Written by Gary
US Retail Sales soar, but global rally pauses after China GDP data (SPY -0.7%). Fed’s Philadelphia regional manufacturing gauge retreats.
Here is the current market situation from CNN Money | |
 | European markets are lower today with shares in France off the most. The CAC 40 is down 0.69% while Germany’s DAX is off 0.54% and London’s FTSE 100 is lower by 0.35%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | J&J’s profit slides 35% as coronavirus forces hospitals to forgo elective surgeriesJ&J earned $3.63 billion, or $1.36 per share, during the three months ended June 30, a 34.6% drop from $5.6 billion a year earlier. |
| Scientists call for volunteers to be infected with the coronavirus to test vaccinesOver 100 prominent scientists, including 15 Nobel laureates, are calling for healthy volunteers to be exposed to the coronavirus to see whether vaccines against Covid-19 actually work. |
| American Airlines warns 25,000 employees about potential job cuts as coronavirus continues to sap demandAmerican Airlines became the latest airline to warn staff about potential furloughs. |
| Restaurant trade group says pandemic aid wasn’t enough to sustain the industry, as closures strike againThe nation’s restaurants are projected to lose $240 billion in revenue this year due to the pandemic. Some 8 million workers have been laid off or furloughed from March through May, the industry’s trade group says. |
| American Airlines backs calls to extend billions in federal aid through MarchAmerican Airlines backed unions’ bid to extend billions in federal payroll support through March that expires after Sept. 30. |
| As outbreak spreads beyond big cities, Lowe’s looks to help rural small businesses and serve customers in new waysThe pandemic struck as the home improvement retailer was trying to reboot its image, overhaul its website and ramp up its business among home professionals and contractors. |
| In a twist, American partners with JetBlue in bid for New York and BostonJetBlue and American Airlines are teaming up in a surprise partnership that will link both their domestic and international networks. |
| Domino’s Pizza U.S. same-store sales soar 16% as more consumers order deliveryDomino’s Pizza on Thursday reported that its quarterly U.S. same-store sales soared 16.1% as more consumers ordered pizza delivery during the coronavirus pandemic. |
| Coronavirus live updates: India nears 1 million cases after record spike; Georgia Gov. Kemp scraps local mask mandatesThe coronavirus has infected more than 13.57 million people around the world as of Thursday, killing at least 584,700 people. |
| One under-the-radar retail stock that is up triple digits for 2020 still has more runway: TraderStamps.com is ideally positioned in the e-commerce industry to continue outperforming, says Mark Tepper, president and CEO of Strategic Wealth Partners. |
| DraftKings will offer lacrosse bets with Premier Lacrosse League sponsorshipThe Premier Lacrosse League’s agreement with sports betting provider DraftKings is for the league’s championship series scheduled to start of July 25. |
| With pandemic and presidential race, $15 minimum wage could get another pushAdvocates and low-wage workers see a new opportunity to end 11-year wait for a higher federal minimum wage with the upcoming election and attention on low-paid essential workers. |
| US Retail Sales Soar In June Led By Clothing DemandUS Retail Sales Soar In June Led By Clothing Demand Tyler Durden Thu, 07/16/2020 – 08:39 Following a disappointing contraction in Chinese retail sales overnight, US Retail Sales growth in June was expected to slow from its massive rebound spike in May and it did but still notably beat expectations (rising 7.5% MoM vs +5.0% MoM exp). |
| Over 50 Million Americans Have Now Filed For First-Time Jobless Benefits Since Lockdowns BeganOver 50 Million Americans Have Now Filed For First-Time Jobless Benefits Since Lockdowns Began Tyler Durden Thu, 07/16/2020 – 08:33 Despite the hope-restoring nonfarm payrolls “recovery” and the over-hyped bounce in ‘soft’ sentiment surveys (which are biased by their nature as diffusion indices to bounce back hard), for the seventeenth week in a row, over 1 million Americans filed for unemployment benefits for the first time (1.30mm was slightly worse than the 1.25mm expected). |
| Watch Live: ECB’s Christine Lagarde Reassures That “Wait & See” Is Really Market-FriendlyWatch Live: ECB’s Christine Lagarde Reassures That “Wait & See” Is Really Market-Friendly Tyler Durden Thu, 07/16/2020 – 08:25 ECB President Christine Lagarde will explain the Governing Council’s monetary policy decisions and answer questions from journalists at the Governing Council press conference, reassuring the market that despite its “wait and see” approach, The ECB “has your back.” Press Conference starts at 0830ET: |
| Trader: Today “Just Doesn’t Feel Right”Trader: Today “Just Doesn’t Feel Right” Tyler Durden Thu, 07/16/2020 – 08:20 Authored by Richard Breslow via Bloomberg, œHey, it’s already Thursday. œUgh, it’s only Thursday. Both statements are legitimate ways of looking at the world. But they sure bring you to different conclusions. Traders have spent the entire night taking a dour view of every piece of news. And I guess if your focus is Chinese equities, that’s understandable. But, that aside, it just doesn’t feel right. And it will be interesting to see if this mood lasts the day. It has barely started and I’m dying to see how it ends. In case you haven’t looked, equity indexes in China got harpooned. They went up in a bubbly frenzy and came down today in just as dramatic fashion. The CSI 300 got most of the press, but still remains well up on the year. |
| Coronavirus: UK payrolls shrink by 649,000 jobs in lockdownOfficial figures reveal a drop in the number in employment, with young people hard hit. |
| Coronavirus: Chances of getting a loan or mortgage are squeezedLenders say they will reduce the availability of mortgages, loans and other credit despite demand rising. |
| Boohoo told to address exploitation claims amid criticismMP Philip Dunne says it is “shameful” it took the pandemic for the retailer to acknowledge issues. |
| How hackers made Obama steal Rs 89 lakh from Twitter usersHow hackers made Obama steal Rs 89 lakh from Twitter usersAlways doubt schemes that offer an opportunity to make quick money in a short period. |
| Mukesh Ambani, India’s answer to China?Mukesh Ambani, India’s answer to China?Ambani still has to demonstrate that one firm can be India’s answer to everything, from Zoom and Tencent to Huawei and Xiaomi, while also being a large telco like Verizon. |
| The beginning of the end for savings in IndiaThe beginning of the end for savings in IndiaThe RBI has reduced its benchmark repo rate by 115 basis points between March and May to support the economy in light of the Covid-19 induced slowdown. As a result, banks have had to reduce their lending and deposit rates to adjust to the new interest rate scenario. |
| 11 July 2020 Initial Unemployment Claims 1,300,000 This Week Market expectations for weekly initial unemployment claims (from Econoday) were 1,250 K to 1,375 K (consensus 1,323 K), and the Department of Labor reported 1,300,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 1,435,000 (reported last week as 1,437,250) to 1,375,000 |
| Documentary Of The Week: Public Lecture On Climate ChangeWritten by John Lounsbury On June 24, 2020, Dr. Erich Osterberg, Associate Professor of Earth Sciences at Dartmouth College delivered a climate change science lecture via Zoom sponsored by The Church of Christ at Dartmouth College in Hanover, NH. The webinar lecture was structured to reach a local community audience.
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| Need to Know: Stick to Apple and Microsoft, at least for now, says this fund managerOur call of the day zeros on three big tech stocks that a Boston Private fund manager says are still delivering the goods for investors. |
| Futures Movers: Oil under pressure as global equities wobbleOil futures trade lower Thursday, taking a cue from a decline in global equities after holding their own a day earlier following a decision by the Organization of the Petroleum Exporting Countries and its allies to begin trimming production cuts next month. |
| Metals Stocks: Gold price pulls back as ECB takes a breatherGold futures on Thursday headed lower as commodity investors assessed the landscape for the global economy and markets amid rising coronavirus cases and as the European Central Bank, as expected, kept both its key rate and asset-buying program unchanged. |
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