Written by Gary
SP 500 books 1.1% loss as energy and financials sink (SPY -1.0%). New York Fed Weekly Economic Index (WEI): Index Declined and Remains At Recession Levels.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Businesses, sick of policing mask use to prevent coronavirus, ask government to step inFaced with a dearth of government rules, corporations are mandating their own face mask policies to protect customers and staff from Covid-19. |
| CDC says 9% of meatpacking plant workers have been diagnosed with Covid-19About 9% of workers at meat and poultry processing facilities across 14 states have been diagnosed with Covid-19, according to the Centers for Disease Control and Prevention. |
| Blackout Day looks to tap the rising power of the Black consumerBlack American consumers are hoping to make the financial and economic community pay attention Tuesday by using the power of purse. |
| WHO officials worried about rapidly spreading coronavirus outbreaks in the AmericasWithout mentioning the Untied States by name, the WHO officials indicated that they are worried about the country’s current surge in coronavirus cases. |
| Cruise companies hire Dr. Scott Gottlieb, other coronavirus experts to help overcome ‘rough patch’The cruise industry faces a challenging task: convincing customers and regulators that it’s safe to go on a cruise again. |
| Delta, United and other airlines strike deal for federal coronavirus loansThe airlines are the next group of carriers to strike deals with the Treasury Department for billions in coronavirus loans. |
| Walmart’s answer to Amazon Prime set to launch in July, according to reportWalmart confirmed in February that it plans to roll out a subscription-based program called Walmart+, but it hasn’t revealed details. |
| Trump vows to pressure governors to reopen schools in the fallThe president again downplayed the severity of the current spike in coronavirus cases and insisted that schools must open in the fall. |
| NASA and Boeing aim to redo Starliner spacecraft test later this year after investigating failuresNASA and Boeing are hoping to re-fly a key test of the Starliner spacecraft later this year, but a launch date has not yet been chosen. |
| White House begins the process of withdrawing from the World Health OrganizationThe notice to the UN was the first step in a yearlong process that will rely on several factors outside of Trump’s control, including cooperation from Congress and Trump’s own reelection in November, neither of which are assured. |
| WHO officials are reviewing new evidence of airborne transmission, importance of ventilation in fighting coronavirus“The body of evidence continues to grow and we adapt,” Dr. Soumya Swaminathan, the WHO’s chief scientist, said Tuesday. |
| New York and New Jersey expand list of states that trigger quarantine orders for travelersNew York Gov. Andrew Cuomo and New Jersey Gov. Phil Murphy added three more states to their travel advisory on Tuesday, requiring all individuals from the list of states to self-quarantine for 14 days. |
| WHO says coronavirus deaths could start to rise again after cases accelerated in recent weeks, shouldn’t ‘be a surprise’“I don’t think it should be a surprise if the deaths start to rise again. It will be very unfortunate but it may happen.” |
| Gold Spikes To 9-Year High, Bonds Bid As Stocks SkidGold Spikes To 9-Year High, Bonds Bid As Stocks Skid Tyler Durden Tue, 07/07/2020 – 16:01 Lost in the headlines about Amazon or Tesla or Nasdaq or whatever the latest Robinhood-er is chasing higher today, is the fact that gold prices continue to rise, with futures topping $1800 once again… (some chaotic swings recently) |
| Another SEC Embarrassment: Elon Musk Actually Made $57 Million From His 2018 “Funding Secured” SettlementAnother SEC Embarrassment: Elon Musk Actually Made $57 Million From His 2018 “Funding Secured” Settlement Tyler Durden Tue, 07/07/2020 – 15:50 As if taunting the SEC and potentially suggesting the regulator fellate you while your totally normal stock price trading drives your share price to all time record highs wasn’t enough to register on the hubris scale… |
| Ghislaine Maxwell Goes From Posh Hideout To COVID-Stricken ‘Third World Country’ NY JailGhislaine Maxwell Goes From Posh Hideout To COVID-Stricken ‘Third World Country’ NY Jail Tyler Durden Tue, 07/07/2020 – 15:44 For the first time in her privileged life, ex-socialite Ghislaine Maxwell is living in conditions described by one judge in 2016 as similar to a ‘prison on Turkey or a Third World Country.’ |
| Buchanan: A Culture War Battle Trump Can WinBuchanan: A Culture War Battle Trump Can Win Tyler Durden Tue, 07/07/2020 – 15:30 Authored by Patrick Buchanan via Buchanan.org, Speaking at Mount Rushmore on Friday, and from the White House lawn on Saturday, July 4, Donald Trump recast the presidential race. He seized upon an issue that can turn his fortunes around, and the wounded howls of the media testify to the power of his message. Standing beneath the mammoth carved images of Presidents Washington, Jefferson, Lincoln and Theodore Roosevelt, Trump declared:
These mobs are made up of Marxists, criminals and anarchists. Their cause is a cultural revolution. œTheir goal is not a better America. Their goal is the end of America. |
| ‘Rishi Sunak: We need help with rent, money and jobs’Under-30s have been hardest hit by the lockdown, what do they want from the chancellor’s summer update? |
| Boohoo dropped by Next, Asos and Zalando over exploitation claimsThree major online retailers have dropped Boohoo over allegations of low pay and unsafe conditions. |
| Citizens advice takes redundancy calls every two minutesMillions of people are now calling the charity’s national hotline seeking redundancy advice. |
| The many weapons in Indian arsenal to make China fall in lineThe many weapons in Indian arsenal to make China fall in lineIf Chinese companies are gradually shut out of India, China will take a hit. |
| Kamath on how banks can survive Covid blowKamath on how banks can survive Covid blowKV Kamath has pitched for a low interest regime, saying it is critical for survival of banks at this juncture. |
| Covid could be airborne, WHO acknowledgesCovid could be airborne, WHO acknowledges”…The possibility of airborne transmission in public settings cannot be ruled out,” WHO technical head said. |
| 07 July 2020 New York Fed Weekly Economic Index (WEI): Index Declined and Remains At Recession LevelsWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) declined and continues to show an economy that is significantly worse than seen during the Great Recession.
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| Trump Today: Trump presses for schools to reopen even as coronavirus cases near 3 millionPresident Donald Trump on Tuesday continued to press for U.S. schools to reopen, even as the country was nearing the three millionth case of coronavirus. |
| Capitol Report: Pompeo says U.S. ‘looking at’ banning TikTokThe U.S. is considering banning Chinese social-media apps including TikTok, Secretary of State Mike Pompeo said Monday during an interview on Fox News. |
| Market Snapshot: Dow skids 280 points in final hour of trade as doubts of quick COVID-19 economic recovery pressure stocksU.S. stocks on Tuesday are under pressure, despite gains in consumer staples and tech-related shares, as investors monitor the economic, public-health and policy response to the pandemic. |
Summary of Economic Releases this Week
Earnings Summary for Today
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