Written by Gary
Stocks making the biggest moves midday: Gap, Nike, JPMorgan (SPY -2.0%). Any hope for a “v-shaped recovery” has been completely crushed.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly lower today with shares in U.S. off the most. The S&P 500 is down 1.86% while Brazil’s Bovespa is off 1.31% and Mexico’s IPC is lower by 0.87%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| New Ford F-150 adding tech consumers are ‘more than willing to pay for,’ exec saysOn Thursday evening, Ford unveiled traditional and hybrid versions of the 2021 F-150 pickup. The truck is scheduled to begin arriving in dealerships this fall. |
| Texas rolls back its reopening a day after pausing plans as coronavirus cases rise“As I said from the start, if the positivity rate rose above 10%, the State of Texas would take further action to mitigate the spread of COVID-19,” Gov. Greg Abbott said in a press release. |
| Gap stock soars after Kanye West touts collaboration with his fashion brand YeezyIn a tweet on Friday, Kanye West shared a photo of clothing being taken out of bag that says “developed by Yeezy and GAP.” |
| This chart shows the link between restaurant spending and new cases of coronavirusHigher restaurant spending appears to be linked to a faster spread of the coronavirus, according to JPMorgan. |
| Coronavirus vaccine will not be a cure-all, virologist warnsVirologist Robert Lambkin-Williams told CNBC there was no clear evidence that antibodies produced to fight off the coronavirus gave people any protection against being reinfected. |
| Coronavirus live updates: U.S. 7-day average hits record high; American Airlines to resume full flights on July 1The coronavirus has infected more than 9.64 million people around the world as of Friday, killing at least 490,055 people. |
| Coronavirus mask mandates differ across the country as hot spots multiply and states play politicsWith multiple states experiencing a spike in Covid-19 cases amid the ongoing pandemic, controversy has brewed over whether people should be required to wear masks in public to help slow the spread of the virus. |
| Stocks making the biggest moves midday: Gap, Nike, JPMorgan & moreThese are the stocks posting some of the largest moves in midday trading. |
| Florida reports nearly 9,000 new coronavirus cases, shattering record for single-day jumpThe Florida Department of Health also reported that 13.05% of all tests came back positive, up from 8.92% reported on Thursday. |
| Nike CEO John Donahoe tells employees that layoffs are comingOn the same day Nike reported a $790 million loss in quarterly earnings, CEO John Donahoe told employees that layoffs are coming. |
| This critical link could help bridge America’s racial wealth gapBlacks’ and Latinx’ median wealth lags significantly behind Whites, and so does job opportunity. Free training and financial education can help.Free job training and financial education can help. |
| Coronavirus cases grow in more than 30 states as the U.S. sets a record for average daily casesAs of Thursday, the nation’s seven-day average of new Covid-19 cases reaching a record high of more than 33,000 cases, according to a CNBC analysis of Johns Hopkins University data. |
| American Airlines to resume full flights in July amid coronavirus pandemicAmerican Airlines announced Friday that it will resume full flights starting July 1 amid the ongoing coronavirus pandemic. |
| Any Hope For A “V-Shaped Recovery” Has Been Completely CrushedAny Hope For A “V-Shaped Recovery” Has Been Completely Crushed Tyler Durden Fri, 06/26/2020 – 12:37 Authored by Michael Snyder via TheMostImportantNews.com, We were supposed to be well into a œrecovery by now, but instead more bad economic news just keeps pouring in. In fact, the numbers that I am going to share with you in this article are absolutely eye-popping. Initially, many of the economic optimists had been trying to convince us that we would experience a œshort, sharp recession followed by a œV-shaped recovery . Well, at this point it has become quite clear that we can forget all about that scenario. The mainstream media is increasingly starting to use the word œdepression to describe what is happening to the U.S. economy, and the raw numbers definitely support the use of that label. |
| Watch Live: White House Task Force Delivers First Public Briefing In MonthsWatch Live: White House Task Force Delivers First Public Briefing In Months Tyler Durden Fri, 06/26/2020 – 12:34 In the task force’s first public briefing since suspending its daily acrimonious press briefings, VP Pence is leading a team that, without President Trump (though he did just cancel a weekend trip to NJ) is expected to discuss the recent upsurge in cases, and a new potential strategy leaked to the press called “pool testing”. We have more on that here. Watch live below: |
| Facebook Tumbles As Unilever Joins List Of Ad-Boycotting Virtue-SignalersFacebook Tumbles As Unilever Joins List Of Ad-Boycotting Virtue-Signalers Tyler Durden Fri, 06/26/2020 – 12:20 The growing number of companies that are pausing ads on Facebook in response to the social media giant’s handling of hate speech and violence is starting to have a notable effect on the company’s share price. |
| DraftKings Insiders Dump $596 Million Of Stock On Unsuspecting Robinhood DaytradersÂDraftKings Insiders Dump $596 Million Of Stock On Unsuspecting Robinhood Daytraders Tyler Durden Fri, 06/26/2020 – 12:16 DraftKings Inc. filed several Form 4s with the Securities and Exchange Commission this week regarding insider selling by the president of the company, Paul Liberman, and others. Insider Transactions |
| Shopping centre giant Intu enters administrationShopping centres including Trafford and Lakeside will continue to trade under administrators KPMG. |
| Kanye West back at Gap with Yeezy fashion lineShares in the struggling US clothing company, where the singer worked as a teenager, surged on the news. |
| Intu collapse: What went wrong for the retail giant?The owner of some of the UK’s biggest shopping centres had been battling issues for years. |
| Brace yourselves, 2020 could be one of the worst yrs for economyBrace yourselves, 2020 could be one of the worst yrs for economyIndian economy is in deep trouble with growth expected to contract by 5 per cent this fiscal, S&P has said. |
| Covid makes India Inc look for tough leadersCovid makes India Inc look for tough leadersFirms are looking for effective and tough leaders to steer them through an economic downturn to the next level. |
| Indian firms’ love for China won’t fade awayIndian firms’ love for China won’t fade awayIndian auto and pharma industries import several critical components and raw materials from China. |
| 19 June 2020 ECRI’s WLI Improvement Continues But Continues In Contraction
ECRI’s WLI Growth Index which forecasts economic growth six months forward improved, remains deep in contraction, and remains at a level at the values seen during the Great Recession. |
| Is Robinhood making money off those day-trading millennials? Well, yes. That’s kind of the point.Brokerages make money by allowing companies called ‘market makers’ to act as middlemen between parties that want to buy and those that want to sell. It’s not nefarious, one long-time industry veteran notes, it’s how financial markets work – and work better. |
| The Tell: Here’s a hedge fund strategy that just might work for youThis strategy isn’t just a winner, these analysts think, but evidence that hedge funds may finally start to out-perform. |
| TaxWatch: Taxpayers who wait to file their taxes this year can get interest on top of their refund ” just don’t bank on getting much‘These people will not be able to go on a vacation on this money. You might get a latte.’ |
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