Oil falls back to 18-year lows below $20 as global demand evaporates

spike

Foreign “guest workers” drill at the Saudi Aramco oil field complex facilities on March 2003 in Shaybah, Saudi Arabia.

Reza | Getty Images

U.S. oil dropped more than 7% to trade around an 18-year low on Monday as demand continues to evaporate, and as Saudi Arabia and other OPEC+ nations prepare to ramp up production.

With much of the world in lockdown as the coronavirus pandemic rages on, demand for oil has fallen off a cliff. People aren’t travelling and business has slowed, reducing the need for jet fuel and gasoline.

U.S. West Texas Intermediate crude dropped 7.3% to trade

Read More

J&J, Sanofi, Regeneron, La-Z-Boy, Apple & more

spike

Take a look at some of the biggest movers in the premarket:

Johnson & Johnson (JNJ) – The company announced it has identified a lead COVID-19 vaccine candidate, and plans to begin phase 1 clinical trials by September at the latest. Its intention is to have the first batches of vaccine available for emergency use by January.

Cal-Maine Foods (CALM) – The nation’s largest egg producer reported quarterly earnings of 28 cents per share, 10 cents a share above estimates, Revenue also beat forecasts and Cal-Maine said it is not seeing any supply chain disruptions as a result of the

Read More

Futures volatile, Dow’s best week since 1938, Trump extends guidelines

spike

US President Donald Trump speaks during a Coronavirus Task Force press briefing in the Rose Garden of the White House in Washington, DC, on March 29, 2020.

Jim Watson | AFP | Getty Images

This is a live blog. Check back for updates.

7:43 am: Distancing guidelines extended through April

President Donald Trump announced Sunday that the social distancing guidelines from the Centers for Disease Control and Prevention have been extended until April 30. Trump said his previous statements about the country lifting the Guidelines on Easter, which is April 12, were an “aspiration.” White House health advisor Anthony Fauci

Read More

UK startups call for emergency government support

spike

An empty Leicester Square in central London on March 24, 2020 in London. British Prime Minister, Boris Johnson, announced strict lockdown measures urging people to stay at home and only leave the house for basic food shopping, exercise once a day and essential travel to and from work.

Ollie Millington

British tech start-ups are lobbying the government for an emergency support package to help them weather the storm of the coronavirus pandemic.

The U.K., which has been formally on lockdown since March 23, introduced a stimulus plan for businesses hit hard by the virus outbreak earlier this month.

Under recently-appointed

Read More