China’s Shanghai Composite Index surged 5.7%, the largest move in 5 years, after Chinese state media said that fostering a healthy bull market is now important after the coronavirus.

In the US, there’s been a surge in coronavirus cases in Florida, Texas, and California where governors are weighing the possibility of increasing lockdowns.  Meanwhile Goldman Sachs released a report that they expect the US economy to contract 4.6% in 2020, a jump from 4.2% in their last outlook.  US coronavirus cases are approaching 2.9M and nearly 130K deaths.

The Uber deal to purchase Postmates looks official.  Uber is expected to acquire the food delivery service for $2.65B which will expand their Uber Eats service.  Postmates currently controls about 10% of the food delivery market.

Berkshire Hathaway (BRK.A) is to purchase Dominion Energy (D), a natural gas transmission and storage company for $4B plus about $6B in debt.  It is the largest deal made by Warren Buffett’s firm in over 4 years.

No Earnings of note for today.

The economic calendar is light with Final Services PMI @ 9:45am ET and ISM Non-Manufacturing PMI @ 10:00am ET.

Volatility ticked up last week and remains elevated.

No Size bias as Globex volume was mixed.