Breaking News: The monthly Nonfarm Payroll fell -701,000 versus estimates of -150,000.

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: None of note.

Notes Priced of note: None of note.

Common Stock filings: None of note.

Mixed Shelf Offerings: CUTR of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

PLAY +0.09, RECN +0.19 of note.

Misses:

 NVGS (0.05), CHWY (0.03) of note.

Gap Ups: FATE +23, TSLA +14%, SVRA +12%, EBS +10%, NP +5%, SUN +4% 

Gap Downs: MIC -18%, CHWY -4%

Hourly Action This Past Week: Updated 4/2 Close

News After The Close (In Order)

Tesla (TSLA) produced 103,000 vehicles and delivered 88,400 vehicles which beat estimates.

Target (TGT) to start limiting customer traffic on weekends where needed.

Lockheed Martin (LMT) wins $510 million Air Force contract.

Treasury Secretary Mnuchin was at the Coronavirus Task Force call yesterday and said first payments out in two weeks and said if they run out of money.

JP Morgan (JPM) will not be able to process new SBA loans today.

S&P 600 Additions:

Lowers Guidance: CREE (Q3) MNRO (Q4) SMCI (March Quarter)

Withdraws Guidance: TXT LEG B CASY  MIC NVST

Stock Buybacks Stopped: LULU PLAY AEO

Dividend Cut Or Suspended: PLAY AEO MIC

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. 

S&P 500 -5 Dow Jones Industrial Average -80  NASDAQ -20 Russell 2000 +1. Fair values are lower.  Asia mixed and Europe lower.

Gold, silver and copper lower. WTI Crude Oil higher and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $139.09 from $139.13 with  yields at 0.595% from 0.59%.

Positive Sectors On Thursday: All of note led by Materials, Energy and Utilities.

Negative Sectors On Thursday: None of note.

One Month Winners: None of note.

Three Month Winners: None of note.

Six Month Winners:  None of note.

Twelve Month Winners: All in the red.

Year to Date: None of note.

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close:  None of note.

Monday Before The Open: CCL LK SMPL of note.

Earnings This Morning Of Note

Beat: 

STZ +0.52 of note.

Missed:

None of note.

Still to Report: 

Rags & Mags: Highlighted Stories may be clicked through to the original story.

Top News Story: 

5 Things To Know To Start Your Day. (Bloomberg)

5 Things To Know Before Stock Market Opens On Friday. (CNBC)

Stocks Moving This Morning. (CNBC)

Coronavirus update: Spain hit by loss of service jobs.

European PMIs came in weak.

U.S. sovereign ratings confirmed at the biggest ratings agency.

President Trump tweets that domestic cuts were not discussed the Russian and Saudis.

President Trump invokes Defense Protection Act on 3M (MMM) after they were dragging their feet on mask production.

White House contemplating direct payments to hospitals for unisured. (ABC News)

OPEC to hold virtual meeting on Monday. (Bloomberg)

Disney (DIS) to furlough non-union park employees starting next week. (CNBC)

Sanofi (SNY) to make millions of doses of hydroxychroloquine. (Reuters)

Apple (AAPL) stores to stay closed through early May. (Bloomberg)

Stock Index Tracking

Current through 4/2 close. Only the NASDAQ 100 had a strong day.

Bold means a change from prior day.

The advance/decline line model moved  to a buy on yesterday’s close. Updated through 4/2 close. In 2019, the model was up 16.48% on the S&P 500 and this year is down -7.64% with the S&P 500 lower by -21.34% through last  Friday. Now 6 buy signals and 4 cash signals in 2019 and 2020. 

We moved to cash at 3116.31 on the S&P 500 and even though we just saw two days in a row above +200 we are adding a new rule that will not buy when above +200 if the next day open is down more than -1%. Instead we will wait another day to see if the 10 DMA remains above +200. 

Algo/HFT Trading Levels:

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Update through 4/2 close. EVL Ranges remain above normal and are highlighted in blue.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

March Nonfarm Payrolls are due out 8:30 a.m. EDT and they are expected to fall to -150,000 from 273,000. The unemployment rate is expected to rise to 4.0% from 3.5%.

Geopolitical:      

President Trump will receive his intelligence briefing at 11:30 a.m. EDT and then hold a roundtable with energy company CEOs.

The Coronavirus Task Force to meet at 5:00 p.m. EDT for their daily press conference.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  NHYDY (Conference Call) TS (Investor Day) CWST (Webcast)

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity