Written by Gary
The US reported more than 44,700 coronavirus cases on Tuesday (SPY +0.7%), the second-highest daily increase. Economic outlook continues to be dependent on the course of the pandemic.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Blocking middle seats on planes is a ‘PR strategy, not a safety strategy,’ United saysUnited dismissed the effectiveness of blocking middle seats on board, calling it a “PR strategy” |
| GM, Fiat Chrysler U.S. auto sales tank in second quarter as coronavirus saps demandU.S. vehicle sales in the second quarter for General Motors, Toyota Motor and Fiat Chrysler plunged by more than 30% |
| Billionaires are spending more on political contributions, here are the three biggest spendersAmerica’s billionaires are now spending 20 times more on political contributions than they did a decade ago, according to a new study. |
| U.S. already at 100,000 new coronavirus cases a day, it just isn’t testing them all, former FDA Commissioner Gottlieb says“States like Texas and Florida, they’re falling behind on testing right now because the testing isn’t evenly distributed across the country,” former FDA Commissioner Dr. Scott Gottlieb said. |
| Rocky road ahead at Macy’s, potential ‘regional flare-ups,’ with Covid-19 cases surging in some statesThe road to recovery at Macy’s is likely going to be a rocky one because of the coronavirus pandemic. The retailer warned Wednesday that sales are falling again in states such as Texas where Covid-19 cases are on the rise. |
| Luckin Coffee says independent probe into sales fraud is ‘substantially’ completeLuckin Coffee said Wednesday that it has “substantially” completed its independent internal probe into sales fraud. |
| Watch Healthy Returns: The path forward with Emily OsterYou’ve got questions, and she’s got answers. On this week’s “Healthy Returns: The Path Forward” live stream, Brown University Economics Professor and creator of the Covid Explained website, Emily Oster, shares the latest research and unbiased data on Covid-19. Wednesday, July 1 at 4:30p ET. Submit your questions using #HealthyReturns. |
| US reports second-highest day of new coronavirus cases as Arizona, California set new recordsThe U.S. reported more than 44,700 coronavirus cases on Tuesday, the second-highest daily increase, according to Johns Hopkins University data. |
| SoFi stadium in LA completes the largest video scoreboard ever made for pro sportsSoFi Stadium’s Oculus video scoreboard weighs roughly 2.2 million pounds and features 70,000 square feet of LED lighting, according to the National Football League. |
| ‘Talk less and do more’: Lowe’s CEO Marvin Ellison says corporate leaders must step up diversity effortsDuring a virtual speaker series on Wednesday, Ellison said it’s “mentally exhausting that in 2020, we’re still discussing racial injustice.” |
| Record fireworks sales expected as Fourth of July gets celebrated at home during the pandemicCovid-19 has prompted the cancellation of thousands of large fireworks displays to celebrate Independence Day. Without these attractions, more people than ever are setting off their own firework displays. |
| Oppressive heat approaches U.S. in early July as wildfires burn through ArizonaA potentially historic heat wave is expected to hit more than two-thirds of the continental U.S. in the first several weeks of July, according to the National Weather Service Climate Prediction Center. |
| Vaccine Hype Redux Sparks Another Big-Tech Buying-Panic, Gold DumpedVaccine Hype Redux Sparks Another Big-Tech Buying-Panic, Gold Dumped Tyler Durden Wed, 07/01/2020 – 16:00 Ok, so this is what happened today… 0742ET PFIZER CSO SAYS COVID VACCINE IS `VERY PROMISING’ 0815ET ADP Job growth slows (massive revisions) 1000ET ISM jumps into expansion (biggest jump ever) 1110ET ARIZONA REPORTS RECORD ONE-DAY INCREASE IN VIRUS CASES 1240ET U.S. READIES GLOBAL SANCTIONS ON CHINA OVER XINJIANG ABUSES 1310ET HOUSTON-AREA ICUS REACH 102% OF CAPACITY: TEXAS MEDICAL CENTER 1400ET FOMC MINUTES – No YCC, More QE (But it may not work), Stocks only up on hope 1420ET GOV NEWSOM ORDERS LA COUNTY RESTAURANTS CLOSED FOR 3 WKS: EATER 1425ET APPLE RE-CLOSING 30 MORE STORES THURSDAY: CNBC 1510ET CALIFORNIA CLOSES INDOOR DINING IN 19 COUNTIES, INCLUDING L.A. And the result of all that… Nasdaq soared to new record highs, Small Caps were dumped and the Dow unch…until the last 10 minutes… |
| America’s First All-PPE Retail Store Opens In MarylandÂAmerica’s First All-PPE Retail Store Opens In Maryland Tyler Durden Wed, 07/01/2020 – 15:47 Like many small businesses, Chris McCormick’s advertising firm imploded during the pandemic-induced economic crash. He had to act quickly, and reinvent his business model during lockdowns as he furloughed all his employees. McCormick began making personal protective equipment (PPE) in March. Before he knew it, orders for PPE, including shields and face coverings, were red hot as confirmed COVID-19 cases and deaths exploded across the Baltimore “Washington metropolitan area. Three months later, his newly reinvented company has more than 100 employees and just recently opened up a retail brick and mortar store inside Columbia Mall, called Shield Pals. Shield Pals, according to WBFF Fox45, is America’s first all-PPE retail store. … |
| Bitcoin Set For $288K Bull Run In 2020, Popular BTC Price Model SaysBitcoin Set For $288K Bull Run In 2020, Popular BTC Price Model Says Tyler Durden Wed, 07/01/2020 – 15:25 Authored by William Suberg via CoinTelegraph.com, The latest update of Bitcoin’s S2FX price model shows July is beginning exactly as required for a long-term bullish trajectory to continue. |
| North Carolina 3rd State To Report Record Jump In COVID-19 Cases As Trump Changes Mind On Masks: Live UpdatesNorth Carolina 3rd State To Report Record Jump In COVID-19 Cases As Trump Changes Mind On Masks: Live Updates Tyler Durden Wed, 07/01/2020 – 15:19 Summary: North Carolina reports record jump in COVID-19 cases Cali orders 19 counties to close Trump does U-turn on masks California orders 19 counties including LA to close restaurants dining for 3 weeks Apple closes another 30 stores Atlanta Airport closes California reports another record jump Houston ICUS at 102% capacity Nevada reports third-highest daily total yet NY releases Wednesday numbers Arizona reports another record daily case count NYC delays return of indoor dining Florida reports daily cases for last 24 hours Goldman says 40% of US has rolled back economic reopening or put them on hold Oxford scientist warns vaccine by end of year far from guaranteed Pfizer vaccine headline sends futures higher US reported 48k+ new cases yesterday Australia locks down 300k in Victoria Brazil imposes travel ban as deaths near 60k Tokyo reports most cases since state of emergency lifted German infection rate below R for 7th day * * * Update (1530ET): PA just becam … |
| Coronavirus: UK firms slash more than 12,000 jobs in two daysBusinesses including Topshop owner Arcadia, Harrods, John Lewis, Airbus and EasyJet are cutting back. |
| Google and Facebook too powerful, says watchdogThe competition watchdog calls for new rules to tackle tech giants, including powers to break them up. |
| Coronavirus: Upper Crust owner SSP to cut up to 5,000 UK jobsSSP Group has been hit badly by the reduction in train and air travel caused by the coronavirus. |
| Auto sales improve in June, but it’s a long road to recoveryAuto sales improve in June, but it’s a long road to recoveryMajor automobile manufacturers see big dip in June sales, though fared better as compared to May . |
| Aid for NBFCs come with riders attachedAid for NBFCs come with riders attachedNBFCs, HFCs with more than 6% net NPAs won’t be eligible for special liquidity scheme, the RBI has said. |
| Private equity tap to run dry for realty firmsPrivate equity tap to run dry for realty firmsPrivate equity inflows into Indian real estate is expected to be 45-50% lower in 2020 from a year ago. |
| 10 June 2020 FOMC Meeting Minutes: Economic Outlook Continues To Be Dependent On the Course Of the Pandemic
The 10 June 2020 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members. An interesting quote regarding the economy:
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| The Conversation: Here’s the latest on what we know works ” and doesn’t work ” in treating coronavirus infectionsSteroids and Remdesivir have already been shown to help fight COVID-19. It’s too early to judge on a couple of other possibilities. |
| After months of speculation, investors get excited about Pfizer, BioNTech’s coronavirus vaccine candidateThe path to a COVID-19 vaccine has started to come into view this week, following the stock-moving disclosures of preliminary clinical data for two candidates and a rigorous new regulatory road map from the Food and Drug Administration. |
| Trump Today: Trump says he wants more stimulus checks: ‘I support actually larger numbers than the Democrats’President Donald Trump on Wednesday says he is in favor of providing another round of stimulus checks to Americans, as he discussed what could go in another coronavirus aid package that Washington is expected to deliver around the end of this month. |
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