Written by Gary
Tech stocks lose steam, Gold scores a record close as U.S.-China tensions mount (SPY -0.6%). Trump targets drug prices with executive orders; Pharma stocks finish lower.
The Market in Perspective
Baker Hughes reports first weekly rise in U.S. oil-rig count since mid-March
Baker Hughes data show U.S. total weekly active drilling-rig count down 2 at 251
| Here are the headlines moving the markets. | |
 | Universal Studios cancels lucrative Halloween Horror Nights as coronavirus cases soarUniversal Studios announced that its annual Halloween Horror Nights event has been canceled due to operating restrictions linked to the coronavirus. |
| ESPN’s MLB Opening Day games draw average of 4 million viewers, up 232% from last yearThe New York Yankees’ game against the Washington Nationals was also the highest-rated MLB regular-season game on ESPN in the New York market since 2015, according to the network. |
| FAA warns of possible engine shutdowns in safety directive on older Boeing 737 jetsThe FAA is warning airlines to inspect some older 737 jets that have been in storage for potential corrosion that could cause engine shutdowns. |
| Dr. Anthony Fauci says he and his family have been receiving ‘serious threats’Known for his candid advice, Fauci has often opposed President Donald Trump in recommending school closures, state lockdowns and the use of face masks. |
| Watch live: Trump signs three executive orders intended to lower drug pricesPresident Donald Trump is expected to sign three executive orders Friday targeting the pharmaceutical industry with the aim of lowering drug prices. |
| DOD is scouting contractors to set up potential mobile coronavirus hospitals in Florida as outbreak worsensThe Army is helping Florida in case it needs to quickly build out more surge capacity at its hospitals as Covid-19 cases continue to rise, seeking contractors who can build temporary facilities with 10 days notice. |
| McDonald’s to continue pause on dining room reopenings, will require customers to wear masksThe company will require customers to wear face coverings, starting Aug. 1. |
| Dr. Fauci says coronavirus vaccine likely won’t be ‘widely’ available until several months into 2021White House coronavirus advisor Dr. Anthony Fauci said that a coronavirus vaccine likely won’t be “widely available” to the American public until “several months” into 2021. |
| WNBA commissioner says a successful coronavirus shortened season is ‘existential’ for the league“This could move the numerator for women’s sports,” Cathy Engelbert told CNBC on Friday. “It’s existential for us to have a season, economically.” |
| New York Gov. Cuomo accuses Trump administration officials of ‘possible criminal liability’ in Trusted Traveler lawsuitThe U.S. Attorney’s Office for the Southern District of New York said DHS was dropping its opposition to New York’s previously announced lawsuit over the program, admitting the agency had made “inaccurate or misleading” statements. |
| Walmart to open at least six more health clinics in greater Atlanta area by end of 2020 as part of bigger health-care pushWalmart confirmed to CNBC that it will open at least six additional Walmart Health clinics in the greater Atlanta area by the end of 2020. |
| The coronavirus threatens auto industry recovery as cases rise and more employees miss workConcerns are growing that U.S. automakers won’t be able to keep factories running amid high absenteeism and increasing coronavirus cases. |
| Stocks Sink As Silver Soars To Best Week In 40 YearsStocks Sink As Silver Soars To Best Week In 40 Years Tyler Durden Fri, 07/24/2020 – 16:01 FANG Stocks dared to have their first consecutive weekly close lower since the March collapse… |
| Watch: Students Say Founding Fathers Are “Villains”Watch: Students Say Founding Fathers Are “Villains” Tyler Durden Fri, 07/24/2020 – 15:50 Authored by Eduardo Neret via Campus Reform, After the results of a recent Fox News poll showed that Americans under the age of 30 were more likely than other age groups to describe the Founding Fathers as villains, Campus Reform asked students to weigh in.
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| The Remarkably Simple Strategy Behind One Of The Best Performing Hedge Funds Of 2020The Remarkably Simple Strategy Behind One Of The Best Performing Hedge Funds Of 2020 Tyler Durden Fri, 07/24/2020 – 15:35 Earlier this week we noted a new scientific report which confirmed what we have been saying for much of the past decade: that in the new abnormal, hedge fund flows matter more than fundamentals, data, newsflow and virtually all other market variables, with one concrete exception: central bank liquidity injections (and occasionally, drains). As the research paper titled “Which Investors Matter for Equity Valuations and Expected Returns?” found, hedge funds exert far more power on equity prices than most other classes of investors, while the passive cohort are among the least influential. The paper’s conclusion, as per Bloomberg: “The fast money has more than three times the impact on equity valuations, per dollar under management, than long-term investors like pension funds.” “The influence of hedge funds is remarkable given their relatively small size,” the authors wrote. Smaller investment advisors had the second-greatest impact on price, and proved even more influential across a host of other characteristics, the authors found. œSmall, active investment advisors are most important for the pricing of payout policy … |
| Schiff: The End Of The Dollar StandardSchiff: The End Of The Dollar Standard Tyler Durden Fri, 07/24/2020 – 15:20 Via SchiffGold.com, Peter Schiff recently did an interview with Johnny Bravo. They talked about the gold standard, inflation, the looming dollar crisis, presidential politics, and the foolishness of Modern monetary theory. |
| Coronavirus: Portugal still on quarantine list for holidaymakersTravellers from Portugal will have to self-isolate but restrictions are relaxed for other nations. |
| Retail sales near pre-lockdown levels in JuneSales rose by 13.9%, official figures show, as the reopening of shops released pent-up demand. |
| Goldman Sachs settles 1MDB scandal with Malaysia for $3.9bnThe US bank will make a cash payment to the Malaysian government as part of the deal. |
| Virus shadows Modi’s poverty-free India dreamVirus shadows Modi’s poverty-free India dream In the IDU report until June 2020, the draft of which has been shared with the government, the World Bank observed that the fiscal impact of the economic stimulus package, though pegged at Rs 20 lakh crore, was limited by way of central government spending. The finance ministry is believed to have circulated the draft among stakeholder ministries, seeking their responses and comments. The report is expected to be released shortly. |
| Few investors are wary of Reliance, Amazon dealFew investors are wary of Reliance, Amazon dealETNow on Thursday reported that RIL was holding preliminary talks to sell about 10 per cent stake in Reliance Retail (RRL) to Amazon. |
| India’s lenders are playing a dangerous gameIndia’s lenders are playing a dangerous gameIn March, the central bank told lenders they could stop collecting from borrowers for three months after Prime Minister Narendra Modi put a stop to most economic activity to contain the virus. Since then, the regulator has extended the timeout by another three months. |
| Trump Today: Pharma stocks fall as Trump targets drug prices with executive ordersAs President Donald Trump on Friday afternoon says he’s signing four executive orders aiming to lower drug prices, pharmaceutical companies’ shares close with losses. |
| Ann Taylor parent joins other retailers that have recently filed for bankruptcy. Here are a few things they have in common.A number of retailers, including Ascena, J.Crew and Brooks Brothers have filed for bankruptcy during the coronavirus pandemic. |
| Outside the Box: The ‘Holding Foreign Companies Accountable Act’ has all the nuance of a sledgehammerLegislation that targets Chinese companies listed on U.S. stock markets places the SEC in a geopolitical minefield. |
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