Chesapeake Energy, a pioneer in the U.S. shale revolution, files for bankruptcy protection

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A worker on a Chesapeake Energy natural gas rig in Fort Worth, Texas

Matt Nager | Bloomberg | Getty Images

Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday. The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic.

The heavily indebted company has been in trouble for some time, and in May said that it had concerns regarding its long-term viability.

Chesapeake said that $7 billion in debt will be wiped out through the restructuring. The company

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Stock futures drop as coronavirus cases continue to surge in the U.S.

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Traders wearing masks work inside posts, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.

Brendan McDermid | Reuters

U.S. stock futures fell on Sunday night as coronavirus cases keep surging in the U.S., stoking concerns about the economic reopening and recovery.

Dow Jones Industrial Average futures traded 178 points lower, or 0.7%. S&P 500 futures slid by 0.7% and Nasdaq-100 futures dipped 0.8%.

Data compiled by Johns Hopkins University showed more than 2.5

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Wall Street is underpricing a Biden win: Wells Fargo’s Chris Harvey

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Wells Fargo Securities’ Christopher Harvey believes the market is underestimating a major risk — and it’s not the coronavirus.

According to the firm’s head of equity strategy, a Joe Biden presidential win could throw Wall Street a curve ball and hurt the recovery.

“We just don’t think it’s fully priced into the market place at this point,” he told CNBC’s “Trading Nation” on Friday. 

The concern: A Biden win could result in changes to the tax code which would be a negative for stocks.

“Biden is moving up in the polls,” noted Harvey. “What does that mean for taxes? Can

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