Written by Gary
US stocks flip between gains and losses midday today (SPY -05%) as investors seek reasons to drive indexes higher, amid weekly jobless claims data that suggests unemployment may be peaking.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The Bovespa is higher by 0.08%, while the IPC is leading the S&P 500 lower. They are down 0.96% and 0.61% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Germany rebuffs gasoline auto lobby with radical electric planGermany has become the second major European economy to use a multi-billion-euro recovery plan to spur clean driving, with incentives for electric cars that should boost Volkswagen and Tesla , while polluting SUVs face higher taxes. |
| America’s billionaire wealth jumps by over half a trillion during COVID-19 pandemic: reportThe combined wealth of America’s billionaires, including Amazon.com Inc founder Jeff Bezos and Facebook Inc CEO Mark Zuckerberg, jumped over 19% or by half a trillion since the onset of the COVID-19 pandemic in the United States, according to a report published by the Institute for Policy Studies (IPS). |
| American Airlines soars on news it will boost U.S. flights in JulyAmerican Airlines Group Inc shares jumped by 25% after it said Thursday it will significantly boost its U.S. flight schedule next month after dramatic reductions caused by the coronavirus pandemic, flying more than 55% of its July 2019 domestic capacity. |
| Oil drops on doubts over output cuts, swelling U.S. fuel inventoriesOil prices fell on Thursday on doubts over the ability of top crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories. |
| Fiat-Chrysler’s state-backed loan crucial for Italy’s economy-Intesa CEO saysA 6.3 billion euro ($7 billion) state-backed loan for Fiat Chrysler (FCA) , financed by Intesa Sanpaolo , is crucial in terms of safeguarding Italy’s economy, the head of the country’s biggest retail bank said. |
| FCA to face checks, sanctions on state-backed loanFiat Chrysler will file regular reports on its use of a multi-billion euro state-backed loan which Italy is set to approve soon and will face sanctions if it does not respect commitments attached to the package, the economy minister said. |
| ECB gives another shot of stimulus as economy reelsThe European Central Bank approved a bigger-than-expected expansion of its stimulus package on Thursday to prop up an economy plunged by the coronavirus pandemic into its worst recession since World War Two. |
| Statement from the ECB following policy meetingFollowing is the statement from the European Central Bank following its policy meeting. |
| ECB expands pandemic support to over $1.5 trillionThe European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns due to the coronavirus pandemic. |
| DoJ Launches Investigation As More Evidence Emerges That Someone Is Orchestrating The Violent RiotsDoJ Launches Investigation As More Evidence Emerges That Someone Is Orchestrating The Violent Riots Tyler Durden Thu, 06/04/2020 – 13:05 Authored by Michael Snyder via TheMostImportantNews.com, The Department of Justice has announced that it is attempting to determine if there is a œcoordinated command and control behind the violent riots that have erupted all over the United States. |
| Florida Reports Largest Jump In New Cases Since April, NYC Says Restaurants Won’t Reopen Until July: Live UpdatesFlorida Reports Largest Jump In New Cases Since April, NYC Says Restaurants Won’t Reopen Until July: Live Updates Tyler Durden Thu, 06/04/2020 – 12:45 Summary: NY to allow drive-in, drive thru graduations NYC won’t allow outdoor dining until next month Florida reports most new cases since April for 2nd straight day Global cases top 6.5 mil Deaths top 485k Hong Kong sees another alarming cluster China allows foreign airlines to apply to return to service Russia, Mexico, Brazil all see alarming jump in cases, deaths Experts say Russia likely underestimating deaths in St. Petersburg by considerable margin Backlash to the hydroxychloroquine backlash intensifies * * * Update (1240ET): After pulling back curfews and taking other steps to accommodate and encouraging both peaceful demonstrations (that widely violated the city’s social distancing rules) and violence and looting, Mayor de Blasio said Thursday that he likely wouldn’t allow restaurants to reopen for outdoor dining until next month, virtually guaranteeing that even more small businesses will change. The mayor is preparing for the June 8 start of “Phase One” reopening and said he anticipates reaching the second phase in July. For the restaurant … |
| Vegas Has Officially Reopened: This Is What It Looks LikeVegas Has Officially Reopened: This Is What It Looks Like Tyler Durden Thu, 06/04/2020 – 12:45 After 78 days of silence, the clinking-clanking of slot machines, whoosh of fountains, and chink of cheers-ing glasses is back in Las Vegas as Casinos reopened for gaming at 1201am on Thursday.
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| CNN: White Children “Don’t Deserve Innocence”CNN: White Children “Don’t Deserve Innocence” Tyler Durden Thu, 06/04/2020 – 12:25 Authored by Steve Watson via Summit News, CNN gave airtime to an ‘anti-racist activist’ who suggested that white children should not be allowed to have an ‘innocent’ childhood, but rather be made to feel guilty about their ‘white privilege’ at an early age. |
| Your savings could end up being the economy’s saviourYour savings could end up being the economy’s saviourRising savings during the nationwide lockdown will also help in curtailing India’s current account deficit. |
| You can go out again. But, conditions applyYou can go out again. But, conditions applyReligious places, malls, restaurants and hotels outside the containment zones can reopen from June 8. |
| Dear FM, how about helping urban workers?Dear FM, how about helping urban workers?Lockdown has largely impacted urban India. Rural India, especially agriculture, is in reasonable shape. |
| 1Q2020 Final Headline Productivity Hit By The CoronavirusWritten by Steven Hansen
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| Capitol Report: Congressional Democrats putting finishing touches on police-reform legislationHouse Democrats are close to unveiling legislation to reform policing standards, Speaker of the House Nancy Pelosi said Thursday. |
| The Margin: WATCH: Senate Democrats observe 8 minutes, 46 seconds of silence for George Floyd, Ahmaud Arbery and Breonna TaylorThe time symbolizes how long Derek Chauvin kneeled on Floyd’s neck |
| Market Snapshot: Dow struggles for 4th straight gain as investors weigh evidence unemployment is peaking against fear of ‘melt-up’U.S. stocks flip between gains and losses midday Thursday as investors seek fresh reasons to drive indexes higher, amid weekly jobless claims data that suggests unemployment may be peaking, and an increase in stimulus from European Central Bank. |
A simple summary of the headlines for this release is that labor costs are growing significantly faster than productivity on a quarter-over-quarter and year-over-year basis – and the pandemic has caused productivity to crater.Earnings Summary for Today
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