Written by Gary
US stock markets are rallying today on the back of upbeat economic data and a surge in shares of Boeing (SPY +1.2%).
Here is the current market situation from CNN Money | |
North and South American markets are broadly higher today with shares in U.S. leading the region. The S&P 500 is up 1.25% while Brazil’s Bovespa is up 1.05% and Mexico’s IPC is up 0.65%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
NY malls can’t open without air conditioning systems that filter the coronavirus, Gov. Cuomo says“Any malls that will open in New York, large malls, we will make it mandatory that they have air filtration systems that can filter out the Covid virus,” New York Gov. Andrew Cuomo said. | |
Pharrell Williams calls on companies, legislators to make Juneteenth a paid holidayPharrell Williams, Ellen DeGeneres, Kenya Barris and Van Jones are working with Global Citizen and Teneo to help galvanize companies and state governments to recognize Juneteenth as a paid holiday. | |
New York City’s Broadway to remain dark through the rest of 2020On Monday, the Broadway League, a trade organization representing producers and theater owners, announced that Broadway performances in New York City will be suspended through the remainder of 2020 due to the coronavirus outbreak. | |
WHO warns coronavirus pandemic is speeding up as countries ease lockdown rules“We all want this to be over. We all want to get on with our lives, but the hard reality is that this is not even close to being over,” WHO chief Tedros Adhanom Ghebreyesus said. | |
More states reverse or slow reopening plans as coronavirus cases climbThe number of new Covid-19 cases per day in the U.S. jumped 42% over the past week to an average of about 38,200 on Sunday, based on a seven-day moving average. | |
Instagram co-founder who built a coronavirus tracker says it’s showing concerning spread levels“People like to say we’re not in a second wave. I don’t know what a second wave [is] if that’s not a second wave,” Instagram co-founder Kevin Systrom told CNBC on Monday. | |
Gilead’s coronavirus treatment remdesivir to cost $3,120 per U.S. patient with private insurance“At the level we have priced remdesivir and with government programs in place, along with additional Gilead assistance as needed, we believe all patients will have access,” Gilead CEO Daniel O’Day said in an open letter. | |
Burger King’s U.S. same-store sales are flat as fast-food customers return to restaurantsBurger King’s U.S. same-store sales are trending flat as customers return to its locations for Whoppers and french fries. | |
Coronavirus live updates: Danaher antibody test gets emergency approval; Gilead sets remdesivir pricingThe coronavirus has infected more than 10.15 million people around the world as of Monday, killing at least 502,048 people. | |
CEO of major hospital in epicenter of Texas’ coronavirus surge issues a warning to young adults“We are definitely seeing this affect young people, and they’re getting quite ill. So we really need everybody to do their part,” Houston Methodist CEO Dr. Marc Boom told CNBC on Monday. | |
Plastic waste surges as coronavirus prompts restaurants to use more disposable packagingThe surge in single-use plastic is a major blow to the fight against plastic pollution, which is projected to increase by 40% in the next decade. | |
Stocks making the biggest moves midday: Southwest, Boeing, Coty, Beyond Meat & moreBoeing jumps to lift the broader market while Beyond Meat tanks after a Barclays downgrade. | |
More than 500,000 people have died from coronavirus worldwide as infections continue to surgeThere are still no drugs approved by the U.S. Food and Drug Administration to treat Covid-19. | |
Flynn Lawyer Slams Twitter’s Jack Dorsey Over ‘Abuse Of Conservative And Patriotic Free Speech’Flynn Lawyer Slams Twitter’s Jack Dorsey Over ‘Abuse Of Conservative And Patriotic Free Speech’ Tyler Durden Mon, 06/29/2020 – 12:46 Update (1245ET): Powell, apparently un-suspended with the previous warning removed to view her account, slammed Twitter’s Jack Dorsey in a Monday tweet. “.@Jack Why in the world did @Twitter
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The Theory Of MMT Falls Flat When Faced With Reality (Part I)The Theory Of MMT Falls Flat When Faced With Reality (Part I) Tyler Durden Mon, 06/29/2020 – 12:35 Authored by Lance Roberts via RealInvestmentAdvice.com, If you haven’t heard of Modern Monetary Theory, or œMMT, you will soon. If you recently lost your job due to the economic shut down, and received a stimulus check, you are already a beneficiary. As we will discuss in Part-1 of this two-part series, MMT’s theory falls flat when faced with reality. With economic growth sluggish, unemployment high, and the wealth gap widening, politicians will be increasing pressure to delve deeper into MMT to cure our economic woes. However, to understand more about the premise of MMT, economist Stephanie Kelton, recently produced a video explaining the concept. The Government Isn’t A Household
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83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal Tyler Durden Mon, 06/29/2020 – 12:15 Over the years, we have periodically reported of the occasional gold bar discovered as counterfeit in Manhattan’s Diamond District which instead of containing the yellow precious metal would be filled with gold-plated tungsten or in some cases copper. The news would spark a brief wave of outrage, prompting physical gold holders to run ultrasound spot checks of their inventory, at which point interest would wane and why not: buyer, after all, beware in gold as in every other market, and if someone is spending thousands to buy fake gold, well that’s Darwinism in action. | |
“Irreparable Harms”: How The Flynn Case Became A Dangerous Game Of Legal Improvisation“Irreparable Harms”: How The Flynn Case Became A Dangerous Game Of Legal Improvisation Tyler Durden Mon, 06/29/2020 – 12:00 Authored by Jonathan Turley, Below is my column in USA Today on the D.C. Circuit ordering Judge Emmet Sullivan to dismiss the case of former National Security Adviser Michael Flynn. After this column ran, new evidence emerged that further undermined the FBI and the targeting of Flynn, as discussed in another recent column. Notes from fired FBI Special Agent Peter Strzok show that former FBI Director James Comey told President Barack Obama and Vice President Joe Biden that Flynn’s call to the Russian diplomat œappear legit.  Nevertheless, Biden (who denied having anything to do with the case) is noted as raising the idea of a charge under the facially unconstitutional Logan Act, a law that has never been used successfully to charge a single person since the beginning of this Republic. Comey of course was the one who | |
Coronavirus: UK hardest hit by virus among leading G7 nationsAnalysis by the BBC shows Covid-19 deaths and excess deaths have been proportionately worse in the UK. | |
Wirecard: ‘It’s really bad. I’m left with nothing’Thousands of people have been barred from using their cash because of the collapse of Wirecard. | |
Byron Burger lines up administrators as it seeks buyerThe burger chain wants some protection from creditors as it seeks a rescue deal. | |
India ups ante, bans 59 China-linked apps including TikTokIndia ups ante, bans 59 China-linked apps including TikTokShareIT, UC browser and shopping app Clubfactory are among other prominent apps which have been banned. | |
There’s some good news amid Covid gloomThere’s some good news amid Covid gloomIndia has been holding up better in hiring than other economies amid the COVID-19 pandemic . | |
The new gold rally: Here’s how to play itThe new gold rally: Here’s how to play itWhile other asset classes are feeling the heat due to Covid-19, gold is the flavour of the season. | |
Market Snapshot: Dow holds 400-point gain after housing data surges in May, even as coronavirus cases top 10 millionThe Dow Jones Industrial Average is rallying Monday on the back of upbeat economic data, a surge in shares of Boeing and hope that nationwide lockdowns still can be avoided as several states battle with surging COVID-19 infections. | |
Key Words: ‘Black Swan’ author says that 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. | |
Coronavirus update: Global COVID-19 case tally tops 10 million and Florida, South Carolina and Nevada set daily recordsThe number of confirmed cases of the coronavirus illness COVID-19 topped 10 million around the world and the death toll surpassed a half million over the weekend, and Florida, South Carolina and Nevada all recorded their highest number of new infections in a single day. |
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