![]() Lawmakers said over the weekend they are close to a deal to add more cash to the Cares Act fund for small-business loans, which ran out of money last week.Įurope’s slow and relatively uncoordinated reopening is progressing, with Germany on Monday allowing small shops to take in customers. At the same time, lawmakers are seeking to provide relief for businesses and individuals hurt by shutdowns put in place to slow the virus’s spread. economy continued, with a key question being the lack of testing conducted so far. (WYNN) shares dropped 6.6% after chief executive Matt Maddox called for reopening the Las Vegas Strip in mid-May, while also providing a 23-page plan for safely doing so.ĭiscussions about reopening the U.S. Numbers for that period easily beat expectations, but the chemical giant also suspended its full-year 2020 financial guidance, citing the effect of the coronavirus pandemic on demand for its products. Shake Shack said it was able to raise funds in an equity offering.ĭuPont de Nemours (DD) preannounced its first-quarter results on Monday. Along with other large restaurant chains, it faced criticism for taking loans intended for small businesses. (SHAK), which saw shares rise 6.9% after announcing that it will return a $10 million loan it received under the Cares Act. Other companies making moves on Monday include Management warned that activity will continue to plunge in the second quarter. (HAL), an oil-field-services provider, saw its shares close up 0.4% after reporting better-than-expected results on Monday morning. Smaller and less diversified producers suffered more: The dramatic drop in oil prices dragged down shares of already beaten-up oil companies. Bank Dividends Are Likely to Remain Safe.Georgia and South Carolina Will Begin to Reopen This Week.Dollar Index (DXY)-which measures the greenback against a basket of other currencies-rose 0.2%. Treasury note fell 3 basis points, or hundredths of a percentage point, to 0.626%, as the price of the securities ticked up. Price changes in so-called haven assets were modest on Monday. The German DAX rose 0.5%, the French CAC 40 gained 0.6%, and the U.K.’s FTSE 100 index added 0.4%. In Europe, however, the Stoxx Europe 600 index closed up 0.7% on Monday after rising 7.9% over the last two weeks. The Shanghai Composite, however, rose 0.5% after the People’s Bank of China cut the one-year lending rate by 20 basis points. Most Asian markets retreated Monday, with the Nikkei 225 ending 1.1% lower in Tokyo and the Kospi Composite losing 0.8% in Seoul. “The bottom-up news may dominate now, with the focus more on company statements than the reported numbers,” said Ian Williams, economics and strategy research analyst at Peel Hunt in London. That means investors will be particularly focused on managements’ tone and the words they choose to use to describe their businesses this earnings season. And given the unpredictability of the virus’s impact and its duration, companies will be loath to offer concrete forecasts for the rest of 2020. The earnings will largely reflect a pre-coronavirus world. Investors waited for first-quarter results detailing how companies’ financials fared as the coronavirus pandemic shut down much of the economy. And prices were higher farther along the futures curve, for delivery longer into the future, suggesting that traders expect oil demand to rebound or supply cuts to deepen by later this year.īrent crude, the international price benchmark, settled down 8.9% at $25.57. The June contract settled down 16.8%, to $20.83 a barrel, by comparison. The May WTI contract expires Tuesday, and traders appeared to be getting out before they needed to take physical delivery of the oil. ![]() Sellers literally paying buyers to take their oil reflected a severe lack of demand and a shortage of available storage space. It’s the first time the price has gone negative since the futures contacts were created in 1983. West Texas Intermediate oil futures for delivery in May settled at -$37.63 a barrel, down over 300% on Monday.
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