May 27, 2020

10 things you need to know before the opening bell

NYSE traders shake hands

Here’s what you need to know before the markets open.

1. A billionaire investor dubbed ‘the next Warren Buffett’ took $300 million stakes in Google and Facebook last quarter. Billionaire investor Seth Klarman, nicknamed the “Oracle of Boston” for his similar approach to Warren Buffett, was far more adventurous than the Berkshire Hathaway boss in the first quarter.

2. A much-maligned corner of the oil market is a rare winner during the coronavirus pandemic. Prices for so-called high sulfur fuel oil — described as “oil’s worst product” have climbed sharply in recent weeks as the shuttering of oil production at many refineries drives down supply, Bloomberg reported Thursday.

3. Cannabis firm Aurora’s stock jumps 19% in pre-market trading as sales surge during coronavirus. Canada-based marijuana producer Aurora Cannabis pulled off high sales during the early months of the coronavirus pandemic. 

4. Companies fear coronavirus liability lawsuits. So far, few exist. Businesses are urging U.S. lawmakers to shield companies from what they fear could be a flood of lawsuits by workers and consumers blaming employers for exposing them to the new coronavirus.

5. US employers wary of coronavirus ‘immunity’ tests as they move to reopen. US employers have cooled to the idea of testing workers for possible immunity to the coronavirus as they prepare to reopen factories and other workplaces.

6. Nissan sees bigger role for US, China markets in global car sales. Nissan expects equal contributions to global car sales from China, the United States and elsewhere in coming years as the struggling Japanese carmaker strategises to recover profitability, two people with knowledge of the issue said.

  The EU proposed a record-breaking new stimulus package of $826 billion to soothe Europe's economic pain from the coronavirus

7. US extends temporary general license for Huawei. The U.S. Department of Commerce on Friday announced that it was extending the Temporary General License that allows certain transactions with Huawei Technologies Co Ltd for another 90 days.

8. Stocks are mixed. In Europe, the Eurostoxx 50 is down 0.12%, the DAX is up 0.5%, the FTSE 100 is also 0.5% higher. In Asia, the Hang Seng was down 0.14%, the Nikkei 225 was up 0.6% and the Shanghai Composite was flat. In US, futures underlying the S&P 500, the Nasdaq 100 and the Dow 30 are all pointing to a decrease of more than 1%. 

9. First-quarter earnings coming in. Rosneft and M3 are due.

10. Economic data releases today. US industrial production and business inventories are due. 

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Source:: Business Insider


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