Written by Gary
Stocks close fractionally higher as Netflix shares drop, S&P 500 rises for the week (+0.3%) (SPY +0.3%). Florida sees 2nd highest daily deaths as 7-day average hits new record.
U.S. Oil Companies Are Drilling Again. Here’s Who’s Ramping Up.
Oil settles lower, posting modest change for the week as the rise in coronavirus cases stokes demand worries
The Market in Perspective
| Here are the headlines moving the markets. | |
 | With wave of mask requirements, Walmart and other retailers face challenge: How to enforce the rulesRetailers will take different approaches to enforce the new policies, from stationing an employee by the door to providing complimentary masks. |
| A massive heat dome is hitting most of U.S. with higher than 90 degree heat this weekendThe heatwave will put people most vulnerable to contracting the coronavirus at heightened risk of illness from high heat and humidity. |
| San Francisco mayor pauses reopening indefinitely as coronavirus cases climbSan Francisco Mayor London Breed announced Friday that the city will pause its reopening plan “indefinitely” and will close indoor malls and non-essential offices as the coronavirus continues to spread throughout the state. |
| Delta seeks to cut pilots’ minimum pay to avoid furloughs for a yearDelta is proposing cuts to pilots average work hours in order to lower costs and prevent furloughs. |
| Fauci says U.S. needs to ‘get better control’ of the coronavirus to reopen without outbreaksDr. Anthony Fauci said Friday that the coronavirus has hit the U.S. “very severely” and that the country needs “to get better control over things” in order to reopen the economy and head toward normality. |
| Major League Soccer to delay debuts of 3 expansion franchises due to coronavirusLeagues officials say Charlotte, St. Louis and Sacramento clubs will delay their seasons to 2022 and 2023 due to the pandemic. |
| College town businesses face uncertain months ahead as hopes hinge on school reopening plansRites of passage synonymous with fall in college towns across the U.S. like move-in or football games are no longer certain experiences because of the pandemic, and small businesses in these towns are left wondering how deeply they’ll be impacted. |
| Texas orders extra body bags, mortuary trucks as it braces for more coronavirus deathsFEMA is sending 14 refrigerated trucks to the state next week ” on top of the eight that were already sent ” to serve as temporary mortuaries. |
| Coronavirus live updates: California outlines strict guidelines to reopen schools; testing remains a challengeThe coronavirus has infected more than 13.83 million people around the world as of Thursday, killing at least 590,600 people. |
| UN official warns of decades of tragedies if wealthy nations don’t help in global coronavirus fightInaction from world leaders will leave the coronavirus free to circle the globe and “undo decades of development, and it will create decades worth of tragic and exportable problems,” U.N. Undersecretary-General for Humanitarian Affairs Mark Lowcock said Friday. |
| As the world heats up, converting to energy-efficient cooling systems will curb greenhouse gas emissionsOn the current climate change trajectory, 2020 will likely be among the hottest years ever. The number of air conditioning units worldwide is expected to quadruple by mid-century. |
| How small farms found new customers during the coronavirus pandemicLocal farms and fresh food distributors responded to coronavirus-driven shutdowns by pivoting their business models to take advantage of local partnerships and customers. |
| Silver Soars As Nasdaq Underperforms Most Since 2009Silver Soars As Nasdaq Underperforms Most Since 2009 Tyler Durden Fri, 07/17/2020 – 16:00 Well that was not supposed to happen… The Nasdaq 100 suffered its worst weekly underperformance relative to the S&P 500 since 2009… |
| “No More Warnings” – Florida Sheriff Steps Up Enforcement Of House Parties As Young Adults Spread COVID“No More Warnings” – Florida Sheriff Steps Up Enforcement Of House Parties As Young Adults Spread COVID Tyler Durden Fri, 07/17/2020 – 15:49 One day after Broward County Commissioner and vice mayor Steve Geller warned that “stupid people” disobeying social distancing and mask requirements might force the county to shut down again, Broward County sheriff Gregory Tony announced on Friday that he would be stepping up enforcement of things like illegal parties.
Broward County Sheriff Gregory Tony said his office will “take a much more aggressive stance” when it comes to policing parties, specifically house parties. |
| California Gov Will Keep Most Schools Closed In The Fall: Live UpdatesCalifornia Gov Will Keep Most Schools Closed In The Fall: Live Updates Tyler Durden Fri, 07/17/2020 – 15:33 Summary: NY entering Phase 4 California has ordered remote classes through the fall Researchers in Australia create test that can detect virus in 20 mins NJ transmission rate hits 1.1 NYC expands open restaurants initiative, says indoor dining won’t reopen until October NYT expects new daily record jump in new cases Friday Florida sees 2nd highest daily deaths as 7-day average hits new record White House doc recommends ‘red zones’ roll back reopening measures Florida ICUs at 107% capacity Backlash to Georgia Gov anti-mask mandate lawsuit grows NY reports 0.2% jump in cases China closes airport in Xinjiang after reporting 1 Covid case Europe worries it’s on the cusp of another wave of infections as hotspots reemerge Tokyo sees another record jump in new cases * * * Update (1545ET): Fortunately, NY didn’t see a massive resurgence in new cases over the past week, and as promised, Gov Cuomo i moving the state into Phase 4 starting Monday.
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| Tesla Sees New Registrations In California Crash In Q2Tesla Sees New Registrations In California Crash In Q2 Tyler Durden Fri, 07/17/2020 – 15:25 Authored Tsvetana Paraskova via OilPrice.com, Amid a slump in car sales of any kind during the lockdown, Tesla’s registrations in California plunged by 48 percent year on year to 9,774 vehicles in the second quarter of 2020, according to data from marketing research firm Cross-Sell quoted by Reuters. |
| Caution means mass return to work unlikely, say firmsEmployers say they still need œcrystal-clear official guidance on safety. |
| Cadbury accused of ‘shrinkflation’ as packs get smallerOwner Mondelez says the move will fight obesity, but the firm faces accusations of “shrinkflation”. |
| British Airways retires entire 747 fleet after travel downturnBritish Airways is permanently grounding its jumbo jets which are nicknamed “the queen of the skies”. |
| Bribery case back to haunt Cognizant, lawsuit filed in USBribery case back to haunt Cognizant, lawsuit filed in USThe lawsuit by Ravindra Guyyala in the US District Court of Delaware follows a separate ongoing securities class action lawsuit filed by Cognizant shareholders, alleging that the company failed to disclose the bribery and misled shareholders. |
| HDFC Bank asked to pay Rs 210 cr to MashreqHDFC Bank asked to pay Rs 210 cr to MashreqHDFC Bank, which had also lent money to Altico, debited about Rs 200-210 crore from its account by using a general lien, ET reported on October 13 last year. Altico and Mashreq claimed that the money was transferred from the Rs 650 crore ECB that the non-banking finance company had availed of from the Middle East bank and kept at HDFC Bank. |
| Covid: Smartphone market hit hardCovid: Smartphone market hit hardAs local production suffered through the early stages of the second quarter, vendors like Xiaomi and Oppo imported smartphones to meet pent-up demand, it added. |
| 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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| Economic Report: How is the economic recovery going? Wall Street goes off-grid to sources like HomebaseThe sudden devastation and ensuing rebound in the economy during the coronavirus pandemic has left Wall Street scrambling for the freshest clues on how fast the U.S. is recovering ” and they are turning to some unlikely sources. |
| : Workers at Target-owned Shipt strike over new algorithm-based compensation that they say will lower their pay |
| CityWatch: Mass evictions: The next crisis that could hit New York CityMany are hoping that the proposed $3 trillion Heroes Act, now stalled, will provide rent relief. |
Summary of Economic Releases this Week
Earnings Summary for Today
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