Your Monday Market Blip 3/30/20

Your Monday Market Blip 3/30/20

Six Flags theme park is introducing a new ride called “The Dow”. From what I hear it’s a real screamer! This joke is courtesy of John Robertson Jr. Well done John!
The virus outbreak continues across the US but a glimmer of hope on Sunday emerged when the number of new cases slowed from the previous day as testing in the US ramps up and companies are developing faster tests. Abbott Labs reportedly came out with a 5 minute test and got approval to send it out. The Dow finished the day up 690 points at 22,327 on higher volume. Tech stocks led the way followed by healthcare and utilities.
Microsoft has seen a 775% spike in the use of cloud services in regions with social distancing or shelter in place orders. The company disclosed this on Sunday in a blog post plus they hinted that the increase in demand for cloud computing services is leading to some strains on the system.
Joining the ranks of hotels and other hard hit sectors, Macy’s furloughed 130,000 employees as it has closed stores even though online sales continue. The company suspended the dividend and is looking to control costs however it will maintain health coverage for the furloughed workers.
Oil prices hit a 17 year low as Russia and Saudi Arabia continue to supply more oil than the market needs and storage capacity is close to maxing out. In the US, some oil pipelines are now telling producers they will not take more oil. WTI crude fell 6% to $20 per barrel today but what was interesting was that all the major oil stocks were higher in trading action.

Comments are closed.