Written by Gary
Goldman Sachs says a national mask mandate would have a big impact on the U.S. economy (SPY +1.3%). DOW soars to best quarter since ’87 as fed balance sheet explodes.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Dr. Anthony Fauci says U.S. coronavirus outbreak is ‘going to be very disturbing,’ could top 100,000 new cases a day“We are now having 40 plus thousand new cases a day. I would not be surprised if we go up to 100,000 a day if this does not turn around, and so I am very concerned,” Fauci said. |
| Bentley redesigns Bentayga SUV as first vehicle under new business strategyBentley has redesigned its Bentayga SUV as a key product in the famed British carmaker’s new business plan. |
| Here’s why the biggest U.S. mall owner might want to buy JC PenneySimon Property Group might want to own bankrupt J.C. Penney to be able to redevelop some of its best real estate and make it even better, according to one analyst. |
| Dr. Anthony Fauci says new virus in China has traits of 2009 swine flu and 1918 pandemic fluThe virus, which scientists are calling “G4 EA H1N1,” has not yet been shown to infect humans but it is exhibiting “reassortment capabilities,” Dr. Anthony Fauci told the Senate Health, Education, Labor and Pensions Committee during a hearing Tuesday. |
| Arizona rolls back reopening as coronavirus cases grow in majority of U.S. statesMore than 12 states have now paused or rolled back their reopenings as cases in the U.S. jumped 40% over the past week to an average of about 39,750 on Monday, based on a seven-day moving average. |
| The wealthy are prepping for tax increases with these three strategiesAccountants and tax lawyers say they’re seeing surge in calls and emails from wealthy clients asking about actions they can take now to avoid tax hikes in 2021 and beyond. |
| Roughly 25% of New York City has probably been infected with coronavirus, Dr. Scott Gottlieb saysThe researchers said the percentage of New York City-area residents with Covid-19 antibodies “is well below the estimated 67% needed to achieve community immunity.” |
| Local UAW officials want GM to close SUV plant in Texas due to coronavirus concernsOfficials of a local chapter of the United Auto Workers union have asked General Motors to temporarily close its large SUV plant in Arlington, Texas, due to the growth of Covid-19 cases in the state. |
| Cirque du Soleil targets ‘beginning of 2021’ for shows to return from virus closures, CEO says“With the social distancing, if we could operate with 50% of our capacity, we would start making a little bit of profit,” Cirque du Soleil CEO Daniel Lamarre told CNBC. |
| Virgin Galactic expects to receive key FAA license within next two spaceflightsVirgin Galactic expects to clear remaining Federal Aviation Administration milestones after one or two more rocket-powered test flights. |
| Advisors need to listen more to keep clients on board, study saysFinancial advisors expect their managed assets to grow by 7.2% over one year and by annualized growth of 17.2% over the next three years, driven mostly by new and existing clients, according to a recent survey. |
| Walgreens says new small-format store personalizes care, could help in ‘pharmacy deserts’Expect to see fewer front-of-store items, a slimmed down selection of over-the-counter medications and an emphasis on relationships between pharmacists and customers. |
| CDC expresses ‘substantial disappointment’ with American Airlines for resuming full flights amid coronavirusA top CDC official expressed “substantial disappointment” with American Airlines for announcing that it will resume full flights starting Wednesday. |
| Dow Soars To Best Quarter Since ’87 As Fed Balance Sheet ExplodesDow Soars To Best Quarter Since ’87 As Fed Balance Sheet Explodes Tyler Durden Tue, 06/30/2020 – 16:00 Well that was a quarter… Massive and unprecedented monetary and fiscal largesse “saved” the “economy”… …for the 1%… |
| Spoos Explode Higher At 350PM On Massive Buy Imbalance To End The QuarterSpoos Explode Higher At 350PM On Massive Buy Imbalance To End The Quarter Tyler Durden Tue, 06/30/2020 – 16:00 Heading into today’s month and quarter end, which consensus expected would see a sizable $170BN in forced selling from pension and other institutions according to JPM calculations, we noted that just the opposite was happening, and with a $3BN Market On Close buy imabalnce forming, we advised readers at the bottom of the hour that the 350pm would be a sight to behold.
Sure enough, that’s precisely what happened at 350pm, when Eminis surged almost 20 points in the matter of minutes once traders realized just how sizable the last 10 minute buy rebalance would be. |
| Outrage Erupts After NYT Uses Slain Marine’s Photo For “Unsubstantiated” PropagandaOutrage Erupts After NYT Uses Slain Marine’s Photo For “Unsubstantiated” Propaganda Tyler Durden Tue, 06/30/2020 – 15:50 After the Director of National Intelligence and CIA chief Gina Haspel backed the White House’s claim that President Trump was never briefed on unvetted, raw intelligence over an alleged Russian bounty plot against US soldiers, outrage erupted after the ‘paper of record’ shamelessly used a photo of a slain marine in a follow-up report to their heavily-disputed story. Reactions to a heavily-ratio’d tweet by author Jennifer Steinhauer have ranged from shock to disgust, with few if any supporting the decision to use a photo of Cpl. Robert Hendricks, who was killed by a roadside bomb in Afghanistan in April, 2019. |
| 15 Investing Rules To Win The Long-Game15 Investing Rules To Win The Long-Game Tyler Durden Tue, 06/30/2020 – 15:35 Authored by Lance Roberts via RealInvestmentAdvice.com, I wanted to share with you a post I wrote for our RIAPro subscribers (try risk-free for 30-days) on the 15-investing rules to win the long-game. The rather œPavlovian  response to Central Bank interventions has led investors into a false sense of security with respect to the risk being undertaken. However, to understand why the œrules  are important, one must first understand the definition of œrisk  as it relates to investing. Howard Marks previously penned a great piece on this concept.
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| Plane-maker Airbus to cut 15,000 jobs amid coronavirus falloutThe aerospace firm blames coronavirus for the cuts, warning of 1,700 job losses at its UK plants. |
| Coronavirus: TM Lewin to close all UK shopsThe firm will cut 600 jobs after becoming the latest retail casualty of the coronavirus crisis. |
| Facebook: Aviva and Intercontinental Hotels Group pause adsAviva and the Intercontinental Hotels Group are the latest to suspend advertising via Facebook. |
| By banning Chinese apps, India may have hit the bull’s eyeBy banning Chinese apps, India may have hit the bull’s eyeAfter considering several wrong sanctions, it has found the right ones. India has banned 59 Chinese mobile apps. |
| Airlines implement fresh round of pay cutsAirlines implement fresh round of pay cutsIndian carriers have survived so far without fiscal assistance. But the scenario remains bleak. |
| Fuel price hike dents sales of diesel carsFuel price hike dents sales of diesel carsThe rise in diesel price has wiped out the gains from the lower running cost of diesel vehicles. |
| The Tell: Goldman Sachs has done the math and a national mask mandate to halt the spread of coronavirus would have a big impact on the U.S. economyWearing a mask has become a uniquely hot-button issue in the U.S., which finds itself in the throes of viral pandemic that appears to be drifting out of control by the day. |
| U.K. airline easyJet to close three of its airport hubs as coronavirus wreaks further havocIn a sign of the strain coronavirus has put on the airline industry easyJet announced plans that could see it cut operations at three of its U.K. airport hubs. |
| Five things to know about Leicester: the U.K. city that’s key to preventing a second wave of coronavirus infectionsLeicester, the English town famous for cheese, pork pies, and football, will be kept in lockdown for weeks while the rest of the country enjoys pubs, hairdressers, and restaurants reopening on July 4. |
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