Written by Gary
All three major indexes posted their biggest single-day declines since March 16 (SPY -5.8%) sinking 5% or more as coronavirus, economic worries grip market.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall Street plunges to close with biggest one-day loss since mid-MarchWall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve. |
| Global stocks tumble, safe-haven assets rally on downbeat Fed outlookGlobal equity markets fell sharply on Thursday in their worst sell-off since markets crashed in March, while safe-haven assets rose after the Federal Reserve’s sobering outlook cast doubt on hopes for a V-shaped recovery from the coronavirus pandemic. |
| Microsoft bans police face recognition sales as Big Tech reacts to protestsMicrosoft Corp on Thursday said it would await federal regulation before selling facial recognition to police departments, making it the latest big firm to back away from the surveillance business following protests against police brutality. |
| Google to ban targeting housing ads based on gender, ageAlphabet Inc’s Google said on Thursday it was tackling unlawful discrimination by barring housing, employment and credit ads from being targeted to users based on their postal code, gender, age, parental status or marital status. |
| Zuckerberg’s former aide Chris Cox returns to Facebook as product headFacebook Inc’s former chief product officer, Chris Cox, is returning to his role, according to his post https://www.facebook.com/photo.php?fbid=10105509261342903&set=a.692319249513&type=3&theater on the social media platform. |
| Oil prices slump 8% as virus-related demand concerns resurfaceOil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States. |
| Yum sues Grubhub for allegedly violating delivery dealYum Brands Inc filed a lawsuit against Grubhub Inc on Thursday for allegedly violating terms of a food delivery deal, a day after Europe’s Just Eat Takeaway.com agreed to buy the U.S. food delivery platform for $7.3 billion. |
| British Airways turns to Damien Hirst in its hour of needBritish Airways will sell at least 10 works of art that normally hang in its executive lounges, a source said, turning to pieces by famous artists like Damien Hirst to raise millions of pounds to help it through the coronavirus pandemic. |
| Nestle explores sale of Pure Life in overhaul of water businessNestle is exploring a potential sale of part of its North American water business, including the Pure Life brand, it said on Thursday, as the food giant shifts focus to better performing brands. |
| “It’s A F**king Rout” – Re-Open Rally Ruined But Bonds & Bullion Bid“It’s A F**king Rout” – Re-Open Rally Ruined But Bonds & Bullion Bid Tyler Durden Thu, 06/11/2020 – 16:01 Re-Open Rally Routed As one newly-minted “expert” in trading expressed to us: “it’s a f**king rout! … and this after the most dovish Fed statement ever!” |
| Biden Beats Trump, Dems Retake Senate According To Latest PredictIt OddsBiden Beats Trump, Dems Retake Senate According To Latest PredictIt Odds Tyler Durden Thu, 06/11/2020 – 15:50 Former VP Joe Biden might have trouble stringing sentences together, but he’s still likely to beat President Trump in November, while Congressional Democrats will retake the Senate and keep the House, according to the latest numbers from oddsmaker PredictIt. |
| “We Have Reached The Silly Phase Of The Bull Market”“We Have Reached The Silly Phase Of The Bull Market” Tyler Durden Thu, 06/11/2020 – 15:35 Authored by Joseph Calhoun via Alhambra Investments, Have we entered a new bull market? Was the 35% pullback in the S&P 500 in March the fastest bear market in history? Or is this just a continuation of the bull market that started in 2009, interrupted by a rather large correction? Bull markets and bear markets are about behavior, about the human emotions of fear and greed. While we got a brief bout of fear in March, greed has since overwhelmed all sense, common and otherwise. What we’re seeing in the casino ¦er, market ¦.today is not beginning of a bull market behavior. |
| Twitter Moves To Stop Users From Sharing Articles They Have Never ReadTwitter Moves To Stop Users From Sharing Articles They Have Never Read Tyler Durden Thu, 06/11/2020 – 15:20 Even a broken clock is right twice a day. After sparking a White House campaign to deny social media platforms the liability they have historically enjoyed as supposedly ‘neutral’ platforms adhering to the ‘fairness doctrine’,Twitter is taking another step to fight abuse and rage-tweeting on its platform by cracking down on users who share news articles without reading them first. |
| Ritesh Agarwal on how hospitality sector can tide over Covid crisisRitesh Agarwal on how hospitality sector can tide over Covid crisisToday, the need of the hour is to prepare to resume operations, but in a responsible manner. |
| Next thing on RBI’s list: Reining in banksNext thing on RBI’s list: Reining in banksThe RBI proposes to place more responsibility on the board of directors for a bank’s culture and compensation. |
| TCS boss is not a huge fan of remote workTCS boss is not a huge fan of remote work Working from home during the nationwide lockdown added to expenses, Tata Sons chairman said. |
| The Wall Street Journal: Apple to devote $100 Million to racial-justice initiativeApple Inc. on Thursday said it would devote $100 million to a racial-justice initiative that aims to invest in education, economic equality and criminal-justice reform with a goal of increasing opportunities for people of color. |
| Red Robin Gourmet Burgers cut 55 menu items due to coronavirus and doesn’t plan to bring them backRed Robin has uncovered a number of benefits to having a more streamlined menu, and plans to hang on to it, with the exception of a pizza addition. |
| Howard Gold’s No-Nonsense Investing: Low-information ‘investors’ rule the stock market ” at least until they lose every centRobinhood and day-trading newbies already are getting their comeuppance. |
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