Today's Headlines

Bloomberg:

• France, Italy Step Up Push For Crisis Tools Resisted by Germany.

• Europe’s Virus Carnage Has Italy, Spain Grasping for Answers.

• Spain Posts Record Virus Deaths as Pandemic Rages in Europe.    

• Italy Set to Extend Containment as New Stimulus Under Discussion.

• Europe Bonds Await Next Supply Wave Amid Fiscal-Shock Anxiety.

• N.Y. Decries Quarantine; World Deaths Top 30,000: Virus Update.

• The Fed Brings the Global Financial System Back From the Abyss.  

• OPEC Members Aren’t Backing Request for Urgent Consultations.

• Gilead Expands Emergency Access to Experimental Coronavirus Drug.

• Los Angeles May See New York City-Level Virus Surge in Five Days.  

• The World Could Be Running Out of Condoms Because of Pandemic. 

• Vaping Could Compound Health Risks Tied to Virus, FDA Says.  

• U.S. Finally Ramps Up Virus Testing, But Demand Still Outpaces Supply.

• Your Weekend Reading: Drastic Measures. 

Wall Street Journal:

• A Week of Coronavirus Pain and Progress.

• Federal Relief Package Is Largest in U.S. History.

• Bringing Home a New Baby—and the New Coronavirus.

• Government Tracking How People Move Around in Pandemic.

• Young Medical Workers Deal With the Coronavirus.

• How Epidemics Change Civilizations.

• ICUs Leverage Remote Doctors and Telemedicine to Manage Coronavirus Deluge.

• Coronavirus and Autocrats: Never Let Pandemic Go to Waste.

• People Need Loans. Lenders Are Making Them Tougher to Get.

CNBC:

• Trump pushes back against congressional oversight for $500 billion bailout fund.

• Coronavirus live updates: Customers find lenders’ ‘relief’ misleading, Japan at a critical stage.

• Regulations slow urgent hiring of doctors and nurses amid coronavirus outbreak, staffing firms say.

• Shedding tears, negotiating refunds and Zoom weddings: Getting married in the age of coronavirus.

• As retailers extend store closures past the two-week mark, tougher decisions need to be made.

• Op-Ed: Coronavirus will hit emerging markets with devastating force.

• Scenes of cities shut down by the coronavirus pandemic.

• Workers say New York City hospital dragged its feet on coronavirus protections as pandemic spread.

IG:

• Weekend Markets Trading Live.

Barron's:

• Had bullish commentary on (DOCU), (ZM), (EQIX), (CONE), (COR), (DLR), (TWTR), (AMZN), (LRCX), (RNG), (MSFT), (SNE), (ZNGA), (TTWO), (EA), (CHTR), (TMUS), (ATUS), (AMD), (VIRT), (NFLX) and (GLD).

MarketWatch.com:  

• What the $2 trillion stimulus means for you — and how the ‘recovery rebates’ to households will be calculated.  

• Here’s what the historic $2 trillion coronavirus stimulus package will do to help small businesses.  

• Mortgage rates fall sharply as the Federal Reserve brings stability to the mortgage market.  

• 4 passengers dead on Holland America cruise ship, currently en route to Fort Lauderdale.

Fox News:

• Trump fires back after Dem governor complains about federal response to coronavirus.

• Frightening ‘heat map’ shows virus’ potential path after spring break.

• Trump considers quarantine on NY, NJ and Conn. as pandemic shows no signs of slowing down.

Zero Hedge:         

• US Death Toll From COVID-19 Tops 2k After Doubling In 2 Days: Live Updates.

• Why The World's Doing A Double-Take On China's No-New-Infections Claim.

• Hubei Residents Riot After Quarantine Lifted; Police Beaten With Their Own Shield, Cop Cars Overturned.

• $9,000,000,000,000: Former Fed Strategist Now Expects Fed's Balance Sheet To Double This Year.

• 'Without Us, Instacart Will Grind to a Halt': Delivery Workers Threaten Strike Over Hazard Pay.

• "Revolver Run": Banks Suffer Record $200BN In Outflows As Frenzied Companies Draw Down Revolvers.

• Russia To Close All Borders Monday After Banning International Flights.

• 25-Year-Old California Man With No Underlying Conditions Dies Of COVID-19; Infant Dies In Illinois.

• The Blowups Continue: LMR Shuts Down Two Funds After Bets On Volatility "Backfire".

• How Mayor De Blasio Botched NYC's Response To COVID-19.

• NPR Station Is Censoring Trump As MSM Pushes Totalitarian Propaganda.

• Fauci: Italy "Hit Very Badly" By COVID-19 Due To Prevalence Of Chinese Tourists.

• US Becomes First Country To Record 100,000 Cases Of COVID-19, 5th Congressman Tests Positive: Live Updates.

• Abbott Labs Unveils COVID-19 "Gamechanger": Portable Test Can Detect Virus In Under 5 Minutes.

• Volkswagen Says COVID-19 Shutdown Costs Are "Acute Economic Risk" To The Company.

• UK Police Force Creates Tool That Lets People Snitch On Others For Not "Social Distancing".

• "This Is Unprecedented" - South Africa Invokes Military-Controlled Lockdown As Infections Soar.

• Hubei Residents Riot After Quarantine Lifted; Police Beaten With Their Own Shield, Cop Cars Overturned.

• Tokyo On Cusp Of Explosive COVID-19 Outbreak: Governor.

• US Becomes First Country To Record 100,000 Cases Of COVID-19, 5th Congressman Tests Positive: Live Updates.

• Going Down With The Ship: After Raging At Moody's For Downgrade To Deep Junk, Masa Son Pledges 40% Of SoftBank Stake To Lenders.

• Baltimore Population Plunges To Lowest In Over A Century As Homicides Soar.

• Marvel Introduces Superheros "Snowflake" & "Safespace".

• New Orleans Mayor: Mardis Gras Go-Ahead Was 'Trump's Fault' As Big Easy Becomes Southern Epicenter.

• Fitch Downgrades UK Credit Rating To AA- After Sterling's Best Week Since 1985 Plaza Accord.

• Not All Americans Are Fighting Over Toilet Paper: 5 Good Deeds Done During The COVID-19 Pandemic.

• President Trump Invokes Defense Production Act To Force GM To Produce Ventilators.

• Stocks Tumble After Fed Announces It Will Reduce Treasury QE From $75BN to $60BN Per Day.

• Stocks Soar To Best Week Since The '30s As Dollar & Bond Yields Crash.

Business Insider: 

• A new report raises hope that the blood of recovered patients can help treat severe coronavirus cases.

• While the US Postal Service fights for its life financially, 2,000 of its workers are in quarantine and dozens have tested positive for the coronavirus.

• A cruise ship with 1,800 people is unable to dock at any ports. Now, 138 people are sick and 4 are dead, and coronavirus cases are being confirmed on the stranded ship still at sea.

•   THE AI IN INSURANCE REPORT: How forward-thinking insurers are using AI to slash costs and boost customer satisfaction as disruption looms.
  

John Hopkins University:

• Coronavirus Global Cases. (map)

BNO News:

• Tracking Coronavirus: Map, data and timeline.

Google Docs:

• Coronavirus Testing by State.

Weekly Scoreboard*

S&P 500 2,541.47 +10.3%

The Weekly Wrap by Briefing.com.

 
Indices

• DJIA 21,636.78 +12.8%

• NASDAQ 7,502.38 +9.1%

• Russell 2000 1,131.99 +11.7%

• S&P 500 High Beta 29.1 +11.6%

• Goldman 50 Most Shorted 93.64 +11.6%

• Wilshire 5000 25,585.47 +10.7%

• Russell 1000 Growth 1,484.56 +10.2%

• Russell 1000 Value 972.11 +11.14%

• S&P 500 Consumer Staples 550.05 +6.54%

• MSCI Cyclicals-Defensives Spread 1,144.36 +3.53%
  

• NYSE Technology 1,888.56 +10.9%

• Transports 7,699.18 +12.6%

• Utilities 758.93 +17.5%

• Bloomberg European Bank/Financial Services 49.14 +4.8%

• MSCI Emerging Markets 33.73 +9.2%

• HFRX Equity Hedge 1,093.96 +2.1%

• HFRX Equity Market Neutral 903.18 +3.8%

Sentiment/Internals

• NYSE Cumulative A/D Line 381,975 +1.2%

• Bloomberg New Highs-Lows Index -214 +2,708

• Commercial Bullish % Net Position -35.68 -8.95%

• CFTC Oil Net Speculative Position 440,237 +13.6%

• CFTC Oil Total Open Interest 2,154,450 -3.0%

• Total Put/Call 1.06 -14.5%

• OEX Put/Call .97 +20.1%

• ISE Sentiment 85.0 +47

• NYSE Arms 1.78 +27.1%

• Volatility(VIX) 65.54 -.76%

• S&P 500 Implied Correlation 73.97 +24.8%

• G7 Currency Volatility (VXY) 11.60 -16.1%
  

• Emerging Markets Currency Volatility (EM-VXY) 12.7 -12.38%

• Smart Money Flow Index 15,680.72 +8.26%

• ICI Money Mkt Mutual Fund Assets $4.222 Trillion +7.3%

• ICI Domestic Equity Mutual Fund/ETFs Weekly Flows +$17.618 Billion

• AAII % Bulls 32.9 -4.2%

• AAII % Bears 52.1 +1.8%

Futures Spot Prices

• CRB Index 123.88 unch.

• Crude Oil 21.51 +8.42%

• Reformulated Gasoline 57.37 -8.27%

• Natural Gas 1.67 +5.96%

• Heating Oil 106.85 +6.0%

• Gold 1,625.0 +8.25%

• Bloomberg Base Metals Index 142.75 -1.25%

• Copper 217.20 +.88%

• US No. 1 Heavy Melt Scrap Steel 255.0 USD/Metric Tonne -3.41%

• China Iron Ore Spot 84.77 USD/Metric Tonne +.83%

• Lumber 311.30 -2.47%

• UBS-Bloomberg Agriculture 812.14 +1.7%

Economy

• Atlanta Fed GDPNow Forecast +2.68% -45.0 basis points

• ECRI Weekly Leading Economic Index Growth Rate -15.5% -1,110.0 basis points
• Bloomberg US Recession Probability Next 12 Months 40.0% unch.

• Philly Fed ADS Real-Time Business Conditions Index -14.31 -4.39%

• US Economic Policy Uncertainty Index 729.13 +33.8%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 167.79 -2.71%

• Citi US Economic Surprise Index -1.3 -46.6 points

• Citi Eurozone Economic Surprise Index -57.7 -60.2 points

• Citi Emerging Markets Economic Surprise Index -24.2 +12.1 points

• Fed Fund Futures imply 100.0% chance of no change, 0.0% chance of rate cut on 4/29

• US Dollar Index 98.34 -3.5%

• MSCI Emerging Markets Currency Index 1,570.30 +.39%

• Bitcoin/USD 6,682.95 +11.5%

• Euro/Yen Carry Return Index 124.57 +1.26%

• Yield Curve 53.0 -22.0 basis points
  

• 10-Year US Treasury Yield .71% -14.0 basis points

• Federal Reserve's Balance Sheet $5.216 Trillion +12.7%

• U.S. Sovereign Debt Credit Default Swap 22.48 -6.3%

• Illinois Municipal Debt Credit Default Swap 313.92 -.06%
  

• Italian/German 10Y Yld Spread 180.0 -15.25 basis points

• China Sovereign Debt Credit Default Swap 50.80 -27.8%
  

• Brazil Sovereign Debt Credit Default Swap 263.36 -22.8%
  

• Israel Sovereign Debt Credit Default Swap 75.05 +9.2%

• South Korea Sovereign Debt Credit Default Swap 36.17 -32.3%

• Russia Sovereign Debt Credit Default Swap 202.65 -24.7%

• iBoxx Offshore RMB China Corporate High Yield Index 169.94 -.53%

• 10-Year TIPS Spread .93% +17.0 basis points

• TED Spread 142.0 +19.25 basis points

• 2-Year Swap Spread 25.5 +6.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap 23.5 -60.5 basis points

• N. America Investment Grade Credit Default Swap Index 148.30 -28.7%
  

• America Energy Sector High-Yield Credit Default Swap Index 1,334.0 -11.2%

• European Financial Sector Credit Default Swap Index 110.84 -17.4%
  

• Emerging Markets Credit Default Swap Index 341.33 -16.5%
  

• Bloomberg Barclays US Aggregate CMBS Avg. OAS 2.44 +58.4%
  

• M1 Money Supply $4.150 Trillion +1.58%

• Commercial Paper Outstanding 1,111.70 -3.1%

• 4-Week Moving Average of Jobless Claims 998,250 +766,000

• Continuing Claims Unemployment Rate 1.2% unch.
  

• Average 30-Year Mortgage Rate 3.5% -15.0 basis points

• Weekly Mortgage Applications 758,400 -29.4%

• Bloomberg Consumer Comfort 59.7 -3.3 points

• Weekly Retail Sales +7.9% +70.0 basis points

• Nationwide Gas $2.05/gallon -.23/gallon

• Baltic Dry Index 569.0 -9.89%

• China (Export) Containerized Freight Index 897.69 +.39%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 87.50 -30.0%

• Rail Freight Carloads 235,918 -.45%

Best Performing Style

• Mid-Cap Value +14.9%

Worst Performing Style

• Large-Cap Growth +11.8%

Leading Sectors

• Airlines +28.0%

• Homebuilding +23.6%

• Disk Drives +20.5%

• Utilities +20.4%

• Defense +19.4%

Lagging Sectors

• Biotech +8.8% 

• Retail +8.1%

• Pharma +7.8%

• Telecom +3.5%

• Coal -13.6%

Weekly High-Volume Stock Gainers (39)

• KREF, CDZI, GOOD, LOB, RNG, LSI, VAPO, ZM, EXR, TDOC, LVGO, AMH, DXCM, AVB, ETV, UNM, MAA, PRI, MLHR, TWOU, HHC, SCI, PCI, VTR, NWE, IIV, FR, ARNA, ESS, SO, FLOW, MAIN, EGP, DSSI, REXR, GSBD, BHK, OGE and CXP

Weekly High-Volume Stock Losers (15)

• WM, CRY, FUL, IBTX, PRFT, TCBI, FHB, AMN, ENR, FOXF, LGND, PD, HCC, JWN, KTB and CAKE

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change