US OPEN: Wall Street opens higher on hopes US Economy will reopen soon

US indices opened slightly higher today as investors hope that the U.S. Federal Reserve and the European Central Bank, could follow BoJ footsteps and offer up more stimulus to support economies affected by the pandemic. Also more U.S. states are ready to lift restrictions on commerce this week, despite concerns regarding the extent of testing in place. The number of confirmed cases  in the US is approaching 1 million and death toll surpassed 55K although the number of fatalities reported on Sunday was the lowest since the end of March. 
"I think as we begin to reopen the economy in May and June you're going to really see the economy bounce back in July, August, September," said Treasury Secretary Steven Mnuchin on Sunday. “We are putting in an unprecedented amount of fiscal relief into the economy."

 

According to CNBC General Motors (GM.US) said today that it is suspending its quarterly dividend and stock buybacks to preserve cash during the coronavirus pandemic.

General Motors (GM.US) opened below the upward trend line. As long as the price sits below it, sentiment remains bearish. However, one should be aware that in case of a break above the trend line, upward move may accelerate. The local support is located at $14.28 per share and resistance can be found at $25.14 per share. Source: xStation5.

Beyond Meat (BYND.US)– shares were downgraded to “sell” from “neutral”, by UBS,  saying that the 142% rebound from March low does not price in the negative effects of the coronavirus on the economy.

Boeing (BA.US) - withdrew its offer to pay $ 4.2 billion for an 80% share in the commercial jet business of Brazil’s Embraer. Boeing said both sides had not agreed on the final terms before the deadline, but Embraer accused Boeing of wrongfully terminating the contract.

Boeing (BA.US) opened today’s session lower. Share price is testing local support at $119.96. Further close below that level may see the price trading towards $89.36 per share. In case of a change in sentiment, next local resistance can be found at $156.95 per share. Source: xStation5.

Wall Street Journal reported that release of Apple's (AAPL.US) this year's flagship iPhone models will be delayed of around one month. Wall Street Journal said supply chain disruption and the likelihood of subdued customer demand in the near term were responsible.

According to internal memos seen by CNBC Tesla (TSLA.US) – has asked dozens of workers to return to work at its Fremont, California, plant on Wednesday even though health orders related to the Covid-19 outbreak have not yet been changed or relaxed.

Hertz Global (HTZ.US) – company shares were downgraded by Barclays to “underweight” from “equal weight” due to concerns regarding capital call by investors. Price target was reduced to $2 per share from $10.

Diamond Offshore (DO.US) announced that due to the huge drop in oil prices, the demand for company's drilling services had “dropped precipitously”  therefore company filed for Chapter 11 bankruptcy protection.  Loews owns 53% of Diamond Offshore shares.

Caterpillar (CAT.US) - the company's shares were downgraded to "underweight" from "equal weight" by Morgan Stanley. The bank sees, among others, the risk related to a possible long-term downturn in non-residential construction.