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U.S. Stock Futures Drop With Trump Virus Warning: Markets Wrap

(Bloomberg) — U.S. stock futures declined as investors assessed worsening American coronavirus figures as a new quarter begins. Asian shares traded mixed.

Futures on the S&P 500 Index slid more than 2% after President Donald Trump warned of a “painful” two weeks ahead, with the country grappling to get the outbreak under control and New York City’s death toll now topping 1,000. Stocks in Japan hit session lows in the final hour of trading, while Australia’s rallied more than 3%. Hong Kong shares had a modest retreat, with two of the city’s largest lenders, Standard Chartered Plc and HSBC Holdings

Working From Home Gives Chipmakers Boost While Others Suffer

(Bloomberg) — As the coronavirus prompts talk of an earnings recession for most Asian emerging stocks, there’s an industry that’s holding up: chipmaking.

The worldwide lockdowns due to the virus and the ensuing contractions in output have sparked indiscriminate selling across industries, and dismal earnings forecasts for this quarter and beyond — except for the tech industry.

Micron Technology Inc. last week reported adjusted earnings that beat Street estimates by 24% and predicted stronger-than-expected revenue, fueling optimism about other chipmakers’ prospects. With most of the population in major economies worldwide working or learning remotely, online and ecommerce services are booming,

U.S. Stock Futures Erase Earlier Losses After China Rate Cut

(Bloomberg) — U.S. stock futures erased losses, as traders reacted to China’s rate cut on seven-day reverse repurchase agreements on Monday. As part of the stimulus, the People’s Bank of China injected 50 billion yuan ($7.1 billion) into the banking system.

Contacts on the S&P 500 expiring in June rose 0.1% at 1:41 p.m. in Tokyo on Monday, erasing a drop that exceeded 3% in early trading. China’s central bank cut the interest rate it charges on loans to banks by 20 basis points, the biggest amount since 2015 as authorities ramp up their response to cushion an economic slowdown.

Refiners Are Having To Pay To Produce Gasoline

When the oil markets go into a deadly tailspin as they have right now, sooner or later, everybody in the value chain starts to feel the heat keenly. 

Only three months into the year, oil and gas companies are trading at roughly half their valuations as the -49.5% YTD return by the Energy Select Sector Fund (XLE) portends, thanks to crude prices tanking to multi-decade lows.

It was only a matter of time before the shockwaves hit oil refineries, with the sector now sinking into the red.

Gasoline and jet fuel margins have plunged to their lowest levels in more

Struggling Americans Can Tap 401Ks With Coronavirus Bill

(Bloomberg) —

Lawmakers in Washington are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.

For a limited time, Americans will be able to withdraw money from tax-deferred accounts without penalties under a stimulus package signed into law Friday by President Trump. Rules on 401(k) loans will be relaxed, and some retirees can avoid so-called required minimum distribution, or RMD, rules that might have been onerous.

Read more: House faces urgency to act on Senate’s $2 trillion virus rescue bill

Some of the

U.S. Futures Drop; India Assets Rally on Rate Cut: Markets Wrap

(Bloomberg) — U.S. equity futures dropped after the first three-day rally in American equities since mid-February, while Asian shares advanced as investors take stock of strengthening stimulus efforts across the globe.

India’s bonds and stocks rose along with the rupee after the central bank slashed the benchmark rate by three quarters of a percentage point. S&P 500 futures dropped more than 1% after the index surged more than 6% Thursday. The dollar headed for its biggest weekly retreat since 2009, while Treasuries advanced. Australian stocks fell, while most other regional markets rallied.

The U.S. has now overtaken China for the

Stock futures lower as coronavirus relief package clears Senate

Stock futures dipped on Wednesday evening, after a massive, eagerly awaited coronavirus relief package cleared the U.S. Senate and headed for the House, with investors poised to take a breather after two consecutive days of gains.

During the regular session Wednesday, the S&P 500 and Dow posted their first back-to-back sessions of advances in more than a month. At the highs of the session, the Dow had added 1,315 points.

Yet by market close Wednesday, stocks pared some gains, after the bill with $2 trillion worth of relief for the coronavirus-stricken economy exposed intra-party divisions. Late in the afternoon, Democratic

Asia Stocks Rally, U.S. Futures Aided by Congress: Markets Wrap

(Bloomberg) — Stocks in Asia rallied after the best session for U.S. equities in almost a dozen years, and U.S. futures pared losses on news that the White House and Congress reached agreement on a stimulus plan.

The potential deal for an American fiscal package sent Japanese shares to their highs of the session. U.S. futures were still down, however; global equities haven’t posted back-to-back daily gains since the first half of February. Indexes in South Korea and Australia climbed more than 3% and Japan was up over 5%, after the S&P 500 soared 9.4% Tuesday. The dollar fell for

Wuhan to Lift Lockdown; Recoveries at 100,000: Virus Update

(Bloomberg) — The U.K. became the latest nation to put its citizens under lockdown, while President Donald Trump said the U.S. economy can’t remain slowed for too long. Wuhan, the Chinese city at the center of the outbreak, will lift its lockdown measures on April 8.

While the death toll from the pandemic topped 16,500, recoveries have reached 100,000, according to a Johns Hopkins tally.

Trump said America will reopen in sooner than three or four months, even as states from Washington to Massachusetts implemented stay-at-home policies. Financial markets rebounded after the Federal Reserve unveiled unprecedented measures, taking action as

India Stock Drop Triggers Trading Halt as Virus Lockdown Looms

(Bloomberg) — India’s stocks tumbled, triggering a trading halt as the the world’s second-most populous nation edged toward a lockdown after the number of coronavirus cases in the country approached 400.

The S&P BSE Sensex Index slid 10%, setting off a 45 minute system-wide trading halt as of 9:58 a.m. in Mumbai. The NSE Nifty 50 Index sank 9.6%, tracking declines across the region as the flight from riskier assets continued. The regional MSCI Asia Pacific Index lost 2.4%.

Prime Minister Narendra Modi and state leaders over the weekend imposed an almost-complete lockdown, which will probably worsen an economy already