02Jul2020 Pre-Market Commentary: Wall Street To Open Sharply Higher, DOW Up 417 Points, WTI Crude Up To 40.23, US Dollar Slips To 96.93, Gold Drops To 1763

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.69% while France’s CAC 40 is up 1.46% and London’s FTSE 100 is up 0.69%.

Tesla shares soar after reporting big beat on second-quarter deliveries

The deliveries come a day after Tesla CEO Elon Musk sent out an e-mail congratulating his tens of thousands of employees on their “amazing” execution “in such difficult times.”

Ford is partnering with Disney to unveil Bronco SUVs on July 13

Ford will unveil its “Ford Bronco 4×4 family” of vehicles across Disney’s media networks, including ABC, ESPN, National Geographic and Hulu.

Coronavirus live updates: U.S. reports a record 50,000 new cases in a day

The coronavirus has now infected more than 10.71 million people around the world as of Thursday, killing at least 516,726 people.

Novartis pays $729 million to settle U.S. kickback charges

Novartis agreed to pay more than $729 million to settle U.S. government charges it paid illegal kickbacks to doctors and patients to boost drug sales, the U.S. Department of Justice said on Wednesday.

5 things to know before the stock market opens Thursday

Dow futures pointed to a strong gain at Thursday’s open after a double dose of jobs data.

McDonald’s is halting its U.S. reopening plans as coronavirus cases spike

McDonald’s is pausing its U.S. reopening plans for 21 days as coronavirus cases spike across the country.

Health impacts of coronavirus will ‘haunt us for a generation,’ says Baylor University doctor

However, “we are doing better at ICU care, and we’re learning how to take care of these patients,” Baylor College of Medicine’s Dr. Peter Hotez told CNBC.

Blocking middle seats on planes is a ‘PR strategy, not a safety strategy,’ United says

United dismissed the effectiveness of blocking middle seats on board, calling it a “PR strategy”

‘Talk less and do more’: Lowe’s CEO Marvin Ellison says corporate leaders must step up diversity efforts

During a virtual speaker series on Wednesday, Ellison said it’s “mentally exhausting that in 2020, we’re still discussing racial injustice.”

Oppressive heat approaches U.S. in early July as wildfires burn through Arizona

A 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.

US reports second-highest day of new coronavirus cases as Arizona, California set records

The U.S. reported more than 44,700 coronavirus cases on Tuesday, the second-highest daily increase, according to Johns Hopkins University data.

Record fireworks sales expected as Fourth of July gets celebrated at home during the pandemic

Covid-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.

India’s coronavirus cases cross 600,000; demand for China’s medical products surge

The coronavirus has infected more than 10.69 million people around the world as of Thursday, killing at least 516,210 people.

Jobs Report Shock: June Payrolls Soar By Record 4.8 Million, Crushing Expectations As Unemployment Rate Tumbles

Jobs Report Shock: June Payrolls Soar By Record 4.8 Million, Crushing Expectations As Unemployment Rate Tumbles Tyler Durden Thu, 07/02/2020 – 08:37

In our preview of today’s job’s report, we remarked that the only thing that was certain about the June payrolls number is just how uncertain it was: dropping the top and bottom 10% of payrolls forecasts still leaves a range of 1.65-5.00 million jobs, “an extremely wide band that reflects the multiplicity of shocks hitting US labor markets”, according to Steven Englander. Art Cashin echoed just how much confusion there was by noting that “most traders are somewhat sceptical of all payroll data, feeling that the sharp reopenings and then reopening rollbacks have distorted the data.”

So with much confusion out there, and nobody really sure what to expect, moments ago the BLS reported that in keeping with the huge band of possibilities, in June the US economy added a whopping – record – 4.767 million jobs, crushing expectations of 3.058 million, and indicating that the V-shaped recovery, if only in the BLS’ servers, is well on track.

Tesla Says It Delivered 90,650 Vehicles In Q2, Beating Estimates

Tesla Says It Delivered 90,650 Vehicles In Q2, Beating Estimates Tyler Durden Thu, 07/02/2020 – 08:31

Tesla stock is up 10% premarket this morning – helped along by an upgrade, furious call option buying over the last several sessions and the fact that with its main factory shut down for mostly all of Q2, the company has said this morning it has produced 82,272 vehicles and delivered 90,650 vehicles in the quarter.Â

An Interesting Juncture In History

An Interesting Juncture In History Tyler Durden Thu, 07/02/2020 – 08:11

Authored by Charles Hugh Smith via OfTwoMinds blog,

Just as the rewards of central-bank bubbles have not been evenly distributed, the pain created by the collapse of the bubbles won’t be evenly distributed, either.

We’ve reached an interesting juncture in history, and I don’t mean the pandemic. I’m referring to the normalization of extremes in the economy, in social decay and in political dysfunction and polarization.

Let’s ask a very simple question. The S&P 500 stock index went up five-fold from its 2009 low at 667 to a recent high around 3,400. Did your income rise five-fold since 2009? Probably not.

Houses that sold for $150,000 in 2000 are now valued at $900,000, a six-fold increase since 2000. Did your income rise six-fold since 2000? Probably not.

State university tuition has risen about 2.5 times from 2004 to 2019. Did your income rise 2.5-fold since 2004? Probably not.

Even burritos from the local taco truck have tripled in price in the past 15 years. Did your income triple? Probably not.

The average house …

Futures Surge On Even More “Optimism” Ahead Of Payrolls

Futures Surge On Even More “Optimism” Ahead Of Payrolls Tyler Durden Thu, 07/02/2020 – 07:57

After sliding to 2,983.5 in early Sunday trading on fears of a second wave of covid infections, futures have completely forgotten what they were concerned about at the start of the week, and have since levitated in largely linear fashion some 150 points higher, rising to 3,130.75 overnight, on even more hope and optimism, this time for a reassuring job report coupled with yesterday’s hopes for positive vaccine developments. The dollar slipped and 10Y yields rose.

Coronavirus: Dozens of countries not in UK quarantine

UK government sources indicate that UK tourists will not have to isolate on return from up to 75 countries.

Primark presses ahead with new store openings

As other retailers look to cut costs, the discount fashion chain plans to open five new shops.

Leicester lockdown: Boohoo ‘putting workers at risk of coronavirus’

A workers’ rights group say staff at Leicester factories are at risk of coronavirus.

5 reasons why it could be hard for India to kick its Chinese habit

5 reasons why it could be hard for India to kick its Chinese habitTrade links between the two countries are strong and reducing India’s reliance on China won’t be easy.

The wait gets longer for a lucrative bet

The wait gets longer for a lucrative betThere is no unanimity on the amount of investment funds likely affected by the MSCI deferral.

Jeff Bezos is now richer than even before

Jeff Bezos is now richer than even beforeThe Amazon boss’ wealth has hit an all-time high of $171.6 billion, surpassing the pre-divorce record.

London Markets: U.K. stocks rise on global optimism but lag behind European peers

U.K. stocks climbed on Thursday amid a global wave of optimism but lagged behind their European counterparts.

Trump plan to kill Affordable Care Act threatens coronavirus-ravaged nursing homes

The Affordable Care Act has been playing a critical role in how to protect nursing homes in the future from the devastating pandemic. That’s not all that the vulnerable sector would lose if the law is repealed as the Trump administration plans to do.

Futures Movers: Oil futures climb on shrinking U.S. crude inventories

Crude-oil prices on Thursday head higher for a second day, as values continued to garner support from a bullish report on U.S. stockpiles.