American Airlines planes parked in Tulsa, Oklahoma. American Airlines The coronavirus crisis is bringing the United States economy to a screeching halt, with every sector feeling the effects of most of the country’s workforce staying home. Satellite imagery combined with other photographic evidence and alternative data sources give a stark look at the U.S. situation:
People make face shields at the Brooklyn Navy Yard where local industrial firms have begun manufacturing Personal Protective Equipment (PPE) on March 26, 2020 in New York City. Eduardo Munoz Alvarez | Getty Images Everything from auto sales to manufacturing surveys and employment data in the coming week will likely paint a bleak picture of
WeWork is offering some of its employees $100 a day if they feel comfortable coming into work amid the coronavirus outbreak. Earlier this week, WeWork’s COO Shyam Gidumal offered members of the company’s community teams a bonus worth $100 a day or up to $500 week through the month of April as an extra reward
Investors have spent the past couple of weeks in a “sell everything” mind set. That’s turned into a windfall for money-market funds. Money flowed into those funds at a breakneck pace in the most recent week, data from Refinitiv Lipper show. It was the third straight week of record highs, each one nearly doubling the
Puerto Rico bankruptcy Judge Laura Taylor Swain on Friday ordered the postponement of deadlines in the central government bankruptcy. The Puerto Rico Oversight Board, citing the impact of the COVID-19 virus on the island and involved lawyers, asked for the postponement on Sunday. Puerto Rico bankruptcy Judge Laura Taylor Swain has delayed some parts of
The money market funds asset group set a record for net inflows (+$259.8 billion) for the third consecutive week as the economic impact of the coronavirus continued to wreak havoc on investing. Conversely, taxable bond funds (-$62 billion) and municipal bond funds (-$13.7 billion) each had record-setting net outflows for the second consecutive week, while
CNBC’s Jim Cramer said Friday he did not think investors were properly factoring in the likelihood a successful antiviral treatment for COVID-19 is developed. “Is anyone even thinking anymore that there is something going on at any drug company that actually may have an antiviral?” Cramer said on “Squawk on the Street.” “I have just been
Bank of America has sent more than 100 employees to work in a backup office in Connecticut. Tetra Images | Getty Major stock indices, in just a few days, have made back more than half their losses, but technical analysts warn the market is setting up for a retest that will decide whether Monday’s lows
WeWork Executive Chairman Marcelo Claure during an interview with Andrew Ross Sorkin at WeWork headquarters in New York City on February 10, 2020. David A. Grogan | CNBC WeWork is telling investors it has enough cash on hand to execute its long-term plans and weather the near-term challenges posed by COVID-19. In a seven-slide deck
Illinois’ liquidity is being tested as the state grapples with revenue losses, emergency spending and delayed income tax payments that have muddled the budget picture and prompted worries of longer term fiscal strains due to COVID-19. The state is awaiting help from the $150 billion earmarked for state and local governments in the $2 trillion
Question: Why are there so many ETFs? Answer: ETF providers tend to make lots of money on each ETF so they create more products to sell. The large number of ETFs has little to do with serving your best interests. We leverage our data to identify three red flags you can use to avoid the
Over the past few years, TRON (TRX) has emerged as one of the more promising cryptocurrencies in the market, and today, there was another landmark announcement regarding the token. According to the announcement today, TRX has partnered with Metal Pay, a cryptocurrency service provider, and the agreement is expected to be beneficial for the cryptocurrency.
Source: Morgan Stanley Morgan Stanley, one of the world’s biggest wealth managers, said its online trading portal for wealthy clients went down on Wednesday. The bank’s message for clients was to call a service representative to place trades, rather than using the company’s website. A spokeswoman for the New York-based firm declined to immediately comment.
A man cleans up on the trading floor, following traders testing positive for Coronavirus disease (COVID-19), at the New York Stock Exchange (NYSE) in New York, U.S., March 19, 2020. Lucas Jackson | Reuters There was considerable trepidation among trading desks over the weekend as many in California, New York, and Massachusetts were told to
A customer views cars on display in a showroom of the Avilon dealership owned by the Ford Motor Company in Moscow. Anton Novoderezhkin/TASS (Photo by Anton NovoderezhkinTASS via Getty Images) Anton Novoderezhkin | TASS | Getty Images Check out the companies making headlines after the bell. Micron Technology — The semiconductor company’s stock jump 5% in
Lawmakers are working to reach an agreement on a massive stimulus package to combat the economic impact of coronavirus. Real estate investor Tom Barrack, Colony Capital chairman and CEO, is warning commercial mortgages are on the brink of collapse and that we are seeing the beginning of “a second crisis that will occur in the
The municipal market experienced an enormous rally Wednesday, swiftly reversing from the pronounced sell off it had experienced over the course of several wrenching, dislocated trading sessions due to the effects of the coronavirus. Municipal benchmark yields were lowered by 60 to 80 basis points across the curve. Some trades pointed to nearly a 1%
(Pexels) As I’ve discussed in recent articles, the main area where I see buying opportunities today is not stocks; it is commodities. Most are at a decade if not multi-decade lows and are at a 40%+ discount to their price just weeks ago. The U.S. is about to launch a $2T stimulus package, not to
The coronavirus pandemic is shutting down entire sectors of the economy and putting millions of Americans out of work, but one corner of Wall Street may find opportunity amid the carnage: private equity. The group, which includes investment giants Blackstone, Carlyle and KKR, has a record $1.5 trillion in cash ready to deploy and has
For everyone trying to figure out what S&P 500 earnings will be in 2020, here’s a sobering comment from Joseph Wolk, Johnson & Johnson’s chief financial officer: “One thing I know for certain is we’re going to be 100% precisely wrong.” Wolk made the comment to The Wall Street Journal in reference to earnings guidance,
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., February 27, 2020. Brendan McDermid | Reuters Stocks appear to be finding the bottom but some strategists say it may be over a trap door that could give way to another big decline. Some credit markets are faring better,
A woman looks at real estate listings outside a Berkshire Hathaway Home Services office in Montclair, N.J. Adam Jeffery | CNBC An increase in interest rates, combined with a massive shutdown of the economy caused homeowners and potential homebuyers to back away from the mortgage market. Total mortgage application volume fell 29.4% last week from
The coronavirus pandemic has had a highly damaging effect on the capital markets, and eventually, the effect was felt in other asset classes like cryptocurrencies as well. While this did affect the world’s biggest cryptocurrency, Bitcoin has made a remarkable recovery over the past 24 hours. BTC gained 10% in the last 24 hours, and
The municipal market rallied significantly Tuesday as participants placed bets that a stimulus package from Washington was coming closer to being reality and news that the Federal Reserve may be given authority to buy longer-dated municipal debt made its way around the Street. The short end in particular was rebounding from the extraordinary sell off
In this article, we examine the significant weekly order flow and market structure developments driving XLK price action. The highest probability path for this week was for price discovery higher, barring buy-side failure at key support, 82s-83s. This primary expectation did not play out as a gap lower open developed in Monday’s trade, driving price
The coronavirus crisis has seen Bitcoin price nosedive in one of the greatest Bitcoin price crashes since its inception. With a 52% drop in price in a single week, the coronavirus has left many Bitcoin enthusiasts scratching their heads. Even the legendary crypto trader, Peter Brandt, who predicted Bitcoin’s peak way back in 2017, tweeted
President Donald Trump speaks at the daily coronavirus briefing joined by Vice President Mike Pence in the James Brady Press Briefing Room at the White House on March 22, 2020 in Washington, DC. Tasos Katopodis | Getty Images This is a developing story. Check back for updates. President Donald Trump and Vice President Mike Pence
A pedestrian walks past the Federal Reserve building on Constitution Avenue in Washington on March 19, 2019. Leah Millis | Reuters The Federal Reserve pulled out another series of bazookas today, including a flurry of programs to buy more Treasuries and mortgage-backed securities. But one move that surprised many was the decision to buy corporate
Julio Barrios attends to one of the few customers at a gas station in Scarsdale, New York, March 13, 2020. Jessica Resnick-Ault | Reuters Gasoline prices in the wholesale and futures markets crashed on Monday as more states issued stay-at-home orders, severely dampening demand for fuel. Some spot cash prices around the U.S. were down
Rows of houses in Las Vegas. Jacob Kepler | Bloomberg | Getty Images Last week the regulator for mortgage giants Fannie Mae and Freddie Mac announced a forbearance program for borrowers unable to pay their loans due to the effects of the coronavirus. The Department of Housing and Urban Development, which includes the FHA loan
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