01Jun2020 Market Close: Wall Street Closes Higher As Recovery Signs Soothe Protest, Pandemic Worries, DOW Closes Up 92 Points, Nasdaq Closes Up +0.7%, WTI Unchanged

China buys U.S. soybeans after halt to U.S. purchases ordered: sources

State-owned Chinese firms bought at least three cargoes of U.S. soybeans on Monday, even as sources in China said the government had told them to halt purchases after Washington said it would eliminate special treatment for Hong Kong to punish Beijing.

Wall Street closes higher as recovery signs soothe protest, pandemic worries

U.S. stocks posted gains on Monday as signs of U.S. economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising U.S.-China tensions.

Oil steady; U.S.-China tensions weigh, possible output cuts support

Oil futures steadied on Monday as rising U.S.-China tensions weighed on sentiment, but prices drew support from reports that OPEC and Russia were close to a deal extending output cuts.

Volkswagen says ready to restart Mexico operations on June 15

The Mexican unit of Germany’s Volkswagen AG said on Monday the automaker was ready to restart operations in the states of Puebla and Guanajuato on June 15 after activity was idled in late March due to the coronavirus pandemic.

Nestle to appeal ban on ‘Incredible Burger’ branding in Europe

Nestle said on Monday it would appeal a Dutch court’s ruling that prohibits the Swiss food giant from selling its plant-based burgers in Europe under the “Incredible Burger” name after a challenge from U.S.-based Impossible Foods.

U.S. appeals court: Volkswagen may face ‘enormous’ diesel liability

A U.S. appeals court ruled Monday Volkswagen AG may face “enormous” additional liability in the “Dieselgate” scandal finding that two counties can enforce regulations against the German automaker for tampering with post-sale vehicles.

Facebook’s Zuckerberg faces employee backlash over Trump protest comments

Facebook employees accusing Chief Executive Mark Zuckerberg of inadequately policing U.S. President Donald Trump’s posts took to Twitter to praise the rival social media platform for acting and rebuke their own employer.

Marriott opens all hotels in China, sees steady U.S. recovery: CEO

Marriott International has reopened all its hotels in China and is seeing a steady recovery in the United States, its biggest market, Chief Executive Officer Arne Sorenson said on Monday.

U.S. Supreme Court rebuffs investors’ bid to block Madoff trustee lawsuits

The U.S. Supreme Court on Monday refused to hear a bid by major banks and companies including Koch Industries Inc to prevent a trustee chasing money for victims of imprisoned Ponzi scheme swindler Bernard Madoff from recouping funds that were transferred overseas.

Small-Cap Stocks & Silver Soar As Social Unrest Rages, Nation Burns

Small-Cap Stocks & Silver Soar As Social Unrest Rages, Nation Burns Tyler Durden Mon, 06/01/2020 – 16:01

Nothing says buy domestically-focused small cap US stocks like a nation under curfew due to widespread looting, images of police precincts on fire on every media outlet, many cities suffering “the worst social unrest since the 60s”, and still facing pandemic-crisis economic lockdowns and fears (oh, and PMI/ISM Manufacturing missing expectations and ongoing US-China trade and politial tensions)…

Massive Unemployment Fraud Uncovered In Washington State, Others

Massive Unemployment Fraud Uncovered In Washington State, Others Tyler Durden Mon, 06/01/2020 – 15:45

Submitted by Jazz Shaw via Hotair

When the first massive coronavirus aid package was passed in Congress it included substantial benefits for workers who lost their jobs because of the government-mandated shutdown. One of the biggest was the federal enhancement of state unemployment benefits, increasing weekly payments by up to six hundred dollars. As we quickly learned, Senate Republicans’ concerns over not having a cap on those benefits to prevent the payments from exceeding the employee’s previous salary were fully justified.

That didn’t wind up being the only problem with the plan, however. We’re now learning that the hastily rushed through bill and the flood of people applying for benefits left the door open for scammers and identity thieves to tap into the system and falsely claim benefits to the tune of hundreds of millions of dollars. The first epicenter of this massive scheme was detected in Washington State, but it qu …

S&P Trapped At 3,050 By $4.9 Billion In “Gamma Gravity”

S&P Trapped At 3,050 By $4.9 Billion In “Gamma Gravity” Tyler Durden Mon, 06/01/2020 – 15:25

Having risen above 3,000 last week for the first time since the covid crash, some have pointed out that spoos now appear bounded by 3,000 on the bottom and 3,065 on the top, with a strange attractor around 3,050.

Nobel Prize Winner: Lockdowns Are “A Huge Mistake”

Nobel Prize Winner: Lockdowns Are “A Huge Mistake” Tyler Durden Mon, 06/01/2020 – 15:05

Authored by Edward Peter Stringham via The American Institute for Economic research,

Michael Levitt is Professor of computer science and structural biology at Stanford Medical School and winner of the 2013 Nobel Prize in chemistry.

What Rs 3 lakh crore relief? 35% MSMEs are shutting down

What Rs 3 lakh crore relief? 35% MSMEs are shutting downThe govt’s package has not reached the MSMEs and is also not enough to make up for the loss, a study said.

Lockdown sends car sales crashing in May

Lockdown sends car sales crashing in May Passenger vehicle sales slumped to their lowest in decades last month amid Covid-19 lockdown.

Time to put Sino-India ties on an even keel

Time to put Sino-India ties on an even keelIndia shares an undefined, disputed land boundary with one of the principal actors, China.

Facebook workers revolt against Zuckerberg as Trump posts continue to go unchallenged

Dozens of Facebook Inc. employees staged a virtual walkout Monday morning to protest executives’ decision not to challenge President Donald Trump’s inflammatory posts, part of what appears to be a movement to challenge the leadership of Chief Executive Mark Zuckerberg.

Key Words: Fox News analyst: George W. Bush’s endorsement of Joe Biden could ‘change some votes’

Juan Williams says the former president could be a difference-maker in the 2020 election.

The Tell: Stocks may have room to climb as investor allocation to equities still lower than after 2008 crisis, JPMorgan says

Investors still have plenty of space in their portfolios to buy equities despite the S&P 500’s more than 30% rally from its mid-March low.