Written by Gary
US reports record single-day spike of 63,200 new cases of coronavirus (SPY +0.4%). Stocks battle higher as coronavirus treatment shows promise.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed today. The S&P 500 is up 0.47% while the Bovespa gains 0.43%. The IPC is off 0.95%. |
Traders Corner – Health of the Market
Baker Hughes reports U.S. oil-rig count down by 4 this week
Baker Hughes data show U.S. total weekly active drilling-rig count down 5 at 258
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Rivian raises $2.5 billion in aggressive plan to beat Tesla and Nikola with the first all-electric pickupRivian is expected to be among the first, if not the first, to bring an all-electric pickup to market early next year ” months, potentially years, ahead of those key competitors. |
| United, pilots union reach tentative agreements for early retirements and voluntary furloughsUnited and its pilot union have been negotiating to help cut costs as the coronavirus devastates travel demand. |
| U.S. reports record single-day spike of 63,200 new cases of coronavirusWhite House health advisor Dr. Anthony Fauci has urged officials in states where the outbreak is worsening to reconsider reopening plans. |
| Coronavirus live updates: Record single-day spike in cases; Gottlieb says 1 in 150 Americans are infectedThe coronavirus has infected more than 12.29 million people around the world as of Friday, killing at least 555,486 people. |
| ‘Vaccine nationalism’ could lead to the coronavirus devastating public health and the economy, experts warnAnalysts have predicted that a battle for access to an effective vaccine could stretch into 2021 or 2022. |
| Stocks making the biggest moves midday: Gilead, Wells Fargo, Carnival & moreThese are the stocks posting the largest moves in midday trading. |
| Trump’s rift with White House health advisor Fauci widens as coronavirus cases continue to hit new records“Dr. Fauci’s a nice man, but he’s made a lot of mistakes,” Trump said in an interview with Fox News’ Sean Hannity on Thursday. |
| How OneWeb’s $1 billion bankruptcy rescue changes the competitive landscape for Elon Musk’s StarlinkSatellite internet company OneWeb is back in the space broadband race against SpaceX’s Starlink network. |
| American Airlines tells Boeing: No financing, no 737 Max deliveriesAmerican Airlines executives have told Boeing they will not take delivery of 17 Boeing 737 Max airplanes unless the airline can secure financing to pay for the aircraft, people familiar with the discussions told CNBC. |
| T. Rowe Price leads $2.5 billion investment round into EV startup RivianRobert “R.J.” Scaringe, CEO and founder of Rivian, recently said the company was “open” to additional financing to help support its “aggressive growth plans.” |
| Dr. Scott Gottlieb estimates as many as 1 in 150 people in U.S. are infected with coronavirus“The prevalence of actual infection in the country right now must be pretty high,” the former FDA commissioner told CNBC on Friday. |
| Stocks making the biggest moves premarket: United Airlines, Amazon, Nvidia, Wells Fargo & moreUnited falls after reaching a deal with a pilots union. Citigroup gives Amazon a Street-high price target. |
| Amazon Orders Employees To Delete TikTok From Company PhonesAmazon Orders Employees To Delete TikTok From Company Phones Tyler Durden Fri, 07/10/2020 – 13:08 As the White House considers the possibility of banning TikTok from the US over mounting fears that the app is being used as a tool of the Chinese government – just check out this WSJ story for more on that – to spy on the American people, Amazon has reportedly ordered employees to delete the app from company phones. |
| Penn State Deletes Tweet Welcoming Conservative Students After OutcryPenn State Deletes Tweet Welcoming Conservative Students After Outcry Tyler Durden Fri, 07/10/2020 – 13:05 Authored by Jonathan Turley, Earlier, we discussed the formal censuring of a conservative student at Georgetown for his criticism of Black Lives Matter as an organization and his objections to a recent ruling by the Supreme Court. Georgetown University has remained silent as the student has been declared a racist and the student government called for his investigation. At Penn State, the university took an important step in this time of rising intolerance and actually included conservative students in a welcoming message. It did not last. After an outcry from students, the university deleted the tweet ” thereby sending precisely the opposite message to conservative students. Penn State University went out a tweet affirming the inclusive environment at the school that included welcoming messages for a wide var … |
| How A $6 Billion Hedge Fund Steamrolled The Competition By Frontrunning The FedHow A $6 Billion Hedge Fund Steamrolled The Competition By Frontrunning The Fed Tyler Durden Fri, 07/10/2020 – 12:44 Following ten years of dismal performance (“oddly” starting with the outlawing of insider trading platforms known as “expert network”), 2020 has been another dire year for the 2 and 20 crowd, with more hedge funds going of business during the first three months of 2020 than at any other time since 2015 as the coronavirus led to heavy losses and investors pulled out billions in assets. |
| “I’m Not Apologizing” – Goya Foods CEO Reacts To ‘Cancel Culture’ Attacks Over Trump Support“I’m Not Apologizing” – Goya Foods CEO Reacts To ‘Cancel Culture’ Attacks Over Trump Support Tyler Durden Fri, 07/10/2020 – 12:25 Authored by Jennie Taer via SaraACarter.com, Because the CEO and President of Goya Foods, Bob Unanue, praised President Donald Trump, many liberals are boycotting his company. By Thursday evening, “Goya,” #BoycottGoya and #Goyaway were trending topics on Twitter.
|
| Boohoo action on exploitation claims ‘inadequate’One of the fashion firm’s biggest shareholders dumps stock amid reports over poor working conditions. |
| EasyJet ‘using sickness records to decide job cuts’Pilots say the airline will include sick days when assessing job losses – a claim EasyJet rejects. |
| Royal Mail fined for late letters and overchargingThe company missed delivery targets, according Ofcom, and overcharged customers for stamps. |
| SBI boss on why RBI needs to pull the plug on loan moratoriumsSBI boss on why RBI needs to pull the plug on loan moratoriumsSBI recorded a moratorium book of roughly 20% at the end of May. This may further fall in 2nd leg of EMI-pause. |
| Indian firms are shaking off defaults fearsIndian firms are shaking off defaults fearsDefault risks for Indian firms are declining at the fastest pace in more than a decade. |
| Did 2008 crisis make the world more equal?Did 2008 crisis make the world more equal?A new paper, known as ‘elephant chart’, suggests things changed in the years immediately after financial crisis. |
| 03 July 2020 ECRI’s WLI Improvement Continues But Continues In Contraction
ECRI’s WLI Growth Index which forecasts economic growth six months forward improved, remains in contraction, and remains at a level at the values seen during the Great Recession. |
| The extra $600 Americans get in weekly unemployment benefits ends this month ” how lawmakers are proposing to replace itExtending the extra $600 could discourage people from returning to work, some lawmakers say. |
| Walgreens to cut over 4,000 jobs at Boots on a dark day for U.K. jobsBoots, John Lewis, and the U.K. arm of Burger King all announced job cuts on Thursday as companies count the damage of lockdown measures. |
| Goodbye, extra $600: Unemployment benefits won’t exceed former wages in next stimulus bill, Treasury’s Mnuchin saysTreasury Secretary Steven Mnuchin said Thursday the administration wants to cap enhanced unemployment benefits in the next coronavirus package to make sure workers do not get benefits amounting to more than their old wage. |
Written by Steven HansenEarnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
