Written by Gary
A down week for stocks? Bad news was not good news and dips weren’t bought
(SPY -2.4%). Nasdaq was the least worst on the week as Dow, SP 500, and Small Caps all fell in line.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Coronavirus contact tracing is ‘not going well,’ Dr. Fauci says, U.S. still needs more testingDr. Anthony Fauci said he personally is an advocate of “flooding the system with testing, so you really get a good handle about what is going on in the community.” |
| 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. |
| Florida ends drinking at bars, shatters record spike in new coronavirus casesThe Florida Department of Health also reported that 13.05% of all tests came back positive, up from 8.92% reported on Thursday. |
| Albertsons CEO says grocery operator’s IPO is ‘a great accomplishment’ amid coronavirus pandemicAlbertsons debuted on the New York Stock Exchange Friday at a lower-than-expected $16 per share, but the supermarket operator has gotten a bounce from shopping trends during the pandemic. |
| 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. |
| 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 reached a record high of more than 33,000 cases, according to a CNBC analysis of Johns Hopkins University data. |
| As U.S. coronavirus cases spike, country will ‘be seeing more deaths,’ Dr. Fauci saysSome states might have to consider shutting down businesses and implementing restrictions on movement again to keep the health-care system from getting overwhelmed, Fauci said. |
| Coronavirus task force makes plea to young people: ‘You will infect someone who’s vulnerable’“People are infecting other people and ultimately you will infect someone who’s vulnerable,” Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said during a press briefing. |
| This stock could be a litmus test for the rest of the travel industry: Miller TabakThe travel industry has been dealt another blow as the tri-state area imposes quarantine restrictions. One stock showcases the danger the rest of the group is in, says Matt Maley of Miller Tabak. |
| NBA finalizes plans to resume season at Disney World in Orlando as Florida coronavirus cases surgeThough the NBA and its players have their plans finalized, concerns remain about sports resuming in Florida as coronavirus cases surge there. |
| 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. |
| Boeing 737 Max certification flight test expected soonA certification flight test, which is expected to last at least two days, is likely to take place starting as early as Tuesday but has not been finalized. |
| 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. |
| Florida, Texas Close Bars, Arizona Warns Hospital Capacity Limited, With US On Track For 3rd-Straight Record Jump: Virus UpdatesFlorida, Texas Close Bars, Arizona Warns Hospital Capacity Limited, With US On Track For 3rd-Straight Record Jump: Virus Updates Tyler Durden Fri, 06/26/2020 – 16:04 Summary: San Francisco delays reopening US is on track for third-straight record jump Arizona Gov warns hospitals near surge capacity as emergency plan activated Here are NJ’s latest number Dr Taleb: “lockdowns are expensive. Masks are not”. California COVID-19 cases climb 2.5% Trump cancels weekend trip to New Jersey EU moving toward blocking US travelers UAL to restart routes between SF & Shanghai Florida follows Texas, closes bars Arizona sees daily, weekly rise in new cases Houston declares “top-level” emergency Fla reports another record jump Dr. Fauci says WH considering “pool testing ” approach to uncover new outbreaks more quickly Abbott orders taverns to close Texas Gov expected to roll back reopening measures after announcing ‘pause’ 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 u … |
| Stocks & Bond Yields Plunge On COVID Surge & Fed Balance Sheet PurgeStocks & Bond Yields Plunge On COVID Surge & Fed Balance Sheet Purge Tyler Durden Fri, 06/26/2020 – 16:00 That felt weird eh? A down week for stocks? Bad news was not good news and dips weren’t bought? Nasdaq was the least worst on the week as Dow, S&P, and Small Caps all fell in line… |
| Study Finds Gap Widening Between Rich Pets And Poor AmericansStudy Finds Gap Widening Between Rich Pets And Poor Americans Tyler Durden Fri, 06/26/2020 – 15:50 Highlighting the consequences of decades of U.S. policies that have contributed to rising economic inequality, a new study released Tuesday by Stanford University’s Center on Poverty and Inequality found a widening gap between the nation’s rich pets and poor citizens. |
| The Fourth Bubble – Instability & The Problem Of DebtThe Fourth Bubble – Instability & The Problem Of Debt Tyler Durden Fri, 06/26/2020 – 15:25 Authored by Lance Roberts via RealInvestmentAdvice.com, It didn’t take long. Over the last several years, we have discussed the risk of excessive monetary policy inflating a bubble in a variety of assets from debt, to real estate, to stocks. In March, it appeared as if the bubble had finally popped. However, the Fed’s quick response and massive monetary interventions ceased the asset bubble’s deflation and reinflated it. Another Bubble The idea of another bubble was put forth recently by Jeremy Grantham of GMO fame:
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| Shopping centre giant Intu enters administrationShopping centres including Trafford and Lakeside will continue to trade under administrators KPMG. |
| Facebook adds labels as Unilever joins boycottUnilever said it would halt advertising on Facebook and Twitter through the end of the year. |
| Wirecard: Cardholders’ money locked as FCA freezes UK subsidiaryUsers of the U Account, as well as apps such as Curve, Pockit and Anna Money, are unable to access their money. |
| Chinese investors’ love for Indian startups is only growingChinese investors’ love for Indian startups is only growingThere has been a 12 times growth of Chinese investments in startups over the past 4 years to $ 4.6 bn in 2019. |
| Rishad Premji on why WFH isn’t the futureRishad Premji on why WFH isn’t the futureWipro chairman Rishad Premji said future of work could be a blended model and not completely work from home. |
| India warns China of ‘ripples & repercussions’India warns China of ‘ripples & repercussions’India warned China that trying to alter the status quo will have ‘ripples and repercussions’ in bilateral ties. |
| Key Words: ‘All I hear is old-timers say that the retail bros are going to get crushed,’ the ‘supreme leader’ of stock-market day traders says “but ‘I’m beating them like a drum’In an op-ed on Fox Business on Friday, Portnoy claims that the financial community that initially embraced him as a newbie bringing attention to the world of investing to a younger crowd suddenly became resentful of the success that he seemed to be enjoying using his unique brand of equity trading. |
| Key Words: ‘Black Swan’ author says if investors don’t use a ‘tail hedge,’ he recommends ‘not being in the market’ ” ‘We’re facing a huge amount of uncertainty’Speaking during an interview on CNBC on Friday, the popular author Nassim Taleb, offers the notion that investors should be hedged against so-called tail risk, which refer to extreme events that also have a low probability of happening in a distribution of outcomes. |
| MarketWatch First Take: Microsoft dumps retail stores meant to rival Apple ” Is Surface line of gadgets next?Microsoft Corp.’s permanent closure of its retail stores during the global pandemic is not surprising, given the negligible amount of revenue the stores contributed to the company, but it may be a sign that the Surface hardware business could eventually be on the chopping block. |
Summary of Economic Releases this Week
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