Written by Gary
US stocks rose on today (SPY +1.2%) on hopes of a fast recovery from the coronavirus economic slump.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Nasdaq rises to record again on economic recovery hopesU.S. stocks rose on Monday with the Nasdaq hitting a new intraday high after a surprisingly upbeat jobs report last week raised expectations of a swift recovery from a coronavirus-driven downturn. |
| JetBlue to fly about 50% of July schedule, more in August: CNBC interviewJetBlue Airways Corp expects to fly about half of its original schedule in July, up from about 25% to 30% in June, and a bit more in August as leisure demand begins to recover, Chief Executive Robin Hayes told CNBC in an interview on Monday. |
| Stocks gain on quick economic revival hopes, oil slidesA gauge of global equity markets rose on Monday on hopes of a fast recovery from the coronavirus economic slump while oil slid after Saudi Arabia said an extension of output cuts by producer nations would not include extra cuts by three Gulf countries. |
| It’s official: U.S. economy entered recession in FebruaryThe U.S. economy ended its longest expansion in history in February and entered recession as a result of the coronavirus pandemic, the private economics research group that acts as the arbiter for determining U.S. business cycles said on Monday. |
| South Korean court denies arrest warrant request for Samsung heirA South Korean court on Tuesday denied an arrest warrant request for Samsung Group heir Jay Y. Lee after prosecutors accused him of accounting fraud and stock manipulation. |
| Volkswagen replaces Herbert Diess as CEO of the VW brandVolkswagen replaced Herbert Diess as chief executive of the VW brand on Monday and installed chief operating officer Ralf Brandstaetter to lead cost cutting efforts at the company’s largest plants in Germany. |
| PG&E plans $5.75 billion equity raise to fund bankruptcy exitCalifornia-based power provider PG&E Corp said on Monday it plans to raise $5.75 billion from public offerings as it tries to emerge from Chapter 11 bankruptcy by the end of this month. |
| Ryanair’s O’Leary says UK quarantine will be quashed or droppedRyanair boss Michael O’Leary said he believed Britain’s coronavirus quarantine will be struck down by the courts or dropped within weeks as some of Europe’s biggest airlines prepare to file a legal challenge by the end of Tuesday. |
| Nestle confirms sale of Buitoni brand’s North American businessNestle SA is selling the North American business of its Buitoni pasta brand to private-equity firm Brynwood Partners, the Swiss food group said on Monday. |
| Quant-Quake Continues: Momentum Melts Down As Stocks & Bonds RallyQuant-Quake Continues: Momentum Melts Down As Stocks & Bonds Rally Tyler Durden Mon, 06/08/2020 – 16:02 On the day that NBER announces the US Economy officially entered recession in February, S&P scrambled green year-to-date… |
| Canadian Man Charged With Smuggling Drugs In Submarine, Found Unconscious In Detroit RiverCanadian Man Charged With Smuggling Drugs In Submarine, Found Unconscious In Detroit River Tyler Durden Mon, 06/08/2020 – 15:50 A Canadian man was pulled unconscious out of the Detroit River Friday attached to 265 pounds of marijuana, Detroit News reported. The Windsor man, named Glen Richard Mousseau,49, is facing drug possession, smuggling, and immigration charges filed in the US federal court. |
| “Break The Glass” – Guggenheim’s Minerd Warns Fed May Start Buying Gold To Support Dollar Hegemony“Break The Glass” – Guggenheim’s Minerd Warns Fed May Start Buying Gold To Support Dollar Hegemony Tyler Durden Mon, 06/08/2020 – 15:30 “Don’t fight The Fed” may soon have a very different meaning for the long-time asset-gatherers and commission-rakers who spew this age-old phrase to justify buying stocks at the first sign of any easing by central banks. If Guggenheim Investments’ Global CIO, Scott Minerd, is right, not fighting The Fed may soon mean buying gold alongside them…as he explores The Fed’s increasingly unorthodox policy options ahead if the economy remains mired in a protracted downturn. Minerd’s line of reasoning is straightforward and logical: as numerous challenges for the Fed, including the need to make large-scale asset purchases to keep credit available at attractive rates in the face of multi-trillion-dollar budget deficits; The Fed may be forced to buy gold to maintain the appearance of responsibility for the world’s reserve currency. |
| 24-Year-Old Convicted Felon Charged With Murder Of Retired St. Louis Police Captain During Riots24-Year-Old Convicted Felon Charged With Murder Of Retired St. Louis Police Captain During Riots Tyler Durden Mon, 06/08/2020 – 15:18 A 24-year-old convicted felon has been charged with the murder of retired police captain David Dorn during last week’s riots in St. Louis, Missouri. |
| World Bank sees darker days ahead for the global economyWorld Bank sees darker days ahead for the global economyThe Covid recession is the first since 1870 to be triggered solely by a pandemic, World Bank president said. |
| RBI plans to tweak norms for loan salesRBI plans to tweak norms for loan salesMarket participants have time till June 30 give their comments and suggestions to RBI on these guidelines. |
| The formidable challenges facing Modi 2.0The formidable challenges facing Modi 2.0The Modi government may have come face to face with two formidable adversaries: chaos, and itself. |
| Here’s where to hunt for stock market opportunities if you think the recession is basically overLeaders and laggards have reversed as investors turn bullish on the economy. |
| The Ratings Game: RH is planning to open hotels and sell houses, but analysts ask whether it can pull it offRH has a strategy to expand its lifestyle brand beyond home furnishing stores and into travel and even real estate. |
| Key Words: Stanley Druckenmiller says his 3% return as the Dow and S&P 500 soared more than 40% from March lows has ‘humbled’ himStanley Druckenmiller says the past few weeks have been humbling experience for the legendary investor. |
Summary of Economic Releases this Week
Earnings Summary for Today
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