15Jun2020 Midday Update: Wall Street Regains Morning Losses, DOW Off Session Lows Down 86 Points At 1 ET, US Dollar Slips To 96.92, Gold Rises Fractionally To 1719

Here is the current market situation from CNN Money

Exclusive: U.S. to allow companies to work with Huawei on standards – sources

The U.S. will amend its prohibitions on U.S. companies doing business with China’s Huawei to allow them to work together in standards settings for next generation 5G networks, according to people familiar with the matter.

Fed launches long-awaited Main Street lending program

The Federal Reserve said on Monday it had opened registration for lenders interested in participating in its Main Street Lending Program, launching arguably the most complex program undertaken yet by the U.S. central bank to help keep the backbone of the economy from buckling under the strains of the coronavirus pandemic.

Explainer: How Fed’s Main Street program compares to other small business pandemic aid

The Federal Reserve on Monday launched its latest life raft for U.S. businesses hurt by the coronavirus pandemic.

U.S. Federal Reserve resumes normal bank exams

The U.S. Federal Reserve announced Monday it was resuming its normal bank examination activities, after easing back at the outset of the coronavirus pandemic.

Amazon CEO Bezos willing to testify before U.S. Congress: letter

Amazon.com Inc Chief Executive Jeff Bezos is willing to testify to a congressional panel investigating potential violations of U.S. antitrust law by big technology companies, according to a letter from an attorney representing Amazon.

Mnuchin will discuss PPP oversight with Congress after criticism

U.S. Treasury Secretary Steven Mnuchin said on Monday he would talk to Congress about proper oversight of $660 billion in small business economic relief, after previously resisting calls to reveal who received the funds.

Exclusive: BlackRock injects $18 billion into European firms during pandemic – source

The world’s biggest asset manager BlackRock has pumped about 16 billion euros ($18 billion) into 810 European companies since the end of January, more than half of them in distress due to the coronavirus pandemic, a source with direct knowledge of the matter told Reuters.

Embraer’s commercial aviation chief departs after failed Boeing deal

Planemaker Embraer SA said on Monday that the head of its commercial aviation unit, John Slattery, was leaving the company to become chief executive of aircraft engine-maker GE Aviation , weeks after a $4.2 billion deal with Boeing collapsed.

U.S. crude drops as coronavirus cases spike globally

Oil prices fell on Monday as new coronavirus infections hit the United States and China, feeding worries that renewed lockdowns could hamper economic recovery and dent fuel demand.

Dear Robinhood Traders, No – Buying Bankrupt Stocks Is Not A Good Idea

Dear Robinhood Traders, No – Buying Bankrupt Stocks Is Not A Good Idea Tyler Durden Mon, 06/15/2020 – 12:29

Authored by Greg Obenshain via Verdad Weekly Research,

Robinhood traders buying bankrupt equities aren’t onto something…

The COVID-19 Pandemic Has Caused A Global Bicycle Shortage

The COVID-19 Pandemic Has Caused A Global Bicycle Shortage Tyler Durden Mon, 06/15/2020 – 12:10

While the rest of the economy was shutting down, bicycle shops across the world were seeing a drastic bump in business as a result of the coronavirus pandemic. Bicycle shops, deemed “essential businesses” in many states, saw demand explode after health-conscious people were locked out of their gyms and others were too fearful to ride mass transit.

Bikes at large U.S. retailers like Wal-Mart and Target have been missing from shelves for weeks. Independent shops are also doing “brisk business” and are selling out of bikes, according to AP. In fact, over the last two months, bike sales have seen their biggest spike since the oil crisis of the 1970s.Â

Jay Townley, who analyzes cycling industry trends at Human Powered Solutions, said:Â œPeople quite frankly have panicked, and they’re buying bikes like toilet paper.

The trend is being seen worldwide, too. Cities like London, Manila and Rome are all seeing surging bike use and are installing bike lanes to accommodate their respective cities’ interest. In the Philippines, bike shop owners say the demand is “stronger than Christmas” and the government in Italy is boosting …

Nasdaq & Small Caps Erase Overnight Losses… Of Course

Nasdaq & Small Caps Erase Overnight Losses… Of Course Tyler Durden Mon, 06/15/2020 – 12:07

The phrase “WTF” comes to mind…

Federal Tax Receipts Show A Record Plunge In May, Raising More Doubts About Employment Data Accuracy

Federal Tax Receipts Show A Record Plunge In May, Raising More Doubts About Employment Data Accuracy Tyler Durden Mon, 06/15/2020 – 11:50

Submitted by Joseph Carson, former chief economist at Alliance Bernstein

The Monthly Treasury Statement for May showed federal withheld income tax receipts falling a record 33% from the comparable period one year ago. The decline in May tax receipts exceeds the 30% decline in April. Monthly tax (gross) receipts have been reported since 1973 and April and May declines are the largest on record. Â

Federal withheld tax receipts are directly related to workers paychecks. The scale of the decline in tax receipts is nearly three times the decline in reported household and payroll employment. The unprecedented gap raises questions about the accuracy of the April and May employment reports.

Tax Receipts vs. Employment

Federal withheld (gross) income tax receipts are highly correlated with employment levels and wage growth since taxes are withheld from workers paychecks. Monthly receipts can be noisy, often influenced by the number of workdays. Nonetheless, back-to-back monthly declines are rare and have only occurred during periods of exceptionally large declines in employment or when there have been legislative changes that lower peoples …

The man who took jibe at India over virus tells how to fix economy

The man who took jibe at India over virus tells how to fix economyJim O’Neill says Modi should take more risk on the fiscal deficit side to bolster India’s growth.

For once, unions & auto firms share the pain

For once, unions & auto firms share the painLabour unions, once at loggerheads with management, seem to have a better sense of realism today, say experts.

Investors trip over an RBI regulation

Investors trip over an RBI regulationMany investors have reached out to the RBI claiming that the regulation is creating a spectre of harassment.

June 2020 Empire State Manufacturing Index Significantly Improves

Written by Steven Hansen

The Empire State Manufacturing Survey index significantly improved and now the index is barely in contraction.

The Margin: Ted Cruz challenges Ron Perlman to a fight ” against Jim Jordan ” labeling the actor ‘rich’ but ‘soft’

To sum up the absurdity that erupted on Twitter over the weekend: Liberal actor mocks Florida Republican. Texas Senator sticks up for Florida Republican and challenges liberal actor to a wrestling match… against another conservative politician.

‘You have a degree, but who do you know?’ Why student debt is a racial-justice issue

A tool meant for economic mobility has exacerbated the racial-wealth gap.

The Tell: A portfolio of stocks being bought by mom-and-pop investors is trouncing Wall St. pros ” here’s what they’re buying

It’s no secret that retail investors have been increasing but the degree to which they have outperformed professional investors is coming into greater focus lately.