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It's the first Monday in nearly a month that S&P 500 futures haven't gone limit-down in reaction to alarming weekend news, though traders are still starting the week with caution. Losses were seen at the start of the session as President Trump did away with the idea of the economy opening back up by Easter and extended social distancing guidelines until April 30. Futures then wavered between gains and losses throughout the night, suggesting another rocky ride for the week ahead. A severe recession is starting to get priced in, yet this will be set against unprecedented stimulus. (SA)

 

Following in the footsteps of CVS's Aetna, more insurers are promising to forgo cost-sharing charges for people who need coronavirus treatment. Cigna and Humana are waiving out-of-pocket fees for insured members and employer plans, including hospitalizations and ambulance transfers. The waiver applies to all medical costs related to the treatment of COVID-19, including FDA-approved medications and vaccines when they become available. (FT)

 

The world is drowning in oil that nobody needs and it is causing huge problems for the market. Demand has collapsed, with the grounding of much of the world’s aircraft contributing to a drop of 5 million barrels a day in consumption alone. Some producers are having to pay to have their crude taken away. While major benchmarks are still some way from such levels, West Texas Intermediate for May delivery briefly traded below $20 a barrel this morning. (Bloomberg)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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