14Jul2020 Market Close: Dow Outpaces Nasdaq For 3rd Straight Day Closing Up 557 Points, Nasdaq Closes Up 0.9%, There’s A Bearish Pattern In The Stock Market, But Momentum Investors Are Hanging Tough

Pandemic sours Delta’s investments in foreign airlines, costing $2 billion

Delta has aggressively pursued investments in foreign airlines but the pandemic has hurt air travel, particularly abroad.

Moderna will begin late-stage coronavirus vaccine trial on July 27

Moderna will begin its late-stage trial testing a potential vaccine to prevent Covid-19 on July 27, according to a posting published Tuesday on ClinicalTrials.gov.

U.S. seven-day average of new coronavirus cases surpass 60,000 for the first time

The U.S. surpassed more than 60,000 new coronavirus cases, based on a seven-day moving average, for the first time on Monday, according to a CNBC analysis of data compiled by Johns Hopkins University.

Top infectious disease experts lend support to Fauci after White House attacks

The Trump administration has increasingly disregarded advice from its top scientific advisors on Covid-19, with Trump himself calling the CDC’s guidelines on school reopenings too cumbersome and expensive.

Boeing 737 Max cancellations climb again in dismal first half of the year

Customers canceled another 60 of the company’s beleaguered 737 Max planes in June, capping a bleak first half of the year for the manufacturer.

Schools have low coronavirus infection rate, German study finds

The results showed that out of 2,045 blood samples collected from students and teachers from across 13 secondary schools in the region only 12 samples were found to contain antibodies against Covid-19.

CDC study recommends mask mandates to battle coronavirus after tracking infected stylists at Missouri hair salon

“Broader implementation of masking policies could mitigate the spread of infection in the general population,” the researchers wrote.

CDC chief says Northerners heading South for vacation may be to blame for surge in coronavirus cases, not state reopenings

“Something happened in mid-June that we’re now confronting right now,” Redfield said. “And it’s not as simple as just saying it was related to timing of reopening or not reopening.”

Coronavirus concerns push RNC to consider holding August convention in Florida outdoors

Organizers of the Republican National Convention are considering holding the event outdoors as coronavirus cases skyrocket in Florida.

Mall owners renting out parking lots during the coronavirus pandemic

Parking lots, of all places, are turning into bigger sources of revenue for some mall owners during the coronavirus pandemic. They’re hosting drive-in movie theaters, food venues and more.

test story for storied

Wedged into a strip mall in Nashville’s Green Hills neighborhood, between a barber shop and a hair salon, is not where you’d expect to find an iconic music venue. Yet there it sits, The Bluebird Cafà , founded in 1982. The small “listening room” has been a stepping stone for many of the top artists and songwriters in country music.

Coronavirus live updates: New York adds states to travel advisory; pandemic roils corporate earnings

The coronavirus has infected more than 13.14 million people across the country as of Tuesday, killing at least 574,600. people.

Dow Outpaces Nasdaq For 3rd Straight Day; Bonds, Bullion, & Bitcoin Bid

Dow Outpaces Nasdaq For 3rd Straight Day; Bonds, Bullion, & Bitcoin Bid Tyler Durden Tue, 07/14/2020 – 16:00

A volatile day got ugly fast early triggered by the inflation data but was rescued by relatively positive virus reports from various states sparking the usual buying panic in stocks. A late-day panic-bid rescued everything of course as a MoC buy hit the tape…

Vox Un-Populi: Flagship Liberal Media To Fire Hundreds

Vox Un-Populi: Flagship Liberal Media To Fire Hundreds Tyler Durden Tue, 07/14/2020 – 15:57

Vox Media is preparing for ‘company-wide layoffs’ in what could amount to hundreds of employees, after missing 2nd quarter forecasts by 40% – putting it on course to miss its full-year target by 25%, according to CNBC.

White House Folds On Decision Barring Foreign Students From Online-Classes-Only This Fall

White House Folds On Decision Barring Foreign Students From Online-Classes-Only This Fall Tyler Durden Tue, 07/14/2020 – 15:31

After facing a deluge of criticism, including lawsuits from several colleges, the Trump Administration has decided to rescind its decision to deny student visas to students who won’t be studying on campus full time in the fall, the AP reports.

The deal settles the lawsuits mentioned above, and was confirmed in a short hearing Tuesday afternoon, US District Judge Allison D. Burroughs confirmed.

“Both the policy directive and the frequently asked questions would not be enforced anyplace” under the resolution, Judge Allison Burroughs said, adding that the agreement applied nationwide.

As the Trump Administration pushes to force schools to hold on-campus classes in the fall, ICE issued regulations earlier this month limiting foreign students’ ability to take classes online and remain in the US if they won’t be attending classes in person.

The regulations upended students plans and made an already difficult environment for colleges. Harvard and MIT both said their institutions and their student bodies would suffer “irreparable injury.”

According to the statement from the court on the agreeme …

Banks Brace For A Historic Crash With Record Loss Provisions

Banks Brace For A Historic Crash With Record Loss Provisions Tyler Durden Tue, 07/14/2020 – 15:20

For many years after the financial crisis, US commercial banks were mocked when instead of generating earnings the old-fashioned way, by collecting the interest arb on loans they had made, or even by frontrunning the Fed with their prop (and flow) trading desks, they would “earn” their way to just above consensus estimates by releasing some of their accumulated loan loss reserves, an accounting gimmick if there ever was one, which would end up boosting the bottom line thanks to a few “kitchen sink” quarters in the aftermath of the Lehman bankruptcy. The thinking here went that having suffered massive losses during the financial crisis, when all banks suffered crushing losses so they would then get bailed out, these same banks would then “recoup” billions in losses over time that would be run through the income statement as a reversal of accrued loss provisions.

Well, after the longest expansion in history, this process has gone aggressively into reverse, and instead of releasing loan loss reserves the banks are now building them up again as the “biblical” wave of consumer and corporate defaults due to the US economic shutdown hits US banks.

We first made this observations exactly one month ago when in “

Coronavirus: Virgin Atlantic finalises £1.2bn rescue deal

Sir Richard Branson’s airline pulls off the “impossible” to secure a £1.2bn deal to head off collapse.

‘If it saves a life, wearing a mask is worth it’

The BBC speaks to people about whether they will be comfortable wearing face masks in shops.

Oatly raises $200m from celebrity backers including Oprah and Jay-Z

Swedish company Oatly, which has popularised oat milk, raises $200m to expand the business.

77 questions will decide the fate of banned Chinese apps in India

77 questions will decide the fate of banned Chinese apps in IndiaIndia last month banned the apps following a border clash between soldiers from the two countries, which left 20 Indian soldiers dead. India has said the apps pose a threat to its “sovereignty and integrity”. The 59 banned apps, which include TikTok and Alibaba’s UC Browser, were asked whether they acted at the behest of any foreign government to edit, promote or demote any content.

Mukesh Ambani is shedding his oil dependence

Mukesh Ambani is shedding his oil dependenceThe stock has more than doubled since a low in March to a record as Jio Platforms Ltd., Reliance’s digital services business unit, netted almost $16 billion in a fundraising blitz.

Rajan wants India to get over ratings

Rajan wants India to get over ratings œIn this environment, focusing on a credit rating is just nuts. Your credit rating just does not depend on your level of debt, it depends on how you are going to grow out of the debt. We cannot worry about spending. We certainly have to focus the spending but we have to repair the damage now, Rajan said during an NCAER online conference .

14 July 2020 New York Fed Weekly Economic Index (WEI): Index Again Declined and Remains At Recession Levels

Written 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. However, this index remains on a recovery trend.

Wells Fargo blames COVID-19 and Fed rules, but also itself for disappointing results

Shares of Wells Fargo & Co. closed Tuesday down nearly 5%, but well off the day’s worst levels, after the bank reported a wider-than-expected second-quarter loss and said it was cutting its quarterly dividend by 80%.

There’s a bearish pattern in the stock market, but momentum investors are hanging tough

Buyers of momentum stocks have made a lot of money, so they’re unlikely to give up soon.

The Tell: We’re in for a ‘partial V-‘ shaped economic recovery, Goldman Sachs analysts argue

While there’s certainly a lot to be worried about in the corona-crisis economy, Goldman Sachs economists see a brighter picture than some analysts do.