24Jun2020 Market Close: US Stocks Fall As Coronavirus Infections Surge, DOW Closes Down 710 Points, Nasdaq Closes Down 2.2%, WTI Crude Weakens Further Settling At 37.97

COVID-Comeback Batters Big-Tech & Black Gold, Sparks Bond Bid

COVID-Comeback Batters Big-Tech & Black Gold, Sparks Bond Bid Tyler Durden Wed, 06/24/2020 – 16:00

Just when you thought it was safe to buy any stock – selected at random via Scrabble letters – on any dip, with levered money you can’t afford to lose, COVID-19 reappears in size to steal the jam out of your donut.

Last Friday saw surges in COVID cases across many states and news that Apple would be re-closing stores in a handful of states. That sent stocks tumbling. Today – after a few days of exuberant dip-buying, those same states hitting new record highs (and more Apple store closures) sparked an even more impressive plunge (and was not helped by The IMF’s downbeat forecast for the global economy)…

0905ET California COVID-19 cases rise 3.9% or +7,149 to 190,222 (up from +5,019)

0938ET Texas reported a 7.3% rise in Covid-19 hospitalizations to 4,389 from 4,092 yesterday.

1033ET *FLORIDA COVID-19 CASES RISE 5.3% VS. PREVIOUS 7-DAY AVG. 3.7%

1130ET *HOUSTON-AREA INTENSIVE CARE UNITS ARE AT 97% OF CAPACITY: CITY

1140ET *NEW YORK, N.J. AND CONNECTICUT ORDER VI …

S&P Futures Plunge 20 Points In Seconds On $3BN Sell Imbalance

S&P Futures Plunge 20 Points In Seconds On $3BN Sell Imbalance Tyler Durden Wed, 06/24/2020 – 15:59

It has been about three weeks since the market was so illiquid it would surge (or plunge) on news of the size of the daily market on close (MOC) imbalance. But it now appears that illiquidity is back with a vengeance because at exactly 350pm ET when the MOC closing imbalance is disclosed, the Emini puked 20 points in seconds when it was revealed that today’s imbalance was just over $3 billion for sale.

Bonds Laugh At Today’s Idiotic Surge In Hertz Stock

Bonds Laugh At Today’s Idiotic Surge In Hertz Stock Tyler Durden Wed, 06/24/2020 – 15:45

After trying, and failing, to sell worthless Hertz stock to Gen-Z Robinhood traders, mid-bracket investment bank Jefferies has now become a used car salesman.

In a bizarre – and for now successful – attempt to pump HTZ stock, Jefferies analysts Hamzah Mazari and Bret Jordan wrote this morning that the bankrupt company could sell its roughly 150,000-car inventory and somehow pocket $3 billion in proceeds (roughly $20K per used car) as it looks to stay afloat after filing for bankruptcy.

According to the Mazari and Jordan, who probably did not know that one of their roles as a “research analyst” would be to moonlight as the world’s biggest used car salesmen, “channel checks” suggest used-car firms like CarMax and AutoNation could be among the firms looking to purchase used Hertz vehicles amid rise in demand for used cars. The very hypothetical move could, in theory, help ease some pressure for Hertz, as a sale of its used-car fleet would shore up some cash concerns and could fetch about $3 billion, the analysts said.

“Given what appears to be robust demand for inventory in a rapidly recovering used retail market, we see ~150k HTZ cars as an attractive option for retailers such as AN and KMX with strategic focus on expanding used volumes,” Mazari sai …

The TVIX ETF Is Getting Delisted: Here Are The Three Implications For Markets

The TVIX ETF Is Getting Delisted: Here Are The Three Implications For Markets Tyler Durden Wed, 06/24/2020 – 15:30

Back in February 2018, as a result of the staggering “Volmageddon” surge in the VIX, the market lost the retail favorite XIV ETN used to bet on continued declines in volatility, which was a fantastic strategy while it worked but then suddenly lost virtually all of its value in seconds. Now, it’s the turn of the XIV’s cousin, the TVIX.

Thought reverse migration was a bane for India? Think again

Thought reverse migration was a bane for India? Think againReverse migration can ensure economic rebalancing between states, transforming industrial landscape.

How Xiaomi plans to fight India backlash

How Xiaomi plans to fight India backlashXiaomi has started to cover its logo and sign boards with the ‘Made in India’ logo.

China won’t give up easily on Galwan Valley

China won’t give up easily on Galwan ValleySatellite images show China has resumed construction activity with a wide road that has come up right to PP 14.

The Margin: Almost 1 in 3 Americans feel less patriotic this July 4th

Fewer people are celebrating the Fourth of July or spending money on the holiday this year, surveys find

IPO Report: Albertsons is giving an IPO another try ” here are 5 things to know about the grocer

Albertsons has filed to go public at a time when demand for food and other essentials is sky high due to COVID-19.

The Ratings Game: Home improvement projects are underway during COVID-19 with millennials spending the most, says Bank of America

Bank of America data suggests Lowe’s and Tractor Supply are two beneficiaries of the boom in DIY home improvement projects during the coronavirus pandemic.