Outspoken Wall Street bond whiz says the stock market is acting ‘dysfunctional’ and may hit rock bottom once we take out March’s low


Jeffrey Gundlach on Tuesday said that the worst isn’t over for the stock market, after a brutal quarter that left the Dow with its worst decline in the first three months of a calendar year in its 124-year history.

Speaking during a webcast, the DoubleLine Capital founder said that the stock market remains “dysfunctional” from his perspective, indicating that the market may put in a more “enduring low,” once the March 23 nadir for stocks is “taken out.”

The Dow Jones Industrial Average

DJIA, -1.84%

 on March 23 finished at 18,591.93, its lowest close since Nov. 9, 2016, which left it with a pullback of more than 37% from its all-time closing high set in February. The S&P 500

SPX, -1.60%

, on the same day, ended at 2,237.40, its lowest close since Dec. 6, 2016, marking a nearly 34% pullback from its record finish.

From that point, the indexes then began a rebound that saw the Dow log its biggest three-day gain since 1931, and many strategists have speculated that the worst may be over for stocks after President Donald Trump last week signed the more-than-$2 trillion relief package and the Federal Reserve has rolled out a barrage of stimulus measures to ease gummed-up parts of the financial market.

Read: April poses crucial stock-market test as coronavirus promises ‘blizzard of bad news’

Gundlach speculated that the market could slide lower still. “I would bet that will get taken out,” he said, referencing the March nadir.

A day after the March low, the DoubleLine CEO speculated that the S&P 500 could jump to 2,700 before the coronavirus relief package was signed into law.

The S&P 500 hit an intraday March 24 peak at 2,637.01, but has mostly been retreating since then.

At the beginning of March, the Los Angeles bond-fund manager offered what turned out to be sage advice, recommending that investors stay in cash during the coronavirus pandemic.

He advised investors back then to pay attention to the economic data that will reveal the damage wrought by COVID-19, which has so far caused a near-global shutdown as governments across the world attempt to mitigate the spread of the deadly infection, which has been contracted by more than 850,000 people and killed 42,000 so far, according to data compiled by Johns Hopkins University.

Gundlach said watching the direction of weekly U.S. jobless claims data, along with consumer confidence, could be helpful in seeing how households — the linchpin of the economy — are holding up.

Weekly jobless claims reported on Thursday were the worst in history, surging to 3.28 million people seeking unemployment benefits.

On Tuesday, Trump attempted to underscore to Americans that the road ahead will be a tough one, noting that we are facing a “very, very painful two weeks,” during a daily coronavirus news briefing. “This is going to be a rough two-week period,” the president said.

On Tuesday, stocks, slammed by uncertainty surrounding the illness, ended sharply lower, with the Dow marking its worst quarterly performance since 1987, the S&P 500 index marking its sharpest quarterly fall since 2008 and the Nasdaq Composite Index

COMP, -0.95%

  notching its worst quarterly slide since the fourth quarter of 2018.

Read: Only one stock in the Dow rose during the first quarter — and it was up by only one penny





Original source link

John Krasinski and Steve Carell bring ‘Some Good News’ in a new YouTube series


Looking for some good news these days? John Krasinski has got you covered.

The co-star of “The Office” launched a YouTube series on Sunday afternoon called “Some Good News” that focuses on feel-good stories, rather than the more dire, doom-and-gloom reports surrounding the COVID-19 pandemic that have been breaking 24/7 for several weeks now.

Krasinski, who also directed “A Quiet Place,” had put out a call to his Twitter

TWTR, +1.19%

 followers last week, asking them to share the videos and anecdotes that had made them smile recently.

His post received more than 3,000 comments and almost 20,000 likes, which made him realize that he wasn’t the only one looking for some silver linings these days.

“After reading those replies and the incredibly heartwarming stories that came with them, I thought, ‘All right, enough is enough, world,’” Krasinski said in his inaugural newscast. “So ladies and gentlemen, this is your fault. And this is SGN.”

“I am John Krasinski, and if it isn’t clear yet, I have absolutely no idea what I’m doing.”

“Without question, we are all going through an incredibly trying time,” he added, “but through all the anxiety, all the confusion, all the isolation and all the ‘Tiger King’ [Netflix’s

NFLX, +3.88%

viral hit documentary series], somehow the human spirit found a way to break through and blow us all away.”

The stories he shared in his roughly 15-minute post included ways the world has celebrated the heroism of the health-care community fighting the coronavirus on the front lines, as well as the incredible ways that people have continued to connect — while staying six feet apart.

The good-newscast also reveled in its low production values. For example, it opened with Krasinski’s hand spinning a globe. And the “SGN” sign on the wall behind him was drawn by his daughters, he said.

The video had already racked up almost 3.5 million views and was YouTube’s No. 1 trending video by Monday afternoon.

This could be in part because Krasinski’s “The Office” co-star Steve Carell made a guest appearance (via Zoom Video

ZM, -0.54%

) as the “entertainment correspondent” to celebrate their former hit show’s 15th anniversary. The pair reminisced about their favorite memories on the set of the mockumentary series that aired for nine seasons on Comcast’s

CMCSA, +2.66%

  NBC. And while Krasinski looked the part of a news anchor in his suit jacket and tie, Carell told him, “I guarantee you that the bottom half of what you have on does not match the top.” (Indeed, when Krasinski stood up at the end of the segment, he was wearing pajama bottoms.)

YouTube/SomeGoodNews

“The Office” co-star Steve Carell appeared as the “entertainment correspondent.”

Krasinski’s second guest (via another video chat) was a 15-year-old cancer survivor named Coco who recently finished chemotherapy. A video of her returning home to her family and her neighbors lining the street at a safe distance with balloons and signs to celebrate the end of her treatment has also gone viral. Krasinski said he “cried for a very long time” after watching it, and they were tears of “just very pure joy.”

He wrapped his first segment asking his viewers to remember “that no matter how tough life can get, there’s always good in the world.”

And if you’re looking for more ways to feel good, take your mind off of the coronavirus for a few minutes with these videos, memes and threads (which science says counts as self care). Or check out these nine tips to taking care of your mental health at this time, such as sleeping better.





Original source link

NYC’s rich are paying limo drivers to deliver their mail to their Hamptons beach houses


Talk about first-class mail.

A Manhattan limousine company has found a way to drive up some revenue now that the COVID-19 pandemic has pumped the brakes on car service around New York City: Have its drivers chauffeur their elite clientele’s mail and packages from their posh city penthouses to their Hamptons beach houses, where they’ve fled to self-isolate in style.

“I had to be innovative,” Mark Vigliante, the president of M&V Limousine Limited, told Vice. “There wasn’t a choice. This was it. I had to work. Plus, you can only have so much family time, you know?”

Vigliante, who also owns Hampton Luxury Liner, an upscale bus service that would normally be ferrying people between Manhattan and Long Island, said that for “hundreds of dollars,” his drivers will pick up customers’ mail from their Upper East Side and Upper West Side apartments, and bring them to their homes out on the shore.

“It’s a limo service for your things.”

He told Vice that this pop-up pandemic Tony Express now makes up 30% of Hampton Luxury Liner’s business, which has allowed him to keep up to 15% of his drivers employed — even as millions of Americans have lost their jobs, particularly in the travel, hospitality and service industry, as social-distancing guidelines have closed bars, restaurants, gyms and retailers for the foreseeable future.

“It’s a lot of mail and a lot of packages. It’s a lot of groceries, too, and luggage,” Vigliante said. “Some of it’s more odd. One dude had us transport a bicycle.”

Now he’s got his limousines and Cadillacs offering same-day delivery on anything that can fit in the trunk. His drivers wear gloves, he says, and the cars are also sanitized.

“To be honest with you, if it keeps going well, we’ll probably keep doing it after things get better,” he added.

Perhaps the rich don’t realize that the United States Postal Service already offers this service — and for just $1.05?

A quick Google search for “how to forward your mail” takes you to the USPS site, where with just a few clicks, and forking over a buck and change, you can redirect your mail and your packages to a permanent or temporary new address. You can use this “regular” forwarding service for as short as 15 days, or as long as one year. It can take a seven to 10 business days to process your mail-forwarding request, however, so there could be a couple of weeks where your mail will continue going to the old address, and it would indeed be useful to have someone pick it up for you.

Or you can lay out some extra money for the “premium” USPS forwarding service; the post office will hold your mail for a week at a time, package it, and then ship the bundle to you each week via its Priority Mail service. There’s a $21.90 enrollment fee in person ($20.10 if you enroll online), and then you pay $21.90 for each week of service; it’s still a bargain compared to the “hundreds” spent to get it delivered by limo. You can use this service for a minimum of two weeks up to a maximum of one year.

And if you move while you’re still expecting some online orders to come in, you can sometimes change the address on your Amazon

AMZN, +3.36%,

Walmart

WMT, +5.12%

 and Target

TGT, +1.34%

 deliveries if they haven’t been fully processed or shipped yet.

The USPS also shared a coronavirus update last week, noting it has a dedicated COVID-19 Command Response team that’s focused on keeping the mail service running, and while keeping postal workers safe. It also assured the public that there is currently no evidence from the World Health Organization or CDC that COVID-19 is being spread through the mail.



Original source link

President Trump touts his ‘astounding’ TV ratings, compares his coronavirus press briefings to ‘The Bachelor’


The silver lining for the Trump administration during this coronavirus pandemic: It makes for fabulous television, apparently. A real blockbuster. Must-see TV! Like, we’re talking “The Bachelor” and “Monday Night Football” ratings, according to data cited by the president.

In fact, “numbers are continuing to rise,” Trump tweeted, though he didn’t clarify whether he was referring to the number of coronavirus deaths in the U.S. or viewers of his press conferences.

Here’s his full thread:

Trump was pointing to an article from the New York Times but didn’t mention the primary angle of that story, which focused on whether networks should even air his addresses to the media because of the risk of the president spreading of false or misleading information.

The backlash was swift, and wasn’t just coming from the left:

While Trump was celebrating his TV audience, Dr. Anthony Fauci told CNN on Sunday that coronavirus could kill between 100,000 and 200,000 Americans and infect millions of people.

At last check, there were 137,294 coronavirus cases and 2,414 deaths in the United States, according to the latest tally from Johns Hopkins University.





Original source link

U.S. stock-index futures slump as investors keep focus on coronavirus numbers


Stock-index futures fell Sunday, pointing to a lower start for Wall Street on Monday, as the number of coronavirus cases and deaths continues to rise and investors brace for data in the week ahead expected to underline the sharp economic toll of the pandemic.

Futures on the Dow jones Industrial Average

YM00, -1.29%

 fell 437 points, or 2%, to 21,000, while S&P 500 futures

ES00, -1.34%

 lost 2.1% to 24,71. Nasdaq-100 futures

NQ00, -1.22%

 were down 89.50 points, or 1.7%, at 7,443.

Stocks bounced sharply last week, recovering a chunk of the territory lost in the market meltdown that took hold earlier this month as it became apparent the COVID-19 pandemic would deliver a massive blow to the U.S. and global economy. Stocks fell Friday, but the Dow

DJIA, -4.06%

 still booked a 12.8% weekly advance, its strongest since 1938, while the S&P 500

SPX, -3.37%

 rose 10.3% for its biggest such jump since 2008. The Nasdaq Composite’s

COMP, -3.79%

 9.1% weekly rise was the biggest since March 2009.

Investors remain focused on the growing number of COVID-19 cases and deaths. President Donald Trump, in a Sunday evening news briefing, said he had extended social-distancing guidelines through April 30. Trump last week had indicated a desire to begin lifting restrictions by Easter Sunday, on April 12.

The U.S. now has the largest number of cases worldwide at 124,763, according to data compiled by Johns Hopkins Whiting School of Engineering’s Centers for Systems Science and Engineering. The U.S. death toll stands at 2,191. Trump said the death rate was likely to peak in two weeks and that the U.S. would be “well on its way to recovery” by early June.

Earlier Sunday, Dr. Anthony Fauci, the government’s top U.S. infectious disease expert, said U.S. deaths could total between 100,000 to 200,000.

Stocks were lifted last week as U.S. lawmakers put together a $2 trillion stimulus package aimed at cushioning the blow of the pandemic. The Federal Reserve and global central banks have also responded with an aggressive array of monetary policy measures aimed at boosting the economy and working to overcome disruptions in credit markets that had added to turmoil across asset classes.

“Stock markets have validated the policies with a strong weekly bounce. What matters now is the speed and efficiency of the policies’ implementation,” wrote analysts at Societe Generale, in a Sunday note.

Economic data in the week ahead isn’t expected to fully capture the impact of the pandemic, which has led to a near shutdown of economic activity in the U.S. and much of the world.

“This week’s employment, confidence and ISM activity figures are important monthly readings. They are the most up-to date figures and given their high correlation with GDP, they are highly sought after as guides to overall economic health,” the Soceite Generale analysts said. “We expect poor readings generally but, had the shock occurred a few days or a week earlier, the March data would have been far worse.”



Original source link