Written by Gary
US stock markets mixed and trading along the unchanged line (SPY -0.02% flat). Retail mom and pop traders are about to get their clocks cleaned say analysts.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The Bovespa is higher by 0.73%, while Mexico’s IPC is off 0.58%. Shares in U.S. are unchanged with the S&P 500 at 3,113.71. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Exclusive: Massive spying on users of Google’s Chrome shows new security weaknessA newly discovered spyware effort attacked users through 32 million downloads of extensions to Google’s market-leading Chrome web browser, researchers at Awake Security told Reuters, highlighting the tech industry’s failure to protect browsers as they are used more for email, payroll and other sensitive functions. |
| Wirecard scrambles to find missing $2.1 billion as loan crunch loomsWirecard’s auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German payments firm said the delay could cause billions in loans to be called in as soon as Friday. |
| Trump to nominate lawyer Crenshaw to serve as Democratic SEC commissionerThe White House announced on Thursday that President Donald Trump intends to nominate Caroline Crenshaw to fill a Democratic vacancy at the U.S. Securities and Exchange Commission (SEC). |
| Kroger says demand easing after coronavirus stockpilingU.S. supermarket chain Kroger Co stopped short of raising its annual forecasts on Thursday, saying a coronavirus-driven surge in demand for essential goods was fading as American households reconsider what they have on their shelves. |
| Coronavirus raises stakes as auto unions ready for a fightThe coronavirus crisis has forced carmakers to speed up layoffs that must be matched with hefty payouts and deft negotiation to retain the support of powerful trade unions vital if Europe’s auto industry is to manage a shift to low-emission vehicles. |
| Wirecard investor DWS says has sold down position, considering legal actionAsset manager DWS, the fund management arm of Deutsche Bank, said it has further sold down its position in embattled German technology company Wirecard and was considering legal action. |
| U.S. gasoline demand recovery falters as refiners ramp up outputA recovery in demand for gasoline in the United States, the world’s largest market for the motor fuel, hit a plateau last week as coronavirus cases surged in some states, undercutting refiners’ efforts to ramp up low fuel production. |
| Oil edges up on OPEC output cut compliance; pandemic still weighsOil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. |
| Exclusive: EU in advanced talks with Johnson & Johnson on COVID-19 vaccine deal – sourcesThe European Commission is in advanced talks with pharmaceuticals giant Johnson & Johnson to reserve or make an up-front purchase of its COVID-19 vaccine under development, two officials familiar with the talks told Reuters. |
| When Will US Shale Rebound To Pre-Pandemic Levels?When Will US Shale Rebound To Pre-Pandemic Levels? Tyler Durden Thu, 06/18/2020 – 13:00 Authored by Nick Cunningham via OilPrice.com, The rebalancing of the oil market has been possible, in part, due to the sharp cutbacks in U.S. shale production. But what happens next for the industry? |
| Tesla Model 3 In China Goes Up In Flames Due To “Unresponsive Brake System”Tesla Model 3 In China Goes Up In Flames Due To “Unresponsive Brake System” Tyler Durden Thu, 06/18/2020 – 12:40 A Tesla Model 3 travelling through China reportedly crashed at high speeds and caught fire as a result of a braking system failure, according to USA Today and Chinese media outlet Sina. The vehicle was reportedly traveling at 127 km/h before the driver lost control due to the braking system failure. As of now, it is unknown whether or not the driver survived the wreck. Internet users are speculating that “a system upgrade automatically started while the car was driving” but no definitive cause of the crash has been confirmed yet. |
| 8 Reasons Why COVID-19 Damage To The Economy Will Be Deep And Lasting8 Reasons Why COVID-19 Damage To The Economy Will Be Deep And Lasting Tyler Durden Thu, 06/18/2020 – 12:23 Authored by Yves Smith via NakedCapitalism.com, Too many people who should know better are taking a big bounce in retail sales as a sign that an economic recovery is well underway. It is, but only in the sense that going from the ICU to a hospital bed could also be defined as a recovery. In keeping, the Atlanta Fed’s GDPNow forecast for the second quarter has improved from negative 52.8% to a sunny negative 45.5%. |
| 10 States See Record Numbers Of New COVID-19 Cases, Cuomo Mulls Quarantining Visitors From Florida: Live Updates10 States See Record Numbers Of New COVID-19 Cases, Cuomo Mulls Quarantining Visitors From Florida: Live Updates Tyler Durden Thu, 06/18/2020 – 12:21 Summary: Italy reports uptick in deaths Cuomo mulls quarantine on Fla. NY reports 29 deaths Texas reports 7th straight record hospitalizations; Arizona reports record jump in cases 23 US states seeing rising case numbers Florida “has the makings of the next epicenter” NYC Mayor says city to enter ‘phase 2’ Monday Global case total tops 8.3 million Deaths top 447,000 Tokyo reports 41 infections World reports record jump in new cases, deaths Beijing top epidemiologist says outbreak in the city has been contained New study shows many infected don’t develop long term antibodies India reports record jump in new cases (12k+) as Fitch cuts outlook Cali reports record 4k jump in new cases Indonesia reports record jump, surpassing Singapore’s case total * * * Update (1200ET): Italy reported an increase in deaths, 66 compared with 43 yesterday, and a very slight uptick in new cases, 331 vs. 328. The total cases climbed to 238,159, along with 34,514 deaths. * * * Update (1130ET): |
| How can India, China stave off war? It’s economic ties, stupidHow can India, China stave off war? It’s economic ties, stupidThe economic loss that would result from war with a major trading partner is one factor that can stop skirmishes. |
| World’s now sitting on biggest-ever nuke pileWorld’s now sitting on biggest-ever nuke pileOne of the most frightening is nuclear war. Unfortunately, the risk of that happening keeps rising. |
| Cheques just keep rolling in for AmbaniCheques just keep rolling in for AmbaniThe investments peg Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore. |
| In One Chart: The market’s in ‘la-la land,’ and one Warren Buffett buff warns of an imminent ‘reckoning’ for oblivious investorsThose betting against this œabsurdly overvalued stock market are about to get paid, if Kevin Smith, Crescat Capital’s chief investment officer, has it right in his gloomy assessment. |
| The Tell: Rookie trader commits suicide after seeing a negative balance of more than $700,000 in his Robinhood accountThe stock market, particularly in its current state, is no place for amateurs. Sullimar Capital analyst Bill Brewster delivered that message to followers in a Twitter thread about how he lost a family member. |
| Key Words: Stock-market legend who called 3 financial bubbles says this one is the ‘Real McCoy,’ this is ‘crazy stuff’Jeremy Grantham, co-founder and chief investment strategist at Boston-based money manager Grantham, Mayo, Van Otterloo & Co., offers up a major warning to speculators driving the stock market to new heights amid the greatest pandemic of the past century. |
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