27May2020 Midday Update: Wall Street Tumbled This Morning After Trump Said He Was Working On A Strong Response To China’s Proposed Security Law In Hong Kong, DOW Up 273 Points, Nasdaq Down 0.4%

Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.55% while Mexico’s IPC is up 0.69% and U.S.’s S&P 500 is up 0.43%.

U.S. mortgage applications rise for sixth straight week

U.S. applications for home mortgages jumped last week, in a sixth straight weekly increase, suggesting the housing market could lead the economy’s recovery from the novel coronavirus crisis even as high unemployment is expected to linger.

Boeing cutting more than 12,000 U.S. jobs with thousands more planned

Boeing Co said Wednesday it was eliminating more than 12,000 U.S. jobs, including involuntary layoffs of 6,770 U.S. workers as the largest American planemaker restructures in the face of the coronavirus pandemic.

Twitter’s fact-check label prompts Trump threat to shut down social media companies

U.S. President Donald Trump on Wednesday threatened to regulate or shut down social media companies for stifling conservative voices, a day after Twitter attached a warning to some of his tweets prompting readers to fact check the president’s claims.

Oil slides on U.S.-China tensions, doubts about Russian output cuts

Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts.

Lufthansa board rejects EU conditions on $10 bln bailout

German airline Lufthansa’s supervisory board on Wednesday rejected conditions imposed by Brussels on a proposed government bailout, casting fresh doubt on the 9 billion euro ($9.9 billion) rescue.

Tech weakness weighs on S&P 500, Nasdaq

A selloff in technology stocks dragged on the S&P 500 and Nasdaq on Wednesday, with investors also cautious about brewing U.S.-China tensions at a time when policymakers are attempting to revive the global economy from a coronavirus-driven slump.

Goldman Sachs president says bank on track to meet growth goals

Goldman Sachs Group Inc President and Chief Operating Officer John Waldron said Wednesday that the bank remains on track to achieve its medium and long term growth targets despite the economic shocks caused by the novel coronavirus.

Hershey says mint, gum sales hit as lockdowns restrict social gatherings

Hershey Co said on Wednesday sales of gums and mints have taken a hit as social distancing protocols spurred by the COVID-19 pandemic discouraged people from participating in gatherings.

All 3 Detroit automakers had workers test positive for COVID-19 since plants reopened

In the week since U.S. auto factories reopened after coronavirus lockdowns, workers at all three Detroit automakers have tested positive for COVID-19 but only Ford Motor Co has temporarily closed plants.

The CDC Slashed The COVID-19 Fatality Rate To A Fraction Of Earlier Estimate Used To Justify Lockdowns

The CDC Slashed The COVID-19 Fatality Rate To A Fraction Of Earlier Estimate Used To Justify Lockdowns Tyler Durden Wed, 05/27/2020 – 12:35

Authored by Ryan McMaken via The Mises Institute,

Governments throughout the world and across the US justified extreme, draconian, undemocratic, and unconstitutional (in most US states) “lockdown” and stay-at-home orders on the grounds that the COVID-19 virus was exceptionally fatal.

“Revolution Of Our Times”: Hundreds Arrested As Hong Kong Protests Escalate

“Revolution Of Our Times”: Hundreds Arrested As Hong Kong Protests Escalate Tyler Durden Wed, 05/27/2020 – 12:15

Over 300 people were arrested in Hong Kong on Wednesday during demonstrations over national security legislation which would put the semi-autonomous city further under Beijing’s boot. Protesters planned to gather at the city’s Legislative Council during a debate on a related law which would criminalize insulting China’s national anthem – though security forces stopped them before they could get that far.

Nextdoor Helps Spread Neighborhood Snitching By Showering Law Enforcement With Gifts

Nextdoor Helps Spread Neighborhood Snitching By Showering Law Enforcement With Gifts Tyler Durden Wed, 05/27/2020 – 12:00

Via Mass Private I blog,

Community platform Nextdoor is going to great lengths to become the go-to app to snitch on your neighbors.

In Landmark Decision, Pompeo Tells Congress Hong Kong No Longer Independent From China

In Landmark Decision, Pompeo Tells Congress Hong Kong No Longer Independent From China Tyler Durden Wed, 05/27/2020 – 11:46

In what appears to be a preview of the at-this-point inevitable White House decision to strip Hong Kong of its preferred trading status over the new National Security law imposed by Beijing, Secretary of State Mike Pompeo tweeted on Wednesday that he has “reported to Congress that Hong Kong is no longer autonomous from China.”

Congress now has the power to strip Hong Kong of its “special status” under the United States-Hong Kong Policy Act of 1992, which has allowed for the city-state to be treated more favorably than the rest of China by the US.

The status is part of what’s allowed Hong Kong to develop as a ‘gateway to the West’, a key part of its appeal as an international city. Without the US ‘special status’, HK might lose its international cachet as well, and eventually become just another Chinese city.Â

Indeed, without such easy access to the global economy, Hong Kong will become just an extension of Shenzen, which lies just across the border on the mainland.

Today, I reported to Congress that Hong Kong is no longer autonomous from China, given facts on the ground. The United States stands with the people of Hong Kong.

” Secreta …

A full-blown tech war may actually help India’s richest man

A full-blown tech war may actually help India’s richest manA US home is within Ambani’s reach, especially if Chinese firms are forced to vacate.

For Auto Inc, May may be a month of mayhem

For Auto Inc, May may be a month of mayhem After zero sales in April, auto companies are going through a dull May.

Curbs or not? It would be up to the states now

Curbs or not? It would be up to the states nowAfter May 31, the Centre may leave it to the states and Union territories to decide on future restrictions.

Project Syndicate: A dystopian look ahead at a lost decade of oligarchy, xenophobia, and soul-crushing surveillance

Yanis Varoufakis pens a dystopian chronicle of the coming decade.

The Margin: ‘This ¦Is Why’ ” LeBron James, Jamie Foxx react to George Floyd’s death with images of Colin Kaepernick kneeling

The viral image compares an officer kneeling on Floyd’s neck with Kaepernick protesting police brutality

Walt Disney World proposes July 11 for phased reopening, later than other Florida theme parks

The company is considering creating ‘relaxation zones’ where guests could temporarily take their masks off.