic damage from the coronavirus pandemic even more severe.
The price of the most actively traded U.S. crude futures contract has moved up or down about 10%, on average, on each trading day since the start of March. That compares with an average move in either direction of 1.5% in 2019 as a whole, according to FactSet data.
Many analysts are still reeling from Monday's chaos in oil. That day, a futures contract for delivery next month tumbled below $0 a barrel, a first in crude-market history. The plunge meant traders effectively had to pay buyers to take oil off their hands due to a lack of available storage for crude around the world.
That futures contract expired in positive territory on Tuesday, but analysts are wary of a repeat with supply overwhelming demand. Traders say investors unfamiliar with oil markets were likely stuck holding some of the May futures contracts near expiration, not realizing that they would either have to sell them or accept delivery of physical barrels that -- with storage full -- likely would have nowhere to go.
That allowed counterparties on the other side of the trades to send futures prices plunging well below $0.
"It was the perfect storm," said Donald Morton, a senior vice president at Herbert J. Sims & Co. who oversees an energy trading desk in Haverhill, Mass.
Global inventories also continue to climb, highlighting the growing glut collapsing the market. U.S. stockpiles rose 15 million barrels last week, Energy Information Administration data showed Wednesday, continuing a series of large increases. Many analysts project inventories to break through record levels in a matter of weeks and near capacity.
As a result, many investors expect more big oil-price swings ahead. One gauge of how volatile U.S. crude prices are expected to be over the next 30 days, the Cboe Crude Oil ETF Volatility Index, has risen roughly 730% this year to its highest level on record.
Like the better-known VIX gauge that tracks volatility in the stock market, the index uses options prices to calculate how far traders are expecting prices to move over the next month.
The oil-volatility options aren't tied to oil futures prices directly but instead to United States Oil Fund LP, an exchange-traded fund that aims to match U.S. crude prices. The fund recently accumulated a huge position in the futures market, thanks to a rush of cash from individual investors.
Analysts say some of those individual investors likely weren't aware how the fund works, adding to the chaos in recent weeks.
Some market watchers now expect the mounting losses and Monday's historic drop to dissuade investment in the sector.
"We're getting close to the point when people just stop trying to buy this," said Marwan Younes, chief investment officer at hedge fund Massar Capital Management.
Write to Joe Wallace at Joe.Wallace@wsj.com, David Hodari at David.Hodari@dowjones.com and Amrith Ramkumar at amrith.ramkumar@wsj.com
Real unemployment rate soars past 20%—and the U.S. has now lost 26.5 million jobs
https://fortune.com/2020/04/23/us-unemployment-rate-numbers-claims-this-week-total-job-losses-april-23-2020-benefits-claims/
Another 4.4 million Americans filed initial unemployment claims in the week ending April 18. That's down from 5.2 million the week prior, however it marks the fifth consecutive week over 3 million, according to the U.S. Department of Labor.
At the highest of levels of unemployment following the 2008 financial crisis, there were 15.3 million jobless Americans. But in the past five weeks a staggering 26.5 million workers have already filed jobless claims.
Prior to this five-week stretch of 26.5 million initial jobless claims, there were already 7.1 million unemployed Americans as of March 13, according to the U.S. Bureau of Labor Statistics. When the figures are combined, it would equal more than 33 million unemployed, or a real unemployment rate of 20.6%—which would be the highest level since 1934.
China’s next coronavirus crisis: What happens after a country closes its economy
https://fortune.com/2020/04/20/coronavirus-reopening-the-economy-china-covid-19/
China has become the world’s pioneer on coronavirus response—a mantle assumed out of necessity. The first to encounter the COVID-19 virus in its industrial hub of Wuhan, China enacted mass lockdowns and managed to contain the outbreak. As the virus spreads across the globe, governments elsewhere are mimicking the tactic, forcing large swaths of the world’s population into inactivity, isolation, and even quarantine. But mandatory social distancing comes with a price, and Beijing’s response to the economic fallout is so far less instructional.
China’s economy endured a one-two punch under lockdown. With workers and consumers told to stay home, both consumption and production plummeted. The tradeoff was a peak and steady drop-off of coronavirus cases; the vast majority of the 83,000 people infected have recovered, according to China’s count. But when data quantifying the economic fallout started rolling in, it was undeniably bleak.
“This is hands-down the absolute worst result we’ve ever recorded,” said Shehzad Qazi, managing director at China Beige Book (CBB). The consultancy surveys over 3,300 Chinese companies to gauge the strength of the world’s second-largest economy, and in the first three months of this year, all of its headline metrics—from revenue to profits—sank into contraction territory, a result never seen in its decade of tracking.
About 150 years of oil-price history in one chart illustrating crude’s spectacular plunge below $0 a barrel
https://www.marketwatch.com/story/about-150-years-of-oil-price-history-in-one-chart-illustrates-crudes-spectacular-plunge-below-0-a-barrel-2020-04-22?mod=MW_article_top_stories
The now-defunct May West Texas Intermediate crude US:CLK20, which expired on Tuesday, plunged into negative territory to start the week in a history-making event that saw, the front-month contract, at the time, settle at negative $37.63 a barrel before recovering some of that in the following session.
That jaunt into negative territory had never happened before that period and although the oil market was seeing some traction higher on Wednesday, with the current front month and most-active West Texas Intermediate crude for June delivery CLM20, 23.37% gaining $2.21, or 19.1%, to settle at $13.78 a barrel on the New York Mercantile Exchange, still about the lowest level since the late 1990s, researchers at Deutsche Bank thought it would be interesting to look at oil prices over the past 150 years.
Strategists Jim Reid and Nick Burns did so with straightforward charts published April 22 that shows both the nominal price of oil since 1870 and the cost of crude in real, or inflation-adjusted, terms in U.S. dollars (follow the above link to see charts)
The World’s Largest Oil Fund Scrambles To Survive, Reshuffles Holdings Again
WTI crude @15.52 +1.74
https://oilprice.com/Latest-Energy-News/World-News/The-Worlds-Largest-Oil-Fund-Scrambles-To-Survive-Reshuffles-Holdings-Again.html
Just hours after USCF investments, the managers behind the largest oil ETF announced a 1-for-8 reverse stock split, moments ago the USO - which was briefly halted - unveiled yet another shift to its composition to relieve pressure on the June WTI Futures, and to spread the pain among even more forward months. Specifically, the USO announced that it would reallocate as follows:
June: 40% down to 20%
July: 55% down to 50%
August: 5% up to 20%
Sept: 0% up to 10%
Why is the USO doing this? To avoid a repeat of the May WTI implosion, and to prevent a crash on May 19 when the June WTI contract expires.
https://www.cnbc.com/2020/04/23/oil-markets-crude-output-demand-in-focus.html
Oil rose on Thursday, spurred by rising tensions in the Middle East, output cuts by producing nations to tackle oversupply and the promise of more government stimulus to ease the economic pain of the new coronavirus pandemic.
Brent crude was up $1.53, 7.5%, at $21.90 a barrel by 0822 GMT. U.S. crude rose $1.53, or 11.1%, at $15.31 a barrel.
Oil prices have suffered one of their most tumultuous weeks ever. The expiring front-month U.S. contract on Monday fell into negative territory for the first time as traders paid buyers to take crude off their hands given a lack of storage space for the current supply glut.
So far this year, Brent has lost roughly two thirds of its value.
US crude futures contracts for May collapsed below zero for the first time in the history of the commodity markets as sellers were paying buyers to take the oil as they have nowhere to store it.
May Contract expire today!
According to data compiled by Bloomberg, West Texas Intermediate futures for May slumped by 245% to negative $26.58 as a recent production cut agreement failed to turn out to be deep enough to prevent supplies from overwhelming storage facilities.
Data compiled by IG Index show the June WTI futures were down by 14% to $21.22, and its international counterpart, Brent, was also lower by 6.6% to $26.22.
USO at 3.71
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Weekly jobless claims hit 5.245 million, raising monthly loss to 22 million due to coronavirus
https://www.cnbc.com/2020/04/16/us-weekly-jobless-claims.html
Delta Air Lines Inc. was cut to junk at Fitch Ratings as part of a general downgrade of the U.S. airline industry and its ability to service debt. The assessment adds urgency to the Trump administration’s desire to save the industry.
Fitch on Friday lowered its rating on Delta’s debt to “BB+” from “BBB-” and warned that another downgrade is possible as air travel suffers with the spread of the coronavirus. The airline does, however, have more financial flexibility than some rivals, Fitch said in an assessment of the industry.
Delta, Alaska Air Group Inc. and Southwest Airlines Co. are the “better-positioned U.S. carriers to weather the expected downturn,” Fitch said.
Other downgrades by Fitch on Friday include:
Alaska Air downgraded to “BB+” from “BBB-”American Airlines downgraded by one notch to “B”JetBlue Airways downgraded to “BB” from “BB+”Southwest downgraded to “BBB+” from “A-”United Airlines Holdings Inc. downgraded to “BB-” from “BB”
President Donald Trump said on Friday that U.S. airlines must be saved. Responding to a tweet about the $50 billion bailout airlines are asking for, he said, “Not good...but it is what it is. Have to save the airlines!”
Airline Grants
Trump’s administration has announced as much as $32 billion in payroll grants for airlines, contractors and cargo carriers, controlled by Treasury Secretary Steven Mnuchin.
Outside firms are advising Mnuchin on the terms he should set, including what he’ll demand from the airlines in return, such as warrants for equity in the companies. Mnuchin has said the money should be more than a bailout: he’s solicited proposals from the airlines for terms on receiving the aid, and has issued guidance.
“Though Delta remains a stronger credit than its network peers, debt raised to sustain liquidity through the pandemic will drive credit metrics outside of a range supportive of investment-grade ratings at least through 2021 and likely into 2022,” Fitch said in a statement.
Airlines have been battered by the collapse in travel, and have responded by offering workers leaves, grounding planes, cutting flights and freezing hiring, among other steps. The number of passengers screened at airport security checkpoints has fallen more than 90% from a year ago, the Transportation Security Administration has said.
Unpaid Leave
Delta said almost 35,000 employees have taken voluntary, unpaid leave and is encouraging more to apply.
Volunteers to take unpaid leave “are by far the most impactful” step the carrier is taking to reduce operating costs, Chief Executive Officer Ed Bastian told workers in a memo. The airline is enhancing benefits provided to those taking time off and is extending absences of as long as a year to encourage more to apply, he said.
Delta’s flying capacity at New York’s LaGuardia Airport has been cut by more than 90% this month, and by more than 80% at New York’s John F. Kennedy and Newark, New Jersey’s, Liberty Airport, Bastian said.
The airline lost its investment-grade status at S&P Global Ratings last month.
$ off its pea, 'Black Swan' fund is up 4,144% this year, warns we are 'trapped in the mother of all global financial bubbles'
https://finance.yahoo.com/news/universa-investments-march-performance-164113528.html
$ slides first along with the market; then shoots up as market slides because of confidence in $ around the world; now is reversing its trend
The hedge fund founded by Mark Spitznagel specializes in convex tail hedging and investing. Universa’s specific brand of tail-risk hedging limits losses from an outsized market event. When markets go down, this tail hedge acts like insurance for a portfolio. And since its inception, investors have seen a +239% net return on capital, according to the report.
In the letter, Spitznagel described markets as “very much trapped in the mother of all global financial bubbles,” pointing to high valuations and the Federal Reserve’s emergency moves to blunt the worst effects of the coronavirus crisis.
Universa’s returns are even more impressive given the unprecedented volatility seen last month, as the COVID-19 pandemic roiled markets.In March, the S&P 500 (^GSPC) plummeted 26.2% at its lowest point, but recouped some of those losses to end the month off by 12.35%.
“Markets were priced for ‘perfection,’ and now, following even more of the greatest monetary stimulus in human history (much of it in the span of just the last few weeks), they’re still priced for ‘really good’—still very expensive,” the investor told clients.
“So this is far from over; the current pandemic is merely threatening to pop the bubble,” Spitznagel wrote, warning that officials may be “running out of ways to keep the bubble inflated.”
He added: “Make no mistake, it’s the systemic vulnerabilities created by this unprecedented central-bank-fueled bubble, and the crazy, naïve risk-taking and leverage that accompanies it, that makes this pandemic so potentially destructive to the financial markets and the economy.”
Oil prices turned negative at noon, giving back a more than 12% gain, as the Street awaited details on production cuts from OPEC and its allies
Market following the down-turn
https://www.cnbc.com/2020/04/09/oil-jumps-ahead-of-make-or-break-opec-meeting.html
Saudi Arabia and Russia were reportedly discussing cuts that could take a record 20 million barrels per day of global production offline, Reuters said, citing sources familiar with the matter, although others said the cuts would more likely be around 10 million barrels per day.
According to Reuters, OPEC+ would cut output by 12 million barrels per day, with an additional 5 million barrels per day cut by producers outside of the group. The deal would reportedly last for two years with the cuts implemented gradually, Reuters said.
Oil prices reversed course and turned negative as traders awaited confirmation of the cuts as well clarity on key details, including how the cuts would be divided among OPEC+, as well as the production numbers on which the cut would be based.
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Democrats block McConnell’s bid to add $250 billion in small business aid
https://www.cnbc.com/2020/04/09/coronavirus-updates-senate-blocks-small-business-loan-legislation.html
FAZ at historic this year low @24
and DOW is trying to break 50% Fib Line @23891
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Carnival's stock soars on heavy volume after Saudia Arabia sovereign fund discloses large stake
https://finance.yahoo.com/m/448a4383-7399-3457-9898-c8f53cdf1ce4/carnival-39-s-stock-soars-on.html
Shares of Carnival Corp. soared 18% on heavy volume Monday, after the Saudi Arabia-based sovereign wealth fund The Public Investment Fund disclosed that it has acquired a 43.5 million shares, or an 8.2% stake, in the cruise operator. The filing said the shares were acquired as of March 26. That would make the fund Carnival's third-largest shareholder, based on an analysis of FactSet data. The fund was not listed among the top 20 stake holders prior to the filing, according to FactSet. The stock's trading volume swelled to 85.1 million shares in midday trading, already more than the full-day average of 61.2 million shares. Carnival's stock has tumbled 80% year to date, and closed last Thursday at the lowest price since April 1993. Meanwhile, shares of Royal Caribbean Cruises Ltd. have dropped 79% year to date and Norwegian Cruise Line Holdings Ltd. have plummeted 84%, while the S&P 500 has dropped 19%.
Fast Money AND Cheap Housing?
https://stockcharts.com/freecharts/candleglance.html?TREE,BILL,Z,CACC,WFC,C,TOL,LEN,PHM,KBH,DHI,HOV|B|D20|0
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Ships are floating again and have better sleep
https://stockcharts.com/freecharts/candleglance.html?NCLH,CCL,RCL,ERI,MGM,MAR,ALGN,WYNN,H,HLT,AMC,CNK|B|D20|0
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Dow jumps 1,627 points or 7.7%
https://finance.yahoo.com/news/stock-market-news-live-updates-april-6-221730148.html?.tsrc=fin-notif
Stocks extended gains Monday as investors geared up for another week of closely monitoring developments around the global coronavirus outbreak and policymakers’ responses to the pandemic.
Over the weekend, coronavirus cases rose in major centers around the world but at an at least temporarily slower pace than in recent weeks.
The state of New York, which leads the nation with about 130,000 positive cases, on Monday reported 599 new coronavirus deaths, or about level with the 594 reported on Sunday. But Governor Andrew Cuomo in a Monday press briefing reiterated that even if the pandemic in the state was beginning to plateau, it was “plateauing at a very high level, and there is tremendous stress on the health-care system,” he said.
Elsewhere, Italy reported the slowest rise of new deaths in two weeks on Sunday. France and Spain – two other European centers for the virus – also reported a deceleration in new deaths.
While the slowing increases in case counts serve as a positive development, many analysts remain cautious and have still not ruled out further volatility in the near-term.
“Until the virus shows a decline in its trajectory and rolls over, a semblance of normalcy will likely remain out of reach,” John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, wrote in a note Monday. “The ultimate extent of the damage to the economy and the corporate sector will be hard to determine in the near term and will likely vary greatly within segments of the economy and sectors of the markets.”
“For now the markets will likely remain hostage to news on how long it will take to ‘get back to business’ and ‘the good life,’” he added. “We’d expect markets to continue trading on a combination of fear, technical factors and wistful hope with fundamentals clouded by the uncertainty weaved by the insidious virus.”
Official government guidance around controlling the spread of the coronavirus continues to be dynamic in the U.S., with the Centers for Disease Control and Prevention on Friday adding a recommendation for Americans to wear cloth face coverings when leaving their homes.
And U.S. leaders’ rhetoric around the outbreak is still dire, with many Americans in states across the country preparing to remain under stay-in-place orders for at least the coming weeks.
On Sunday, U.S. Surgeon General Vice Admiral Jerome Adams told Fox News on Sunday that this coming week “is going to be the hardest and the saddest week of most Americans’ lives, quite frankly,” adding that it will be “our Pearl Harbor moment.” He also noted in the interview, however, that Americans could “change the trajectory of this epidemic” by following social distancing guidelines.
And for equity markets, visibility as to the duration and extent of the outbreak would be a welcomed respite. Stocks ended last week lower as volatility returned to equity markets following the prior week’s advances, as rapidly deteriorating economic data began to reflect the impact of the coronavirus outbreak. The March jobs report – which collected data just through about the 12th of the month – already showed U.S. employers cut 701,000 non-farm payrolls, before widespread social distancing measures had even gone into effect.
With this in mind, Thursday’s initial jobless claims report will again be a closely watched print, with consensus economists expecting to see 5 million new unemployment claims filed for the week ended April 4. The prior week, jobless claims skyrocketed to a record 6.648 million.
President Donald Trump said that the U.S. will “get our energy business back,” as he met with oil executives from at least seven companies amid the ongoing collapse in oil prices.
https://www.cnbc.com/2020/04/03/trump-says-well-work-this-out-and-get-our-energy-business-back-at-meeting-with-oil-ceos.html
https://stockcharts.com/freecharts/candleglance.html?XOM,OXY,DVN,PSX,ET,CLR,OIH,USO|B|D20|0
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President Donald Trump said that the U.S. will “get our energy business back,” as he met with oil executives from at least seven companies amid the ongoing collapse in oil prices.
“We’ll work this out and we’ll get our energy business back. I’m with you 1,000%. It’s a great business, it’s a very vital business,” he said. Trump added that he’s “looking very seriously” at an infrastructure package.
The meeting included CEOs from Exxon, Chevron, Occidental Petroleum, Devon Energy, Phillips 66, Energy Transfer Partners and Continental Resources founder Harold Hamm.
U.S. West Texas Intermediate crude jumped nearly 12% on Friday after OPEC said it would hold a virtual meeting on Monday to discuss oil policy, while Russian President Vladimir Putin said a production cut of 10 million barrels per day is possible if global players participate, according to a report from Reuters.
Raytheon Technologies Debuts On The Dow As Rival GE Deepens Cuts
https://www.investors.com/news/raytheon-technologies-stock-debuts-dow-jones-industiral-average-ge-aviation-cuts/
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Raytheon Technologies (RTX), formerly known as United Technologies, debuted on the Dow Jones Industrial Average Friday after the closing of its massive merger.
United Technologies completed the separations of its Otis elevator and Carrier air-conditioning units early Friday, clearing the way for its merger with Raytheon Company.
The industrial giant and Raytheon agreed to merge in June 2019 in a $100 billion all-stock deal.
The new Raytheon Technologies stock is a formidable aerospace and defense pure play. With roughly $74 billion in net sales last year, it's overtake Boeing (BA) in aerospace/defense revenue as 737 Max planes remain grounded.
"The combined company expects to introduce breakthrough technologies at an accelerated pace across high-value areas such as hypersonics, directed energy, avionics and cybersecurity," Raytheon Technologies said in a statement. Greg Hayes, CEO of the former United Technologies, is chief of the new company.
Warren Buffett Dumps Delta Air Lines, Southwest Airlines As Coronavirus Pandemic Slams Industry
https://www.investors.com/news/warren-buffett-berkshire-hathaway-sells-delta-stock-southwest-stock-coronavirus/
Warren Buffett's Berkshire Hathaway (BRKB) has sold off millions of shares of Delta Air Lines (DAL) and Southwest Airlines (LUV) over the past few days, regulatory filings showed on Friday. That sent Delta stock, Southwest stock and other airline stocks lower after hours.
Berkshire Hathaway cut its stakes as airlines face a steep drop in travel demand due to the coronavirus pandemic. Nations have restricted travel, and passengers are cancelling flights. On Friday, the airlines were working to meet an initial application deadline for aid from the stimulus bill signed last week to cushion the economy against the pandemic.
The sales of Delta stock — nearly 13 million shares, for around $314 million — were dated Wednesday and Thursday, according to the filing. Berkshire sold off 2.3 million shares in Southwest on those days as well as on March 16, transactions that totaled out to about $74 million.
Berkshire Hathaway owned around 59 million shares of Delta following the sales. It owned 51.3 million shares of Southwest Airlines.
Oil & Gas Refining & Marketing Spill
ETF ERX with top holdings
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https://finance.yahoo.com/quote/ERX/holdings/
https://finviz.com/screener.ashx?v=111&f=ind_oilgasrefiningmarketing
Coronavirus is sparking the worst recession since WWII
https://www.cnbc.com/2020/03/30/coronavirus-is-sparking-worst-recession-since-wwii-stephen-roach-says.html
Economist Stephen Roach believes the country is sinking into an unprecedented recession.
Roach, who’s former chairman of Morgan Stanley Asia, warns the coronavirus is spiraling the United States into a downturn that’ll be difficult to exit.
“This is a sudden stop in the U.S. economy. The hope is we’ll get through this. But it’s at least two quarters of the sharpest declines we’ve seen since the end of World War II,” the Yale University senior fellow told CNBC’s “Trading Nation” on Monday.
Roach expects the coronavirus pandemic will eventually be resolved. However, he contends a spontaneous regeneration of animal spirits is not in the cards.
‘Recovery is going to be extremely tentative’
“This is not your garden variety business cycle where a sharp downturn is followed by an equally sharp snapback,” he said. “We can restart production, but can we really restart consumption with people still scared and unwilling to go out and socialize and spend? So, I think the recovery is going to be extremely tentative.”
According to Roach, a drop-off in consumption will be exacerbated by spiking unemployment.
“The longer that the damage is done to small and medium-sized businesses, the harder they’re going to find it to re-create their old business models and rehire in a way you would expect them to do in a normal business cycle recession,” he added.
Roach, who was in China during the deadly 2003 SARS epidemic, told “Trading Nation” in late January that investors should be vigilant and warned the coronavirus outbreak could cause a global economic shock. At that point, there were about 4,500 confirmed cases in China and 106 deaths from the infection.
There are now more than 750,000 coronavirus cases globally. In the U.S., there are more than 150,000 infections. The death toll grows every day.
“China clearly did draconian quarantine containments and restrictions on travel,” Roach said. “The tracking data that I see in terms of consumption still remains sharply depressed. So, even under the Chinese template, the recovery is still a very iffy one.”
time to take profit!
Global Economic Fallout Grows as Coronavirus Cases Pass 600,000
https://ih.advfn.com/stock-market/stock-news/82107344/global-economic-fallout-grows-as-coronavirus-cases
Concerns about the financial toll of the coronavirus pandemic continued to grow as the number of infections globally topped 600,000 Saturday, with the International Monetary Fund warning of an economic and financial crisis exceeding that of a decade ago.
Overlapping travel bans and lockdowns have hammered businesses and led to millions of job losses, punctuated by a spike in U.S. unemployment claims to more than three million this week and a warning of a deep recession this year in trade bellwether Singapore.
"It is now clear that we have entered a recession as bad or worse than in 2009," Kristalina Georgieva, managing director of the IMF, said Friday. Rising bankruptcies and layoffs could undermine any recovery and do long-lasting damage to the world economy, she said.
The risks have added urgency for countries around the world to extend relief packages to ease financial distress.
U.S. President Donald Trump on Friday signed a $2 trillion stimulus plan, the largest economic relief package in history.
With the pneumonia-causing virus spreading across the U.S. and Europe, after it was first detected in central China three months ago, governments around the world have ramped up efforts to limit people's movement and began imposing wide-ranging closures on businesses, restaurants and schools domestically in recent weeks.
Increasingly strict travel bans set up by large countries including the U.S. and China have put a dent in global commerce, complicating efforts to reignite growth.
France and Belgium on Friday extended their national lockdowns by two weeks, until mid-April. French Prime Minister Édouard Philippe said experts advising the government recommended the lockdown remain for at least six weeks. Russia on Friday suspended all passenger flights to and from the country.
The U.S. added more than 15,000 cases of the Covid-19 disease, pushing the total past 104,000 on Saturday, with a surge of cases in New York and increased testing. The growth outstripped that of Italy and China, the countries with the second and third most infections, where confirmed cases stayed around 86,000 and 81,000 respectively, according to data compiled by Johns Hopkins University.
As a result, the number of confirmed infections globally has more than doubled over the past week to more than 600,000. The death toll from the pathogen rose to more than 28,000 on Saturday, with roughly one-third of the fatalities in Italy, data from Johns Hopkins showed.
Italy's death toll from the virus on Friday rose by 919 to 9,134, the highest daily tally on record. Total infections rose to 86,498, a 7% increase from the previous day.
The IMF warned that low-income countries will be hit particularly hard given a combination of a health crisis, sudden reversal of capital flows and in some cases a plunge in commodity prices. In Russia, where oil exports account for roughly one-third of government revenue, the ruble has fallen to its lowest level in four years. The IMF estimated that at least $2.5 trillion is needed to contain economic contraction for emerging markets.
The Chinese government is also wrestling with the economic blow from the SARS-like virus, first from a prolonged halt in domestic business activities and now from weaker consumer sentiment and shrinking export demand as the coronavirus engulfs Europe and the U.S.
On Friday, the country's top decision-making body said the government plans to boost spending by increasing its fiscal deficit this year, as well as speed up issuance of Treasury bonds and so-called local government special-purpose bonds to support funding of infrastructure projects, as part of the stimulus measures to curtail economic impact from the pandemic.
"The fiscal policy needs to be more proactive, and the prudent monetary policy needs to be more flexible," said a statement from Friday's meeting of the Politburo Standing Committee, chaired by President Xi Jinping. The government also called for a gradual reopening of shopping malls and markets to boost consumer spending.
Lu Ting, an economist with Nomura, estimated that, over the second and possibly third quarters, China's exports could contract by a total of 30% from a year earlier, wiping out 18 million jobs, or about a third of those tied to trade. To counter the negative impact from the outbreak, Beijing is likely to cut its benchmark deposit rate as well as raise the fiscal deficit target to 3.5% of GDP, up from 2.8% in 2019, he wrote in a research note on Saturday.
China's National Health Commission reported 54 new infections Friday, saying all were imported from abroad, bringing the total to 81,394.
Other countries continue to tighten rules on social distancing. Iran this week closed shopping centers and banned road travel between cities, pledging to fine and impound the cars of offenders. Iranian officials have warned the population to brace for a second wave of infections. Afghanistan on Friday expanded restrictions by announcing a three-week lockdown on its capital, Kabul. Lebanon, which extended its nationwide lockdown until April 12, on Friday imposed a nighttime curfew.
In Turkey, President Recep Tayyip Erdogan introduced further travel restrictions this weekend to combat the spread of the virus, which has infected 5,698 people and killed 92 in the country, according to a tally by national health authorities. Intercity bus and air traffic will be reduced to a minimum while all international flights will be suspended.
Hong Kong banned public gatherings of four or more people beginning midnight Sunday, with those violating the rules facing fines of more than $3,000 and six months in jail. Singapore said it would fine people who violate its social distancing rules up to about $7,000.
Australia said it would quarantine citizens returning from overseas in hotels for 14 days beginning midnight Saturday.
Write to Stella Yifan Xie at stella.xie@wsj.com
The U.S. Senate overwhelmingly approved a $2 trillion relief package Wednesday night designed to alleviate some of the worst effects of the swift economic downturn currently underway as a result of the coronavirus pandemic.
https://www.npr.org/2020/03/25/818881845/senate-reaches-historic-deal-on-2t-coronavirus-economic-rescue-package
Ahead of the 96-0 vote, Senate Majority Leader Mitch McConnell (R-Ky.) told lawmakers, "Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory."
The plan marks the largest rescue package in American history. The legislation covers an array of programs, including direct payments to Americans, an aggressive expansion of unemployment insurance, billions of dollars in aid to large and small businesses, and a new wave of significant funding for the health care industry.
The agreement is an expansion of a Republican legislative proposal issued last week, dubbed the CARES Act — the Coronavirus Aid, Relief, and Economic Security Act — to provide relief to virtually every rung of the U.S. economic ladder.
Among the deal's key provisions:
-The plan will rush financial assistance to Americans with direct checks to households in the middle class and in lower income levels, McConnell said. Previously, Republicans said this would amount to $1,200 to most American adults, among other payments.
-An extended unemployment insurance program for laid-off workers that will allow for four months of "full pay," according to Schumer, rather than the usual three months for most. It will also raise the maximum unemployment insurance benefit by $600 per week. It will apply to traditional workers for small and large businesses as well as those who are self-employed and workers in the gig economy. This was a key Democratic initiative, which Schumer dubbed "unemployment insurance on steroids."
-More than $150 billion for the health care system, including funding for hospitals, research, treatment and the Strategic National Stockpile to raise supplies of ventilators, masks and other equipment. Of that, $100 billion will go to hospitals and the health system and $1 billion to the Indian Health Service.
-$150 billion to state and local governments to address spending shortages related to the coronavirus pandemic.
$350 billion in the form of loans for small businesses impacted by the pandemic; some of those loans could be forgiven.
The House will take up the measure on Friday, according to House Majority Leader Steny Hoyer (D-Md.). To protect members from the risks of exposure, the House will hold a voice vote on the bill.
https://www.npr.org/sections/coronavirus-live-updates/2020/03/26/822248693/u-s-surpasses-china-in-cases-of-coronavirus
According to data compiled by Johns Hopkins University, the U.S. had 82,404 cases as of 6 p.m. ET Thursday, while China had reported about 81,800 cases. In China, where the epidemic started in December, almost 3,300 people have died, while in the U.S., the toll stands at about 1,200. In Italy, there have been about 8,200 deaths.
Sanders dragged down the market today
DOW drop from +4% to +2%
NASDAQ from +3% to -1%
at last few minute trade
Biggest Gainers of the day
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https://finviz.com/groups.ashx?g=industry&v=110&o=name
UWM ~> signs of turn around,
but need to pass resistance at low 30's first
https://stockcharts.com/c-sc/sc?s=UWM&p=D&yr=0&mn=6&dy=0&i=p55889411466&r=2390
As-of-3/24/2020
European markets set to rebound amid positive global reaction to Fed stimulus
https://www.cnbc.com/2020/03/24/european-markets-react-to-fed-stimulus.html
Global stock markets are being boosted by the Fed’s pledge Monday that it will run an open-ended asset purchase program amid the global coronavirus outbreak.
The central bank said the program will run in the “amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”
The pledge is a new chapter in the Fed’s “money printing” as it commits to keep expanding its balance sheet as necessary, rather than a commitment to a set amount.
Shares in Asia jumped in Tuesday afternoon trade in reaction to the Fed, with shares in Japan and South Korea leading gains among the region’s major markets.
Federal Reserve Chairman Jerome Powell's whatever-it-takes moment arrived Monday.
The central bank signaled it would do practically anything -- extending loans to big and small businesses and purchasing unlimited amounts of government debt -- to help an American economy in a race against time.
After firing its arsenal at funding markets last week to prevent a public health crisis from morphing into a financial crisis, the Fed said it would throw another kitchen sink this week at credit markets that have broken down. The central bank unveiled a new generation of lending facilities to prevent a liquidity crunch from turning into a solvency crisis for American businesses.
"This is the first time they've really basically turned into a commercial bank instead of a central bank," said Michael Feroli, chief U.S. economist at JPMorgan.
The central bank's announcement came as lawmakers on Capitol Hill debated a plan to help reload the Fed's weaponry. The Trump administration and Senate Republicans proposed Sunday providing $425 billion to the U.S. Treasury that could be used to expand the kind of lending programs the Fed unveiled Monday. The bill hit a procedural roadblock after Democrats said it needed to do more to aid individuals facing unemployment or lack of income.
Monday's announcement was "really encouraging because the Fed didn't wait for Congress to pass this bill," said Tiffany Wilding, economist at Pacific Investment Management Co. "I don't think the markets could have waited."
The central bank punctuated its moves, announced 90 minutes before markets in the U.S. opened Monday, with an unusually explicit warning about the perils ahead.
"It has become clear that our economy will face severe disruptions," the Fed said in its statement Monday morning. "Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate."
https://ih.advfn.com/stock-market/stock-news/82063547/fed-unveils-major-expansion-of-market-intervention
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. . . . VIX. . .inverse VIX ETF (SVXY, ZIV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VIX ETF (UVXY, TVIX)
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ETF. . .EWH (HK), EWT(TW), EWY(KR), EWJ(JP), EWM(Malaysia)
ishares msci etf => https://www.ishares.com/us/products/etf-investments#!type=ishares&fr=43526&fc=43537%7C43769%7C43544%7C43568%7C43570%7C43571%7C43579%7C43582%7C43593%7C43606%7C43614%7C43617%7C43624%7C43628&usS=136&usS3=144%7C159%7C162%7C165%7C168%7C171%7C174&view=keyFacts
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ProShares UltraProshares: https://www.proshares.com/funds/umdd.html
Leveraged 3X Long/Bull ETF List: https://etfdb.com/themes/leveraged-3x-long-bull-etfs/
Leveraged 3X Inverse/Short ETF List: https://etfdb.com/themes/leveraged-3x-inverse-short-etfs/
. . . . . . . . . . . . . . . . . . . . SPY. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . .. . . . . . . . . Tech . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Emerging Market . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . Developed Market . . .
http://www.velocitysharesetns.com/tvix
http://etfdb.com/index/nasdaq-biotechnology-index/
http://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=1&mn=9&dy=0&id=p14393644199
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