Written by Gary
The major stock indexes traded sideways today snaking back and forth across the unchanged line (SPY -0.7%). The large cap closed in the red while Nasdaq closed up +0.6% after the loss of 20 M jobs.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Trump Says Coronavirus ‘Worst Attack On US Since Pearl Harbor’: Live UpdatesTrump Says Coronavirus ‘Worst Attack On US Since Pearl Harbor’: Live Updates Summary: Trump says China may or may not comply with trade deal California reports record daily jump in cases Hong Kong reports no new local coronavirus cases for 17th day South Korea to reopen schools on May 13 Germany’s Bundesliga to restart in second half of May Boris Johnson to unveil plan to end UK lockdown on Sunday NY deaths top 25k Scotland says 60% of recent COVID-19 deaths linked to nursing homes China reports 0 new cases Brussels warns of massive contractions, virus threatens euro Kenya reports biggest daily jump in new cases Shanghai Disneyland to reopen May 11 Russia reports 10k+ cases for 4th day in a row Volkswagen reports China sales may near pre-corona targets for 2020 NYC subway closes for cleaning for first time in 50+ years Wednesday Beijing slams HK activists as “political viruses” Germany reports slight uptick in new cases, deaths *Â Â Â Â Â Â *Â Â Â Â Â Â Â * Update (1555ET): The MSM has spent all day on Trump’s comments last night that he understands deaths will continue to climb, but believes we should reopen the economy anyway, even as more evidence questioning the effectiveness of lockdowns emerges (more on this below). The UK reported another drop in deaths day over day:
|
| Nasdaq Continues Record Run Despite Biggest Job Loss EverNasdaq Continues Record Run Despite Biggest Job Loss Ever Nasdaq outperformed once again today…(as everything else lagged)…NOTE – like yesterday, everything got a bit jiggy in the last 20-30 mins… |
| “Land Of The Free?” – The Polarizing Politics Of A Pandemic Exposed“Land Of The Free?” – The Polarizing Politics Of A Pandemic Exposed America’s polarization continues to increase by the day. Political and economic divides among Democrats and Republicans predate the pandemic, but lockdowns are now catalyzing new divides and exacerbating old ones. Before diving into the new survey, generally speaking, Midwest and Southeast states are dominated by Republican governors. Notice how most of the partial reopenings are happening in red states? |
| “Extraordinarily Uncertain” Indeed“Extraordinarily Uncertain” Indeed Authored by Michael Lebowitz and Jack Scott via RealInvestmentAdvice.com, On April 29, 2020, Jerome Powell said: œboth the depth and duration of the economic downturn are extraordinarily uncertain. We are often critical of Federal Reserve policy and contradictory economic jargon coming from Fed presidents and governors.  However, to our amazement, Fed Chairman Jerome Powell surprised us with a moment of clarity. No truer words were ever spoken. His statement is so obvious, it is profound. Yet, if you only follow the financial media or much of social media, you might think his statement hyperbolic. The future, according to so many œexperts , is certain. In case you haven’t heard, the economy will gradually re-open, and, in time, everyone will go back to work and resume the same lives and consumption patterns they were leading in 2019. This reassuring picture of economic resurgence and a return to normal is simply a matter of harnessing the virus.  We, also hope, the confidence exuding from the experts, being paraded around the clock on CNBC and Bloomberg, turns out to be correct. Think Outside of the Box Wealth is not built, accumulated, or retained on hope. Building wealth comes from analytical rigor and a strong knowledge of data, facts, and history. Building wealth comes from avoiding debilitating losses, and it is built by thinking for yourself. There are no stories in the history of pandemics causing global economic shut … |
| CPR won’t work. Indian economy now needs the shot of vaccineCPR won’t work. Indian economy now needs the shot of vaccineWorrying about inflation when credit growth has collapsed and demand is tepid is not sound economic thinking. |
| Virus upends Anil Agarwal’s $1 bn oil dealVirus upends Anil Agarwal’s $1 bn oil dealVedanta plans to sell a minority stake in its Indian oil unit have stalled after a collapse in crude prices. |
| India restarts; carmakers show the wayIndia restarts; carmakers show the wayThe country’s largest carmaker Maruti will resume operations at its Manesar plant from May 12. |
| The Wall Street Journal: Finger pointing amid coronavirus pandemic has widened a gulf in U.S.-China relationsRelations between the U.S. and China, strained for years, have deteriorated at a rapid clip in recent months, leaving the two nations with fewer shared interests and a growing list of conflicts. |
| Zynga sales jump more than 50% as homebound consumers play more mobile gamesœPeople are rediscovering the value of games, Zynga CEO Frank Gibeau said. œAnd as they think of how their lives will change, especially as states reopen, we could be seeing a fundamental shift in their game playing. |
| Bond Report: 10-year Treasury yield hits three-week high after increase to longer-dated debt auctionsTreasury yields rise Wednesday as investors assess how they would take down the surge of debt supply after the Treasury Department raised the size of its longer-term bond auctions. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
