Written by Gary
Stocks sink as investors take profits from the coronavirus-reopening rally (SPY -0.7%) as the SP 500, Dow retreats after rally and Nasdaq gains further.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly lower today with shares in Mexico off the most. The IPC is down 2.48% while Brazil’s Bovespa is off 1.05% and U.S.’s S&P 500 is lower by 0.70%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Corning wins U.S. funding to boost vial output for COVID-19 vaccinesGlass maker Corning Inc said on Tuesday it would receive $204 million from the U.S. government to boost the manufacturing capacity of its vials that will be used to store coronavirus vaccines and treatments. |
| Tiffany amends debt pacts for financial leeway amid pandemic, slump in salesU.S. luxury jeweler Tiffany & Co , which is being bought by France’s LVMH for $16 billion, said on Tuesday it had amended some of its debt agreements to gain more financial leeway amid the coronavirus pandemic after its quarterly sales sank 44%. |
| S&P 500, Dow retreat after rally; Nasdaq gains furtherWall Street’s S&P 500 and Dow Jones indexes fell on Tuesday while the tech-heavy Nasdaq hit a record high for the third straight session as investors eyed this week’s Federal Reserve meeting for signs on how it views a restarting economy. |
| FCC awarding up to $16 billion to address U.S. areas lacking broadband serviceThe U.S. Federal Communications Commission voted on Tuesday to adopt auction procedures to provide up to $16 billion to areas that lack broadband service, including nearly 6 million |
| EU weighs single bid for WTO job; trade chief Hogan confirms interestEuropean Trade Commissioner Phil Hogan confirmed on Tuesday that he was considering a bid to become the next director-general of the World Trade Organization, as EU governments debated whether to unify around a single European candidate. |
| Exclusive: Obscure Indian cyber firm spied on politicians, investors worldwideA little-known Indian IT firm offered its hacking services to help clients spy on more than 10,000 email accounts over a period of seven years. |
| U.S. layoffs abate; job openings plungeLayoffs in the United States fell in April, but remained the second highest on record, while job openings dropped, suggesting the labor market could take years to recover from the COVID-19 crisis despite a surprise rebound in employment in May. |
| Boeing jet deliveries sink to just four in MayBoeing Co deliveries worsened even further in May compared to April as the coronavirus pandemic’s crushing impact on airlines added to a year of crisis following the grounding of its 737 MAX planes, company data showed on Tuesday. |
| Exclusive: Savings surge forces Goldman to shut Marcus to new UK clientsGoldman Sachs is closing its easy access savings business to new customers in Britain from Wednesday, after deposits surged to near regulatory limits during the coronavirus lockdown. |
| LAPD Investigating Cali Lawyer Who Called For Cops To Be MurderedLAPD Investigating Cali Lawyer Who Called For Cops To Be Murdered Tyler Durden Tue, 06/09/2020 – 12:15 Rose-emoji-loving Democratic Socialists seemingly never stop complaining about “dangerous” threatening behavior – at least, so long as the threats are directed against other leftists. But a white defense attorney in San Gabriel is reportedly under investigation by the LAPD after he published two Instagram posts offering to defend “one or two” cop killers pro bono, claiming that it is “high time” that “somebodies granddad [put] a couple of hollow points between the eyes of these PTSD-addled rednecks.” He added that it “wouldn’t be the first time I’ve represented terrorists”. Here’s more at FoxLA:
Reps from the LAPD police union responded to a request for comment from FoxLA, saying they … |
| Today’s “Dash For Trash” Has Historical Precedent (And A “Sub-Optimal” Outcome)Today’s “Dash For Trash” Has Historical Precedent (And A “Sub-Optimal” Outcome) Tyler Durden Tue, 06/09/2020 – 11:55 Authored by Doug Kass via Seabreeze Partners, In nearly every market cycle, speculation in low-quality, virtually valueless and literally bankrupt stocks, marks a market top Statewide “shelter at home” orders coupled with the Fed’s liquidity injections and commission-free trading (on most platforms) have contributed to the boon in speculation this year Robinhood traders (and their ‘shiny object’ stock targets like Hertz) are symptomatic of this silly trading backdrop – its worrisome and could be symptomatic that painful market potholes lie ahead |
| Watch Live: George Floyd Laid To Rest In HoustonWatch Live: George Floyd Laid To Rest In Houston Tyler Durden Tue, 06/09/2020 – 11:45 Following three memorial services in Minneapolis, North Carolina and Houston, George Floyd, the black American man whose killing at the hands of a Minneapolis Police officer Derek Chauvin set off two weeks of protests (interspersed with violence, looting and murder), will be laid to rest in Houston on Tuesday. He will be laid to rest at Houston Memorial Gardens in Pearland, where his mother is buried. |
| Antifa Militia Wing Wants ‘Complete Abolition’ Of System; Coached Undercover Veritas Journo To Deny AffiliationAntifa Militia Wing Wants ‘Complete Abolition’ Of System; Coached Undercover Veritas Journo To Deny Affiliation Tyler Durden Tue, 06/09/2020 – 11:25 Project Veritas has released their third installment of #ExposeANTIFA, after undercover journalists infiltrated the leftist movement to expose their violent tactics. In their latest, Veritas has released footage of their 2018 infiltration into Antifa’s Shelby, North Carolina self-described “above ground militant formation” known as Redneck Revolt, or the “John Brown gun club” – a ‘militia wing’ of Antifa founded in June, 2016 which claims to have 30 branches nationwide. |
| An 8-point guide for Modi on how to fix India’s ailing economyAn 8-point guide for Modi on how to fix India’s ailing economyIndia can’t spend its way out of the current economic mess. That however, doesn’t mean nothing can be done. |
| Ending China’s global supplies grip isn’t easyEnding China’s global supplies grip isn’t easyAny broader effort to restructure supply chains is little more than wishful thinking so far, analysts say. |
| Touch-me-not tech makes hay as virus thrivesTouch-me-not tech makes hay as virus thrivesA string of startups are launching services that can help to handle the crowding at malls, offices and markets. |
| April 2020 Headline JOLTS Job Openings Rate Declined And Remains In ContractionWritten by Steven Hansen The BLS Job Openings and Labor Turnover Survey (JOLTS) can be used as a predictor of future job growth, and the predictive elements show that the year-over-year growth rate of unadjusted private non-farm job openings again declined and remains in contraction.
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| Outside the Box: Can I use tax-loss harvesting to offset my required IRA withdrawal?This technique doesn’t work for everyone |
| Coronavirus update: Global infections climb above 7.1 million as health experts question WHO statement on asymptomatic carriersThe number of confirmed cases of the coronavirus illness COVID-19 climbed above 7.1 million on Tuesday, as public-health experts questioned comments from the World Health Organization that transmission from asymptomatic patients is œvery rare. |
| The Wall Street Journal: Boeing adds more cargo plane orders as MAX deals continue to fallPlane-rental companies canceled deals for 14 more 737 MAX jets |
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