Meow
Posted on 04/02/2020 4:53:52 AM PDT by SmokingJoe
U.S. stock futures jumped after a surge in the price of oil, a financial market which has collapsed this year and raised concerns about hefty losses for the energy industry.
A big jobless claims report ahead at 8:30 am ET would likely determine the direction of the market on Thursday.
Dow futures were up 350 points, implying a 300-point rise at the open. The S&P 500 and Nasdaq Composite were also set to open higher.
Economists expect another 4 million to 5 million workers filed for jobless claims last week as coronavirus-related shutdowns roll through the country. The estimates range as high as 9 million.
But WTI crude jumped 10% to back above $22 a barrel on Thursday after President Donald Trump said he expects Saudi Arabia and Russia to come to an agreement about their price war that has added to the pain for the crude market, already getting hit by an unprecedented demand slowdown from the coronavirus.
Traders have been closely watching oil because of its influence over other financial markets. The oil losses have been so big, that they have caused investors to sell other assets to cover their losses in crude. Plus, the 63% decline in oil this year is hurting the U.S. shale industry, a big driver of the economy and employment.
Energy stocks were among the biggest gainers in premarket trading. Shares of Exxon Mobil and Chevron each gained more than 6%. Occidental Petroleum and Apache jumped more than 10%.
(Excerpt) Read more at cnbc.com ...
Hedgefund made a killing.
Says to buy to trade on 5% dips then dump on the rise.
Seems to be a pattern being forced on the markets.
Manipulation?
Nahhh. That could never happen.
The Government’s too honest to allow that.
How’s your 401k sheeple?
“How’s your 401k sheeple?”
~~~
It’s down a lot since January. It will be back. Next year, or the year after... unless creepy senile uncle Joe is foisted upon us somehow... then it will be back in 5 or 10 years. bahahaha
It falls for the mid-$50's to $20 and then "rebounds" to $22.80-ish.
That's not a rebound, that's a shiver.
There are those who try to manipulate some tiny corner of the world of markets and sometimes they succeed until a competitor tells the SEC.
But the Market (the whole system) is too big to manipulate.
It does act like a herd of wild animals though--it is hysterical in that behavior, in fact--and money can be made by calm, analytical investors who recognize hysteria when they see it.
6.6 M Jobless claims... here we go
How do we survive with 50M unemployed?
Let’s go out there and FACE the peril!
Shocking numbers. I feel like I’m in the Twilight Zone.
OUCH!
Too bad President Trump listened to Fauci and changed the time line for getting people back to work on April 12.
I want to know if they are still building the border wall.
FDR had I think the WPA a workers program for people in the great depression.
I say put people to work building the wall. At least it
is shown we need borders today to keep infected people and poisonous drugs out.
Lets get the wall finished.
Looking at my financial assets not real estate since Jan 1st I am down about 2%. That is only because I am 90% in cash like items. My stock holdings which unfortunately are in energy related companies are down more than 60% after allowing for dividends and sold call options. So I count my blessings. Been in the market for 50 years but now planning on not returning after seeing this disaster on top of the 08 disaster. They say it only wiped out the gains since Pres trump was elected. Perhaps but this drop feels different. There were two games in town over past two years: stocks and real estate. A market made up of 70% consumers and a real estate market based on super inflated values with both sustained by full employment and massive government deficits is not real. FWIW I do a monthly personal balance sheet. It keeps me focused.
The gleeful press is now crescendo announcing the huge unemployment numbers. For three years hardly a loud peep.
Meow
I just read that the jobless claims sent the futures in the opposite direction. Market expected to open way down.
That’s up to the governors. Democrat governors are heavy-handed in killing the economy. 4 counties surrounding us have 0 cases and we have 1. Those counties should be allowed to operate.
The stock market has been following the oil market lately so we will see
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