Written by Gary
A raft of small cap stocks has soared by hundreds of millions of dollars in value (SPY -0.2%). Frenzied retail traders piled in to a blistering stocks rally.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly lower today with shares in Brazil off the most. The Bovespa is down 1.86% while Mexico’s IPC is off 1.75% and U.S.’s S&P 500 is lower by 0.16%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| OECD sees deepest peace-time slump in a centuryThe global economy will suffer the biggest peace-time downturn in a century before it emerges next year from a coronavirus-inflicted recession, the OECD said on Wednesday. |
| Starbucks forecasts over $2 billion drop in quarterly income as COVID-19 hitsStarbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing of coronavirus lockdowns. |
| A casino or stock market? Retail buying frenzy goes wildA raft of small cap stocks has soared by hundreds of millions of dollars in value in recent weeks as frenzied retail traders piled in to a blistering stocks rally. |
| Delta expects second-quarter revenue to slump, looks to amend debt dealsU.S. carrier Delta Air Lines on Wednesday forecast a 90% plunge in second-quarter revenue and warned it would need to renegotiate its debt agreements to avoid a default next year. |
| Global risk rally has a powerful ally: the weaker dollarInvestors are betting a weaker U.S. dollar will further boost a rally that has seen stocks, emerging market currencies and other risky assets soar in recent weeks. |
| S&P 500, Dow retreat ahead of Fed outlook; Nasdaq hits new highThe S&P 500 and Dow slipped on Wednesday, as losses in financial stocks outweighed a boost from technology, with focus shifting to the Federal Reserve’s first projections on the economy since the coronavirus outbreak. |
| Just Eat Takeaway in advanced talks to buy GrubhubEuropean food ordering firm Just Eat Takeaway.com NV said on Wednesday it was in advanced talks to buy Grubhub Inc in an all-stock deal that, if completed, would create the world’s largest food delivery company by revenue. |
| Goldman Sachs forms fund to address racial injusticeGoldman Sachs Group Inc said on Wednesday it had launched a $10 million fund to support the work of organizations addressing racial injustice, structural inequity and economic disparity. |
| Boeing aims to conduct key 737 MAX certification flight in late June: sourcesBoeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX in late June, two people briefed on the matter said. |
| “Check Yo’ Self, Negro!”: Cornel West Explodes On Leo Terrell During Hannity Debate About Defunding Police“Check Yo’ Self, Negro!”: Cornel West Explodes On Leo Terrell During Hannity Debate About Defunding Police Tyler Durden Wed, 06/10/2020 – 12:31 Harvard professor Cornel West and Civil Rights attorney Leo Terrell both took to Sean Hannity last night to debate the idea of defunding the police at a time when riots and looting are widespread across the United States. From the second the debate started, it was clear there was going to be fireworks. œDo you support this madness of defunding the police? Hannity asked West, to start. œThis has been a very heavy day for many of us, West said, dodging the question and alluding to George Floyd’s funeral. West, whose audio quality made him difficult to hear, continued: “You have to have police who respect the community, there has to be some community control, accountability of both citizens and police and recognizing that the deeper issue of poverty, dilapidated schools, housing ¦that generates a despair. But there has to be democratic control over the police. But it was when Sean Hannity asked Leo Terrell about why liberal politicians in their cities can’t stop the violence that things became heated. œWhy didn’t he fix the violence? Why haven’t they fixed our broken school systems? We have failed America’s children, Hannity asked. |
| California Deputy Shot At Paso Robles Police Station; Residents Told To Shelter In PlaceCalifornia Deputy Shot At Paso Robles Police Station; Residents Told To Shelter In Place Tyler Durden Wed, 06/10/2020 – 12:13 |
| Failed State WalkingFailed State Walking Tyler Durden Wed, 06/10/2020 – 12:10 Authored by Chris Hamilton via Econimica blog, I love America. It’s the land of my birth, my education (Go Beav’s), my children’s births, and where I live and will eventually die. I did spend about five years living in Europe and Asia and loved it…but my home is and will be the vast expanse of the Western US. So, when I’m critical of the US, it’s not because I want it to fail or fall into chaos…quite the opposite. I believe that a patriot and citizens role is to critically analyze and constructively push forward. And this means critiquing the direction of its politics, economy, society, and the state of its soul. So, when I show the following charts…it is in the spirit of constructively questioning what we are doing…and where this is leading us? What present and imminent future are we fostering for our children and young adults? Anyways, consider the state of the economy (as measured by GDP), versus the total marketable federal debt, and the federal tax receipts collecting underlying the system. The tax receipts reaped from the economy are moving along around about 10% of GDP…but what you may note is the public or marketable fede … |
| Here’s Today’s WTF “Broken Market” Company As Yesterday’s Idiot-Maker Crashes 60%Here’s Today’s WTF “Broken Market” Company As Yesterday’s Idiot-Maker Crashes 60% Tyler Durden Wed, 06/10/2020 – 12:00 Update (1155ET): It appears the exposure of yesterday’s farce in Fangdd has brought about an end to that idiocy… |
| Not just one BellTroX: Delhi is now India’s hacker hubNot just one BellTroX: Delhi is now India’s hacker hubReports of “hacking for hire” operations came as no surprise to India’s growing ethical hacker community. |
| What Jio-FB platform model could unleashWhat Jio-FB platform model could unleashPlatform models can unlock the whole ecosystem. In a country like India, the result will be spectacular. |
| Pigs are really flying this year. Just ask ChinaPigs are really flying this year. Just ask ChinaMore than 3,000 of the breed already flew Boeing 747 ” in wooden crates, over 10,400 kilometers. |
| CityWatch: Virtual NYC Pride March stays in step with protest and solidarityThe show of pride must go on, and it will, with a heightened sense of unity with the Black Lives Matter movement. |
| The extra $600 Americans get in weekly unemployment benefits ends next month ” here’s what lawmakers are proposing to replace itExtending the extra $600 could create a disincentive to return to work, some lawmakers say. |
| The Moneyist: When will I receive my stimulus check? I’m one of the 35 million people waiting, and I sent in my 2019 tax return this month‘I fear it’s too late for me to receive my $1,200 stimulus check. The tax return deadline for 2019 was extended to July 15.’ |
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