The Dow soars as coronavirus slows: April 6, 2020
Apple (AAPL) CEO Tim Cook said the company will produce as many as 1 million face shields for medical workers beginning this week.
In a video posted on his Twitter account, Cook said it's a "company wide effort bringing together product designers, engineering operations, packaging teams, and our suppliers" to make the masks.
The first shipment arrived to hospitals in Silicon Valley and will be shipped to other hospitals in the United States.
Dow futures soared this morning after some states reported coronavirus infections have begun to slow. Although the pandemic is far from over, stay-at-home orders appear to be having some effect on slowing the spread of the virus.
Global stocks surged on Monday as new data suggested that efforts to contain the coronavirus pandemic may be starting to pay off in Spain, Italy and New York.
European stocks rallied in early trading;
Global markets moved higher after Spain reported 674 deaths from the coronavirus on Sunday, the lowest daily rise since early March, and Italy recorded its lowest death rate within a 24-hour period in two weeks with 525 fatalities.
Crude oil slipped after OPEC and Russia postponed a meeting that could end a price war and reduce a supply glut that has driven oil futures to their lowest in decades.
The meeting had been set for Monday, but is now scheduled for Thursday, an OPEC source told CNN Business.
Saudi Arabia and Russia have been locked in an price war since early March when they abandoned production caps, flooding the oil market with cheap crude, just as demand cratered because of the coronavirus pandemic. Crude prices fell to 18-year lows, crushing American oil companies and energy stocks.
US crude fell as much as 11% to $25.28 a barrel overnight before paring losses after the head of Russia's sovereign wealth fund said his government was close "very, very close" to reaching a deal with Saudi Arabia. Prices were last down 4% to trade around $27.22 a barrel. Brent crude — the global benchmark — fell 3.4% to $32.96 a barrel.
I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close," said Kirill Dmitriev, CEO of the Russian Direct Investment Fund, told CNBC.
Boeing is extending the temporary suspension of production operations at its Puget Sound and Moses Lake facilities in Washington state because of the coronavirus pandemic, the company said Sunday.
Boeing (BA) initially announced the closure of its Washington assembly lines on March 23, and had expected to keep them shut for two weeks. Now, Boeing said operations will continue to be put on hold "until further notice," yet another example of the huge hit the travel industry has taken amid the coronavirus outbreak.
Shares are up 5% in premarket trading. Read more here.