Tuesday Evening Links

[Reuters] Resurgent Wall Street disconnected from reality on the ground

[CNBC] Coronavirus live updates: Fauci delivers somber warnings, California sets new rules for reopening restaurants

[CNBC] JC Penney in talks for $450 million loan as it eyes Friday bankruptcy filing

[Bloomberg] Druckenmiller Says Risk-Reward in Stocks Is Worst He’s Seen

[Bloomberg] Indian Companies Are Getting Downgraded Like Never Before

[Bloomberg] Modi Pledges $265 Billion Aid to Revive an Economy Set to Shrink

[Bloomberg] CLOs, Leveraged Loans Get Partial Lifeline in Fed’s TALF Changes

[WSJ] U.S. Budget Deficit Widened to $1.935 Trillion in 12 Months Through April

[FT] US-China virus tensions thrust renminbi back under spotlight