Written by Gary
COVID-19 mortgage bailouts swell (SPY -0.3%). Personal income fell 4.2% in May, vs 6.0% drop expected.
Here is the current market situation from CNN Money | |
European markets are broadly higher today with shares in London leading the region. The FTSE 100 is up 1.43% while France’s CAC 40 is up 1.39% and Germany’s DAX is up 0.70%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
U.S. airline labor unions seek billions more to extend coronavirus payroll aid as demand remains weakCongress approved $32 billion in coronavirus aid for airline workers in March, but travel demand remains weak. | |
Ford unveils new F-150 as tech-savvy pickup with hands-free driving and integrated power generatorFord is bringing a new level of technology to its 2021 F-150 pickup to attract new buyers while also trying to please its loyal customers with features tailored to them. | |
Warner Bros. pushes ‘Tenet’ release to August as coronvirus cases riseWarner Bros. is once again postponing the release of Christopher Nolan’s “Tenet,” as a rise in coronavirus cases threatens the movie theater industry. | |
Coronavirus live updates: Housing and jobs markets show signs of slowing recoveryThe coronavirus has infected more than 9.62 million people around the world as of Friday, killing at least 489,731 people. | |
Harley-Davidson to cut about 140 jobs in the U.S.Harley-Davidson said on Thursday it will cut about 140 jobs in the United States following the motorcycle maker’s decision to adjust production volumes. | |
The work-from-home stock rally will endure beyond the current crisis, strategist predictsShares of companies which enable working from home have been hot property during the coronavirus pandemic, but this trend is here to stay, according to Saxo Bank Head of Equity Strategy Peter Garnry. | |
Lamborghini wrecked just 20 minutes after leaving the showroomA Lamborghini was destroyed in a collision on a highway in West Yorkshire in the U.K., just 20 minutes after the car left the showroom. | |
Nike reports unexpected loss as sales tumble 38%, shares fallEven Nike, often lauded as one of the strongest global brands in the retail industry, is taking a hit from the coronavirus pandemic. | |
5 things to know before the stock market opens FridayDow futures declined Friday, with bank stocks falling on Fed stress-test restrictions and Nike dropping on disappointing quarterly results. | |
Albertsons pulls off a downsized IPO after years of tryingU.S. supermarket operator Albertsons decided to go ahead with a downsized $800 million initial public offering on Thursday, the culmination of multiple attempts by its private equity owner Cerberus Capital Management to cash out. | |
Record spikes in U.S. coronavirus cases push up hospitalization rates in 16 statesThe U.S. reported more than 34,400 coronavirus cases on Wednesday, according to a CNBC analysis of Johns Hopkins University data, after health officials in California, Florida and Texas all reported record-high single-day spikes. | |
Texas and Florida pause reopening more business as cases surgeThe coronavirus has infected more than 9.44 million people around the world as of Thursday, killing at least 482,923 people. | |
‘Covid-19 still is very real’: Major grocery union calls for mask requirements as cases spikeThe United Food and Commercial Workers International Union, said the pandemic hasn’t ended and neither have health risks for workers. | |
US Spending Rebound Disappoints As Government Handouts ShrinkUS Spending Rebound Disappoints As Government Handouts Shrink Tyler Durden Fri, 06/26/2020 – 08:38 Following the somewhat surprising surge (stimulus checks) in personal incomes in April (after March’s collapse), May’s income data was expected to fade as spending rebounded strongly (on the pent-up-demand after re-opening). On a month-over-month basis, personal income did drop, but less than expected (-4.2% MoM vs -6/0% exp) but spending rose less than expected (+8.2% MoM vs +9.3% exp) – this was still the biggest surge in spending on record (since 1958). | |
The Biggest Disconnect Between Prices And Profits In Stock Market History?The Biggest Disconnect Between Prices And Profits In Stock Market History? Tyler Durden Fri, 06/26/2020 – 08:19 Authored by Jesse Felder via TheFelderReport.com, Everyone is talking about the massive disparity between stock prices and fundamentals right now. To paraphrase Jeremy Grantham, we now find ourselves in the top 1% of stock market valuations and the bottom 1% of economic outcomes (based on the annualized rate of decline in second quarter GDP). A popular way to demonstrate this gap is seen in the chart below which plots total equity values along with total corporate profits. | |
Hi-Crush To File For Bankruptcy: Shares Crash After Robinhooders Went All-InHi-Crush To File For Bankruptcy: Shares Crash After Robinhooders Went All-In Tyler Durden Fri, 06/26/2020 – 08:04 As we’ve been warning – a bankruptcy tsunami has only just begun – there’s a striking correlation between the unemployment rate and loan delinquencies. | |
US Sees Second Straight Record Jump In Daily COVID-19 Cases; Biden Says He Would Make Mask-Wearing Mandatory: Live UpdatesUS Sees Second Straight Record Jump In Daily COVID-19 Cases; Biden Says He Would Make Mask-Wearing Mandatory: Live Updates Tyler Durden Fri, 06/26/2020 – 07:48 Summary: US sees second straight record jump in daily new cases India cases top 500k after another record jump Almost all US states seeing biggest jump in cases are located in south, west Japan reports 100 new cases, biggest spike in weeks Beijing unwinds more restrictions after latest cluster scare * * * As we reported last night, the US saw another record (or near record, depending on who you ask) jump in newly confirmed COVID-19 cases yesterday thanks to new records in Florida and Texas, and record (or near-record) numbers across much of the south and west. According to the Washington Post, the final count for Thursday’s increase was 39,327 new infections reported by state health departments across the country. That number surpasses WaPo’s total … | |
Shopping centre giant Intu on brink of administrationIntu, the owner of the Trafford, Braehead and Lakeside centres, fails to reach a deal with lenders. | |
Tesco shoppers buying more during fewer tripsThe supermarket says that in the three months to May, the number of trips fell by nearly a third. | |
Holiday boom: ‘It’s bonkers. The phone has not stopped ringing’Tourist spots have seen bookings boom after the government gave holidays the go ahead from 4 July. | |
Covid has made India’s devastating gender gap even worseCovid has made India’s devastating gender gap even worseLess than a quarter of women in India are in labour force ” among the poorest standings in world . | |
RBI dodges loan restructuring bullet, for nowRBI dodges loan restructuring bullet, for nowThe RBI release was silent on whether banks’ demand for one-time restructuring of loans was discussed at all. | |
Unlocking does little to revive animal spiritsUnlocking does little to revive animal spiritsDownturn in business and investment activity deepened in May despite parts of the economy exiting lockdown. | |
May 2020 Headline Personal Income Jumps, Expenditures Significantly ImproveWritten by Steven Hansen This month there was a coronavirus bounce which reduced income and improved spending. | |
Rail Week Ending 20 June 2020 – Again Slight Improvement But Remains Deep In ContractionWritten by Steven Hansen Week 25 of 2020 shows same week total rail traffic (from same week one year ago) contracted according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is taking a hit from coronavirus. The carloads intuitive sector’s rolling average again marginally improved this week but remains historically low. Intermodal has a serious contraction due to the logistic headwinds of the coronavirus but again improved this week. | |
A lot of bad news is converging on the stock market ” here’s how to deal with itAs market weakness develops, scale into stocks that get hit the most. | |
Drone deliveries and holograph shopping are being fast tracked thanks to coronavirus: here are some companies set to benefitThe future of grocery shopping will involve shopping from home using virtual reality headsets and deliveries via drones and self-driving cars, according to this banker. | |
Need to Know: Why one strategist is actually encouraged by a spike in new U.S. coronavirus casesOne strategist is actually encouraged by the latest coronavirus data that has seen cases spike outside of the New York metropolitan area. Here’s why. |
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