Written by Gary
The US Fed has a new, darker message, one that is not to be taken lightly (SPY +1.2%).
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall Street closes with strong gains as recovery hopes offset pandemic fearsWall Street surged on Thursday as investors weighed the prospect of economic recovery against bellicose remarks from President Donald Trump regarding U.S.-China trade and a whistleblower’s dire warnings about the U.S. response to the coronavirus pandemic. |
| Walt Disney World and unions agree on safeguards for returning to workWalt Disney Co and unions representing workers at Florida’s Walt Disney World have reached an agreement on safeguards to protect employees from coronavirus, a union statement said on Thursday, removing one of the company’s hurdles to reopening its popular theme parks. |
| Seven weeks into coronavirus lockdowns, Fed has a new, darker messageOne Thursday morning seven weeks ago, Federal Reserve Chair Jerome Powell made a rare appearance on NBC’s “Today Show” to offer a reassuring message to Americans dealing with economic fallout from measures to contain the coronavirus outbreak. |
| Trump says doesn’t want to talk to Xi right now, could even cut China tiesU.S. President Donald Trump signaled a further deterioration of his relationship with China over the novel coronavirus, saying he has no interest in speaking to President Xi Jinping right now and going so far as to suggest he could even cut ties with the world’s second largest economy. |
| Delta, others wrestle with too many planes, too many pilotsDelta Air Lines moved to retire its Boeing Co 777 fleet and reduce its pilot ranks on Thursday as it joins other airlines wrestling with the need to shrink their operations to match reduced air travel due to the coronavirus crisis. |
| Lufthansa restores routes, targets 1,800 weekly flightsLufthansa plans to resume flights to destinations including Los Angeles, Toronto and Mumbai next month as it begins to restore some of the capacity grounded by the coronavirus crisis, the German airline group said on Thursday. |
| Lower-income workers hit harder by coronavirus job losses, Fed survey findsThe coronavirus crisis drove a dramatic weakening in American households’ finances as millions of people lost work or had their hours or pay reduced, with low-wage workers taking the biggest hit, according to a report released by the Federal Reserve on Thursday. |
| U.S. SEC charges two companies, CEO over misleading COVID-19 claimsThe U.S. Securities and Exchange Commission said on Thursday it has charged two companies and a chief executive officer with making misleading claims related to COVID-19, the disease caused by the novel coronavirus. |
| Uber offer for Grubhub fans worries over delivery fees charged to restaurantsThe possibility that Uber Technologies Inc , which runs Uber Eats, could acquire Grubhub Inc is reigniting some restaurants’ worries over the commissions charged to eateries by the third-party delivery companies. |
| Banks, Bonds, Black Gold, Bitcoin, & Bullion Bounce Despite JobspocalypseBanks, Bonds, Black Gold, Bitcoin, & Bullion Bounce Despite Jobspocalypse Tyler Durden Thu, 05/14/2020 – 16:01 Over 36 million newly jobless Americans in the last 8 weeks… and the Nasdaq is up over 30% in the same period… Mixed bag in US stocks today (more below) with Dow best, Small Caps and Trannies lagged… |
| Three Reminders From The Bill Of RightsThree Reminders From The Bill Of Rights Tyler Durden Thu, 05/14/2020 – 15:45 Authored by Jacob Hornberger via The Future of Freedom Foundation, As a condition for accepting the Constitution, the American people demanded the enactment of the Bill of Rights immediately after ratification of the Constitution. They had been assured that the Constitution was calling into existence a national government whose powers were limited to those enumerated in the Constitution. But that did not satisfy them. They wanted a Bill of Rights to make it clear that the federal government was prohibited from doing the things that are listed in the Bill of Rights. |
| Connecticut Fat Finger: In Absurd Comma Separator Error, State Reported 298,680 Jobless Claims, Really Meant 29,846Connecticut Fat Finger: In Absurd Comma Separator Error, State Reported 298,680 Jobless Claims, Really Meant 29,846 Tyler Durden Thu, 05/14/2020 – 15:43 Just when we thought we’d seen it all, here comes Connecticut. Earlier this morning, when reporting on the latest surge in initial claims, which came in just under 3 million or half a million more than expected, we showed a breakdown of initial claims by state and highlighted the outlier, saying that “Connecticut saw a massive surge in initial jobless claims last week (we suspect this is more systems catch up than a sudden resurgence).” |
| Buffet-Goers Beware: Shocking Video Shows Just How Easily Coronavirus Can SpreadBuffet-Goers Beware: Shocking Video Shows Just How Easily Coronavirus Can Spread Tyler Durden Thu, 05/14/2020 – 15:31 An experiment recently carried out by Japanese TV News channel NHK in partnership with a team of scientists demonstrated how easily the virus could spread at a crowded event. The 10 test subjects who agreed to participate in the experiment were asked to serve themselves as they normally would at a buffet – a popular style of serving found on cruise ships and in Vegas. One of the guests – the “sick” one – had a smear of flourescent paint on his hand. After eating and chatting for a few hours, the lights in the room went out and UV blacklights were turned on. What the test subjects saw shocked many of them, and probably sent at least a few viewers scrambling for the bathroom with a weak stomach. The flourescent paint seemed to have spread everywhere – it was on plates, tables, chairs, all over the buffet – one test subject even had some on their face. Watch a clip from the experiment below, courtesy of Now This News: Keep in mind, this is just a demonstrat … |
| Is Covid-19 inflationary or deflationary? Here’s what CEA thinksIs Covid-19 inflationary or deflationary? Here’s what CEA thinksCOVID has a deflationary impact because demand for non-essential goods and services will go down, he said. |
| Why lifting of curbs is crucial for banksWhy lifting of curbs is crucial for banks Nearly 72% outstanding bank credit and 62% deposits are in the red zone districts. |
| The problem with Self-Reliant India MissionThe problem with Self-Reliant India Mission ‘Vocal for Local’ and ‘Atmanirbhar Bharat Abhiyan’ is good. But both mean the same thing: Make in India. |
| ETF giants want better labeling. Not everyone is convincedOne day after large asset managers like BlackRock, State Street, and Invesco unveiled a proposal to more precisely label exchange-traded funds, some industry participants pushed back, calling the idea welcome in general, but misguided in practice. |
| Big bounce in Wells Fargo’s stock helps financials snap losing streakFinancial stocks pulled a sharp V-like turn into positive territory Thursday, sparked by a big bounce in Wells Fargo & Co.’s stock off an 11-year low, as concerns over a more downbeat economic outlook and potential forced dividend cuts were put on hold. |
| Trump is right that ‘rich guys’ sometimes bet against the stock market ” but here’s a fuller explanationThe market’s action doesn’t seem to prove the president’s assertion, says Nigam Arora. |
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