Written by Gary
Rising virus cases spook markets, investors watching these metrics are not turning bearish yet (SPY +0.3%). Market indexes sea-sawing across unchanged line.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The Bovespa is up 0.61% while the S&P 500 gains 0.19%. The IPC is off 0.43%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
New York Gov. Cuomo to other states: ‘You played politics with this virus, and you lost’“I say to them all look at the numbers,” Cuomo said, referring to conservative states seeing a rise in Covid-19 cases. “You played politics with this virus, and you lost.” | |
Beyond Meat shares fall after McDonald’s ends Canadian trial of meatless burgerMcDonald’s has ended its testing of a burger made with a Beyond Meat patty in Canada. | |
Darden Restaurants CEO says consumer behavior hasn’t changed as U.S. coronavirus cases spikeDarden Restaurants CEO Gene Lee said that the company has not seen any changes to consumer behavior even as Covid-19 cases begin to spike in some states. | |
New York City set to move further into reopening as early as July 6, indoor dining allowed to return, mayor saysNew York City is scheduled to begin its phase three reopening as early as July 6, which would reopen restaurants for indoor service and additional personal care businesses with reduced capacity. | |
Airbus Americas CEO says state travel restrictions ‘not helpful,’ urges consequences for no masks on boardState travel restrictions aimed at stopping the spread of Covid-19 aren’t “helpful,” according to Airbus Americas’ CEO. | |
No quick fixes to stop coronavirus spikes in hot spots like Florida and Texas, Dr. Scott Gottlieb says“They need to look at some selected shut downs of congregate settings like, perhaps, bars,” the former FDA director said. | |
Chuck E. Cheese parent files for Chapter 11 bankruptcyThe coronavirus pandemic upended CEC Entertainment’s business, with same-store sales falling 21.9% during the first quarter. | |
Disney’s Splash Mountain to get ‘Princess and the Frog’ makeoverThe Imagineers at Disney announced Thursday that the Splash Mountain ride at both Disneyland in California and Disney World in Florida will be redesigned to feature characters from its animated movie “The Princess and the Frog.” | |
The market is ‘a little ahead of itself’ amid ‘real tragedies’ for small businesses, Larry Fink says“What’s remarkable is there are more human beings being affected by the disease today than on March 21 when markets were 40% lower,” Fink told CNBC. | |
As rising virus cases spook markets, investors watching these metrics are not turning bearish yetStrategists say they are now paying attention to a more refined set of disease metrics when deciding when to sell. | |
‘It’s too soon to go to a movie theater,’ infectious disease experts sayMovie theater owners may be eager to reopen their screens to the public, but health experts aren’t convinced that its time to head back to cinemas. | |
Texas pauses reopening plan as coronavirus cases and hospitalizations rise“The last thing we want to do as a state is go backwards and close down businesses,” Gov. Greg Abbott said | |
Macy’s to slash 3,900 corporate jobs in restructuringMacy’s said it is cutting 3% of its workforce to reduce costs as it struggles with the effects of the coronavirus pandemic. | |
Texas Gov Pauses Economic Reopening As Lisbon Brings Back ‘Stay At Home’ Order: Virus UpdatesTexas Gov Pauses Economic Reopening As Lisbon Brings Back ‘Stay At Home’ Order: Virus Updates Tyler Durden Thu, 06/25/2020 – 12:09 Summary: Lisbon brings back stay at home orders Arizona, Fla. report latest numbers Texas Gov pauses reopening Texas gov orders suspension of elective surgeries in some counties NYC mayor says phase 3 could begin as soon as July 6 Deaths continue to lag new infections Australia sees biggest jump in cases since April UK warned about second wave US sees ~45k jump in new cases reported yesterday Global total nears 10 mil Persian Gulf virus total tops 400k India to carry out virus ‘survey’ of New Delhi Russia sees ~7k new cases, 92 deaths Dr. Scott Gottlieb: “complacency” driving new US outbreak Eiffel Tower reopens Thursday * * * Update (1210ET): After we repeatedly pointed out that deaths have continued to plateau, or decline, in most states, President Trump has finally caught on to the fact that there’s also a political upside to expanding testing capacity.
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Quant: “Here’s What Was Behind The Sell-Off And What One Should Do About It”Quant: “Here’s What Was Behind The Sell-Off And What One Should Do About It” Tyler Durden Thu, 06/25/2020 – 12:05 Global equity markets dropped steeply yesterday, with Nomura quant Masanari Takada summarizing that this probably indicates “that the bulls and the bears are deadlocked, and that it is best not to let one’s decisions be swayed too much by day-to-day market fluctuations.” However, Takada adds that it is important to properly understand what is going on, if only from a purely positioning and short-term quantitative strategic viewpoint. Below he explains what was behind the sell-off and what one should do about it. For better or worse, investor sentiment has been deadlocked between its bullish and bearish impulses. Into the context of this stalemate in sentiment came market-negative headlines concerning a second wave of the coronavirus pandemic and trade tensions between the US and Europe. The news flow caused the balance of sentiment to break down and tilt to the bearish side. However, according to the quant, other causes explain why the drop in US stocks was so steep. First, hedge funds’ current stance in the aggregate can be described as œcautiously bullish ; one pictures them stepping on the accelerator and the brakes simultaneously. A sell-off makes them more inclined to brace against downside through such means … | |
Owning Gold Is As Much About Diversification As It Is About Capital AppreciationOwning Gold Is As Much About Diversification As It Is About Capital Appreciation Tyler Durden Thu, 06/25/2020 – 11:42 Authored by Bryce Coward via Knowledge Leaders Capital blog, Regular readers of our content know that we have been building the case for several years now on why gold deserves a place in diversified portfolios. Sure, we see significant upside in gold (unlimited upside, in fact), aided as I will show by the unprecedented rise in US dollar money supply in response to the COVID crisis. But the case for gold is much deeper than simply a story of potential capital appreciation. These days, gold as an asset class is in an entirely unique position to not only provide upside potential, but also provide a layer of diversification within a portfolio that neither stocks nor risk-free nominal bonds can achieve on their own or even together. Much of this has to do with the rather disadvantageous position of risk-free bonds at the moment that have brought us to the death throes of the 60:40 portfolio. Indeed, with risk-free rates so close to zero (even o … | |
“We Rig The Game”: Facebook Whistleblower Reveals Bias Against Conservatives In Latest Veritas ExposÓWe Rig The Game”: Facebook Whistleblower Reveals Bias Against Conservatives In Latest Veritas Exposà Tyler Durden Thu, 06/25/2020 – 11:25 A Facebook content moderator has come forward to reveal rampant bias against conservatives at the social media giant. Ryan Hartwig, an Arizona-based Facebook content moderator for third-party contractor Cognizant, says he witnessed egregious double-standards both targeting conservatives or favoring liberals. “I was seeing them interfering on a global level in elections. I saw a blatant exception that just targeted conservatives or favored liberals “and you know, we’re deleting on average 300 posts or actioning 300 posts a day,” said Hartwig, adding “If you magnify that by however many content moderators there are on a global scale, that’s a lot of stuff that’s getting taken down.”
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Quarantine rules set by UK to be lifted for many European countriesMinisters look set to exempt France, Italy, Spain, Greece, and several other European countries. | |
Unilever renames Fair & Lovely skin cream after backlashThe Black Lives Matter movement has spurred companies to reassess their products and marketing. | |
Coronavirus: New laws to ease outdoor drinking and dining rulesPubs and restaurants will more easily be able to get “pavement licences” under plans to boost hospitality. | |
Indian techies look to Canada as American dream turns sourIndian techies look to Canada as American dream turns sourTrump’s decision to curb H1B and other visas is likely to see more Indians moving to Canada. | |
The worst is yet to come for the Indian RupeeThe worst is yet to come for the Indian RupeeThe portfolio inflows have done little to arrest the decline in the rupee. | |
Fair is not lovely for HUL anymoreFair is not lovely for HUL anymoreHUL will rebrand its flagship skincare brand Fair & Lovely and will stop using ‘Fair’ in the product. | |
Third Estimate 1Q2020 GDP Unchanged at 5.0%. Corporate Profits Declined.Written by Steven Hansen The third estimate of ffirst-quarter 2020 Real Gross Domestic Product (GDP) was unchanged at -5.0%. | |
COVID-19 undid 3 years of economic progress in China. Don’t expect a quick rebound, these experts sayBeijing may be falling back on an old playbook as it reels from the impact of the coronavirus. it’s a reminder of just how desperate things may have become, the China Beige Book notes, and just how interconnected the world is. | |
Here are tech companies’ plans for increasing diversity amid protests over racial inequalitySparked by social protests over systemic racism, the tech industry is laying out concrete plans to increase diversity within their workforces. Here are the plans that have been publicly announced by some of the biggest names in technology. | |
The IRS sent more than $1 billion in stimulus checks to dead peopleWhen the IRS started distributing the checks in early April, stories began cropping up of checks being sent to dead people ” including one from a friend of a Kentucky congressman. |
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