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Top 5 Things to Know in the Market on Monday, June 29th

Stock MarketsJun 29, 2020 06:37AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- Worldwide Covid-19 infections top 10 million on the back of last week's surge in the Americas and India, but two days of declines in new infections in the U.S. are helping stocks to a mixed opening. Facebook (NASDAQ:FB)'s ad boycott troubles deepen, while there's a shaft of light in the sky for Boeing (NYSE:BA). In the oil and gas sector, Chesapeake Energy (NYSE:CHK) files for bankruptcy while BP (NYSE:BP) exits the petrochemicals business. Here's what you need to know in financial markets on Monday, June 29th

1. Covid cases top 10 million but U.S. new cases edge down

The number of coronavirus infections worldwide topped 10 million, with over 501,000 reported deaths, according to Johns Hopkins data.

New infections in the U.S. fell for the second straight day on Sunday after hitting a record of over 42,000 on Friday, a surge that led Texas to order the closure of bars and suspend elective surgery at its hospitals to free up capacity for Covid-19 cases.

Alongside the southern and western U.S., the steepest increases continued to be in Latin America, notably Brazil and Mexico, and in India.

2. Facebook's boycott troubles

The number of large advertisers boycotting Facebook’s two big social media platforms because of its perceived failure to address the spread of hate speech and disinformation keeps on rising.

Over the weekend, Pepsico (NASDAQ:PEP), Starbucks (NASDAQ:SBUX) and drinks group Diageo (LON:DGE) (the maker of Guinness and Johnny Walker) all said they would pull their ads from Facebook’s networks, joining consumer giant Unilever (NYSE:UL), Verizon (NYSE:VZ), Coca Cola and others who took the step last week.

Facebook stock, which fell over 8% on Friday, lost another 2.3% in premarket trading.

3. Stocks set to open mixed; 737 MAX test lights to resume

U.S. stocks are set to open mixed, amid cautious relief at two days of falling numbers of new Covid-19 cases.

By 6:30 AM ET (1030 GMT), the Dow futures contract was up 83 points while the S&P 500 futures contract was up 0.2% and the Nasdaq 100 futures contract was down 0.3%.

Among stocks likely to be in focus Monday will be Boeing, after reports that the Federal Aviation Administration will allow test flights for the 737 MAX to resume as early as Monday after a 15-month grounding.

In addition, there will also be data on pending home sales at 8 AM ET and the Dallas Federal Reserve Bank’s regional business survey, which may shed light on the stress in the state’s oil and gas sector and, perhaps, its healthcare system.

4. Chesapeake goes under, BP ditches petchems

The stress in the shale patch was in full view over the weekend, as Chesapeake Energy, a pioneer in fracking, finally collapsed under the weight of its debts after enduring years of low natural gas prices.

The company, which has paid the price for not pivoting to more lucrative oil prospects, has some $11.8 billion in debts, according to its Chapter 11 filing.

In Europe, meanwhile, BP continued to sell assets to reduce leverage and keep its dividend payout going. The U.K. major said it would exit the petrochemical business by selling out to U.K.-based Ineos for $5 billion. That’s one-third of its total targeted asset sales by the end of 2021.

5 Oil stabilizes after Covid-19 fears hit demand outlook 

Crude oil prices stabilized after falling over the weekend due to fears that the further spread of the coronavirus will weaken any global economic recovery.

By 6:30 AM, U.S. crude futures were up 0.1% at $38.56 a barrel, while the international benchmark Brent was flat at $40.09 a barrel.

Prices were depressed earlier by a report saying that five of the biggest Chinese oil importing firms will join forces to buy collectively, aiming to improve their bargaining power with producers. The news comes amid record levels of crude being stored off the Chinese coast in tankers, amid haggling over prices.

Top 5 Things to Know in the Market on Monday, June 29th
 

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Comments (18)
David Johnson
David Johnson Jun 29, 2020 11:11AM ET
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wow i read number 1 and scrolled down. of course it was the weekend. it has been low on weekends ever since.
Jean Racine
Jean Racine Jun 29, 2020 10:24AM ET
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Facebook does face a very big problem to solve; but it isn't too difficult. The roses and the thorns are on the same branch. If you do not want the sharp thorns in your friend's flesh after you handed her the branch; you must remove the tips of the thorns. This is what Facebook has to do. I can help Facebook on that.
Qaisar Khan
Qaisar Khan Jun 29, 2020 9:14AM ET
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Please give me some ideaDown jonesMove up or down
Muhammad Usman Amin
USMANAMIN Jun 29, 2020 9:14AM ET
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i want to know about sugar .. sugar will down or going up ??
John Smith
John Smith Jun 29, 2020 8:57AM ET
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GILD has cure for Covid-19?
Plopseven Schwartz
Plopseven Schwartz Jun 29, 2020 8:57AM ET
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Well, our government gave them millions in taxpayer dollars and now they want to sell their “cure” back to taxpayers at $5K a person. You know - extortion.
Scott Estes
Scott Estes Jun 29, 2020 8:57AM ET
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Not a cure. It lessens the length of time the virus lasts by lik30 percent in apparently enough people for them to believe it's worth turning around and providing the wealthy with it. But that's alright. The socialists would prob hope that it ends up having horrible side affects, because, well you see where I am going
Musical Critic
Musical Critic Jun 29, 2020 8:42AM ET
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Sell stocks. buy gold. gold will conquer $3000 before Dec 2020
Bogdan Din
Bogdan Din Jun 29, 2020 8:42AM ET
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but look on the past after recession crisis, gold was falling
Musical Critic
Musical Critic Jun 29, 2020 8:42AM ET
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This recession is different in all respects. Impossible to find similarities. Such a pandemic is FIRST IN WORLD kind of a thing.But Gold will conquer $3000 for sure.
Jean Racine
Jean Racine Jun 29, 2020 8:42AM ET
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$3000 in one ounce of gold? Not me, man.
John Baldan
John Baldan Jun 29, 2020 8:42AM ET
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Not 3k lol but 2k+ for sure its free money and great hedge
Musical Critic
Musical Critic Jun 29, 2020 8:42AM ET
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Appreciate your reply. But tell me one thing. Intrinsic value of Gold is close to its trading price. what are intrinsic values of stocks? why does AAPL book value $18 trade @$360?A premium is understood.. but 20 times?How about a PE of 2 for Gold?
Musical Critic
Musical Critic Jun 29, 2020 8:38AM ET
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WARNING: The Stock Market Money Is Virtual! An investors' NET WORTH id VIRTUAL.Consider Apple AAPL - It's trading at around $353. Tell me how many of you believe that every investor will get $353 upon selling his/her share?AAPL Book Vallue is around $18.So PE multiple is around 20.Now for any reason, if everyone starts to SELL AAPL, obviously the price will begin to fall. And if selling continues, the price will eventually fall to Book Value. When it falls below Book Value, some might see value and start buying. But it will still try to converge to book value. So the point is - to calculate NetWorth based on BookValue of stocks rather than CMP. There are thousands of stocks trading below Book value.. Book Value is also Notional. It's the REAL NET WORTH of the company, arrived at post total liquidation. But when there is mass liquidation, by law of demand and supply, prices fall. Hence the Book Value isn't the REAL FLOOR of a stock. Now imagine if each one realizes this and SELLS!!!
Mana Monte
Manamonte Jun 29, 2020 8:08AM ET
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End of Q2. Companies need cash. Sell off week continues.
John Klan
John Klan Jun 29, 2020 7:58AM ET
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I'm sorry I thought freedom of speech meant ALL speech. Who will get to decide what speech is "hateful " and which isn't?
Aether Mass
Aether Mass Jun 29, 2020 7:58AM ET
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Facebook and all media companies only exist to sell ads. If you think you ever had rights on their platforms, just go read any user agreement.
Tre Hsi
Tre Hsi Jun 29, 2020 7:58AM ET
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freedom of speech in Bill of Rights doesn't cover Facebook or Twitter or other corporate run web pages companies do have the freedom to choose to spend their advertising budget anyway they want (or don't want)
James Hilton
James Hilton Jun 29, 2020 7:32AM ET
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Well this eliminates lockdown easing and 'opening up' as the positive market driver.
Steven Goldberg
Steven Goldberg Jun 29, 2020 7:26AM ET
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Social media will be the demise of our civilization as we know it. Stop it all now before its too late. Wait......i think its too late, sorry.
Vv Pp
Vv Pp Jun 29, 2020 7:26AM ET
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like this one that gives you the power and privilege to post your comments freely.. yes, very good idea to stop it
Daniel Hall
Daniel Hall Jun 29, 2020 7:04AM ET
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we need a temporary ban on the word "amid"
Richard Broome
Richard Broome Jun 29, 2020 6:59AM ET
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Facebook has to decide whether it's a platform or a publisher. As well as transparency in their ever changing TOS.
Plopseven Schwartz
Plopseven Schwartz Jun 29, 2020 6:59AM ET
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And while everyone’s at it, Trump needs to be banned from Twitter. Dude’s out there posting “white power” and chubby couples pointing guns at peaceful protestors.
CT SomyedHengSuay
CT SomyedHengSuay Jun 29, 2020 6:56AM ET
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By Geoffrey Smith ---> This guy write a good neutral article , Unlike other article writers who say...The possibility of a second coronavirus wave and renewed lockdowns has limited market impact because if lockdown measures resume then markets expect this to raise the likelihood of more fiscal support for economies.
Zantech TV
Zantech TV Jun 29, 2020 6:49AM ET
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so we are waiting to buy or sell ?
Donkey Tablevillage
donkeybridge Jun 29, 2020 6:49AM ET
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yes ... and sometimes stay flat
Mikael Edwards
Mikael Edwards Jun 29, 2020 6:46AM ET
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eur/USD going high from now to end of day
Michael Crowley
Michael Crowley Jun 29, 2020 6:46AM ET
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Good news all round then DOW up 500!
Michael Crowley
Michael Crowley Jun 29, 2020 6:46AM ET
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Sarcasm missed?
Faisal Turkistani
Faisal Turkistani Jun 29, 2020 6:44AM ET
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One thing you have to know People are dying
Jj Piper
Jj Piper Jun 29, 2020 6:44AM ET
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This too shall pass.
Bill Langford
Bill Langford Jun 29, 2020 6:44AM ET
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Not twice!
Andrea Biotti
Andrea Biotti Jun 29, 2020 6:43AM ET
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Markets goes opposit direction of news against any logic. Bullish
 
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