President Trump has received new guidance from the FDA on potentially banning flavored vapes, after he walked away from an earlier ban. Yahoo Finance's Brian Sozzi and Anjalee Khemlani discuss.
The optimism that permeated equity markets last week when U.S. stocks posted their biggest gains since the 1930s has once again given way to a feeling of despair, with the S&P 500 Index falling 6% over the course of two days. Yes, moves by fiscal and monetary authorities have shored up the all-important “plumbing” of the financial markets, but that is looking more and more like an act of triage than a catalyst to recovery. No one at this point in the pandemic crisis can confidently say how deep and long-lasting the coming recession will be, and that's keeping markets stuck in their own form of purgatory.
Boeing Co (NYSE: BA) shares traded lower by another 11.8% on Wednesday as the stock market experienced yet another volatile trading session. At 9:30 a.m., a trader bought 1,465 Boeing call options with a $170 strike price expiring on Sept. 18 near the ask price at $21. At 1:01 p.m., a trader bought 509 Boeing put options with a $100 strike price expiring on April 17 near the ask price at $4.651.
Dow Jones futures rose late Wednesday, along with S&P 500 futures and Nasdaq futures. The Dow Jones and other major indexes tumbled Wednesday as new coronavirus cases in the U.S. and worldwide hit record highs yet again. A stock market rally attempt continues, but for now it's still a coronavirus bear market.
On the face of it, the idea of Saudi Arabia and Russia starting an oil price war in the middle of a global pandemic is as dumb as it gets. From a game theory perspective, it is a masterstroke. Analysts have called the breakdown of Opec+ and the lifting of the supply cuts that kept the oil market balanced in the last two years anything from a spectacular blunder to collective suicide.
China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter. The world's biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles, a source of considerable speculation in the oil market because of the government's reluctance to release information about their formation, size or use. Beijing has asked government agencies to quickly coordinate filling tanks and using financial tools like options to lock in current low prices, the people said, asking not to be identified because the matter is confidential.
Satori Fund Founder & Portfolio Manager Dan Niles joins Yahoo Finance's Zack Guzman and Brian Cheung to discuss his outlook for 2020, after calling the coronavirus market collapse.
Crude futures surged on Thursday, after President Donald Trump expressed optimism that a damaging price war between Saudi Arabia and Russia can be resolved. West Texas Intermediate crude for May delivery (CL) surged nearly $2, or 9.6%, to $22.80 a barrel, after slipping 0.8% to settle at $20.31 on Wednesday. June Brent crude (UK:BRNM20) climbed $2.57, or 10%, to $27.30 a barrel, a day after the contract plunged 6.1% to $24.74 a barrel on ICE Futures Europe.
China said the U.S. is trying to shift the blame for the outbreak after American intelligence officials concluded China concealed infections. The Pentagon aims to provide as many as 100,000 body bags for civilian use. New York and New Jersey said deaths have doubled in three days, while Los Angeles' mayor asked the whole city to wear masks outside.
The U.S. death toll from the coronavirus that causes COVID-19 rose above 4,000 on Wednesday and financial markets sold off again, after President Donald Trump warned Americans to brace for two painful weeks as the numbers continue to climb. The White House revealed models that suggest the number of deaths could rise to 100,000 to 240,000 deaths, even if current containment measures are observed. Dr. Deborah Birx, the coordinator of the White House coronavirus task force, said those numbers could be greatly reduced if everyone does their part: “We really believe we can do a lot better than that,” Birx said.
The current rebound in markets may continue for a while following a bout of extreme pessimism, but another rout is imminent, according to the chairman of Rogers Holdings Inc. That's because of a triple whammy of coronavirus-fulled economic damage, high debt levels and interest rates that are low, which will hurt when they rise. “I expect in the next couple of years we're going to have the worst bear market in my lifetime,” Rogers said in a phone interview. Rogers, who co-founded the Quantum Fund with George Soros in the 1970s, had said a bear market was imminent back in 2018.
Charts Please click here for an annotated chart of the Dow Jones Industrial Average ETF (DIA) which represents popular stock market index the Dow Jones Industrial Average (DJIA) Please click here for a chart of S&P 500 ETF (SPY) which tracks the S&P 500 Index (SPX) Note the following: • The first chart, which is monthly, gives investors a long-term perspective. The second chart, which is daily, gives a short-term perspective. The first chart shows what I call the mother of support zones for the stock market.
Masimo Corp double bottoms have w shape. This fits the bill, but middle of W reached new high ground, that makes it unusual.For now 187.95 is the buy point, but could be forming handle here to give it more time an early entry
Boeing Co is set to offer buyout and early retirement packages to employees, two people familiar with the matter said on Wednesday, a bid to mitigate the financial fallout from the coronavirus pandemic. Boeing was initiating a voluntary layoff plan that allows eligible employees who want to exit the company to do so with a pay and benefits package, one of the people said. Boeing Chief Executive Dave Calhoun is expected to detail a voluntary layoff plan in a memo to employees as early as Thursday, the second person said.
During an interview with CNBC Wednesday, Federal Housing Finance Agency Director Mark Calabria warned that the U.S. mortgage industry could face significant strain in the form of delinquencies and foreclosures if the coronavirus emergency lasts for six months or longer. This fundamentally comes down to how long an event this is,” Calabria said. If this only goes on for two to three months and we see pop back in the economy and people are hired back to their old jobs by and large, then I think this will be something the industry can get through without too much stress,” he added.
Russian President Vladimir Putin called on Wednesday for global oil producers and consumers to address "challenging" oil markets while U.S. President Donald Trump complained that oil cheaper "than water" was hurting the industry. Oil prices fell nearly 70% from January highs as lockdowns due to the coronavirus hammered demand and as Saudi Arabia and Russia have flooded the market in a race for market share after a deal they engineered on supply curbs broke down. Oil and natural gas sales are a key revenue source for the Russian coffers, while shale oil producers in the United States are also suffering from cheap oil.
Brent crude rallied nearly 12 per cent on hopes of a supply deal among major oil producers led by Saudi Arabia and Russia to alleviate a price collapse triggered by the coronavirus outbreak. US president Donald Trump said he had spoken in recent days with the leaders of Russia and Saudi Arabia and believed a deal to end a price war — that has taken Brent to the lowest level since 2002 — would be made in “a few days”. Saudi Arabia had pushed for a deal to deepen and prolong production curbs ahead of a March meeting of oil ministers, but it was met with reluctance by Russia.
April 1 has arrived, and with it a big question for real-estate investors: Who will be able to make rent or mortgage payments this month? That matters for investors in real-estate investment trusts, publicly traded vehicles that distribute most of their cash as dividends. The S&P 500 real-estate sector has dropped 8.8% on Wednesday, far worse than the S&P 500's 4.2% decline and the Dow Jones Industrial Average's 3.8% fall.
In 2008, amid the last recession, and again in 2010, Buffett signed off both his annual letters to shareholders saying that he and Charlie Munger — his longtime business partner and the 96-year-old vice chairman of Berkshire — were “lucky beyond our dreams” in part for being born in the U.S. Berkshire's own investments are like a cross-section of the U.S. economy, with large stakes in airlines, banks, grocery stores and makers of consumer goods — even tech giants Amazon.com Inc. and Apple Inc. About $70 billion of value has been erased from its stock portfolio since mid-February (though we don't yet know what Buffett bought and sold during the first quarter).
A wave of coronavirus dismissals is breaking over corporate America as companies which just weeks ago had hoped that a short interruption to their operations would let them avoid job cuts prepare for a longer, more severe downturn. Large companies have put hundreds of thousands of staff on unpaid leave this week, bowing to the reality of a prolonged shutdown and setting the scene for another historic high in jobless claims when official weekly figures come out on Thursday. US unemployment claims leapt to 3.3m between March 15 and March 22, and Morgan Stanley analysts predict that the next report will show an even heavier toll of almost 4.5m.
The stimulus bill signed into law Friday keeps any companies that borrow from the government from paying dividends to shareholders for at least a year after the loan is repaid — even as bond yields have collapsed to to near all-time lows. The provisions of the CARE Act likely exacerbate a trend of companies trying to keep as much cash on hand as possible as the economic downturn worsens. The Goldman strategists estimate dividends for S&P 500 stocks will decline 25% to $44 per share in 2020, and note 12 companies, ranging from Apache Corp. (APA) to Old Dominion Freight Line (ODFL), have already reduced or suspended their shareholder payouts.
President Donald Trump reportedly plans to meet with top oil executives Friday, while Saudi Arabia ignores his pleas, as crashing oil prices forced Whiting Petroleum to file for bankruptcy protection. Trump will meet at the White House with several oil chiefs, including Exxon Mobil CEO Darren Woods, Chevron CEO Mike Wirth, Occidental Petroleum CEO Vicki Hollub and Continental Resources Chairman Harold Hamm, who has advised Trump on oil, sources told the Wall Street Journal. The executives will potential aid to the industry, including tariffs on Saudi oil and a waiver of a law that requires U.S.-flagged ships to transport goods, including oil, within the U.S., the Journal reported.
European stocks rose with U.S. equity futures on Thursday as investors caught their breath following a rough start to the second quarter for risk assets. Oil surged after China unveiled plans to boost its reserves. The Stoxx Europe 600 Index climbed, led higher by energy shares as the world's biggest importer took advantage of a 60% plunge in oil this year to add to stockpiles.
Part of being prepared for any contingency, big or small, is having a reserve of emergency cash at your disposal at all times. “Whether it's Mother Nature or some other disaster out of your control, you always want to be prepared by having some emergency cash on hand,” said Annalee Leonard, an investment advisor representative and president of Mainstay Financial Group. “It's wise to have a small amount of physical cash at home for the truest of emergencies when banks are not operating,” said Priyanka Prakash, managing editor at Fit Small Business, a company that finds the best small-business software, services and financing options.
Retirees don't need to worry about taking the required minimum distribution from their retirement accounts this year. The government waived that rule as part of the $2 trillion stimulus package meant to provide financial relief to Americans. Normally, retirees who have not yet started withdrawing from their retirement plans, including traditional IRAs and 401(k) plans, must take a required minimum distribution from their accounts when they turn 72 years old.