21Jul2020 Market Close: Wall Street Ends Session Mixed, Small Caps Close Lower, Nasdaq Down -0.8%, DOW Closes Up 160 Points

Pharma executives promise Congress they aren’t cutting corners in fast-tracking coronavirus vaccine

The executives said they should be able to produce a safe and effective vaccine by early 2021.

Coca-Cola CEO says its business is still lagging even in markets that have coronavirus under control

Coca-Cola CEO James Quincey said that the company’s business will likely not recover completely from the coronavirus pandemic until a vaccine or another comprehensive solution is available.

Walmart to spend $428 million on new round of worker bonuses, retailer will close on Thanksgiving

The big-box store said it will spend about $428 million on another round of bonuses for hourly workers.

Billionaires in New York could pay $5.5 billion a year under new tax

The tax, part of a new “Make Billionaires Pay” campaign by progressives, would impose a new form of capital gains tax on New Yorkers with $1 billion or more in assets.

Coach owner Tapestry CEO Jide Zeitlin resigns after woman accuses him of posing as a photographer

Jide Zeitlin has resigned as the CEO of Tapestry, whose products include Coach handbags, as the company has opened a probe into his personal behavior, CNBC has learned.

New York Gov. Cuomo says state has suspended 27 liquor licenses for violations of social distancing rules

“I’m sorry it’s come to this, but it’s a dangerous situation, and I’ve said it many, many times,” Cuomo said during a press conference call.

Avoid airline stocks, trader says ahead of United Airlines’ earnings report

Airline stocks might not be the best bet right now with uncertainty still looming in the industry, says Todd Gordon, managing director at Ascent Wealth Partners.

Here’s the device the NFL and NBA are using for coronavirus contact tracing and social distancing

The NFL and NBA are using Kinexon’s SafeZone tag as a tool that to monitor social distancing and for contact tracing

More than half of U.S. now faces travel quarantine in New York tri-state region

Last week, Cuomo announced that the state would place “enforcement teams” at New York airports to ensure compliance with the travel advisory.

Tesla could soon join the S&P 500 ” but inclusion isn’t automatic, even with a full year of profitability

If Tesla reports a second quarter profit, Elon Musk’s electric car company will surpass a major hurdle standing in the way of its inclusion in the S&P 500.

Coronavirus live updates: U.S. alleges two Chinese nationals stole vaccine secrets; Germany’s response praised

The coronavirus has infected more than 14.7 million people around the world as of Tuesday, killing at least 611,322 people.

Watch live: Pharma executives tell Congress they can make a safe coronavirus vaccine in record time

The companies ” AstraZeneca, Johnson & Johnson, Merck, Moderna and Pfizer ” will speak with members of Congress on efforts to create a vaccine to prevent Covid-19.

Men’s Wearhouse owner Tailored Brands plans to shut 500 stores, cut 20% of corporate workforce

Tailored Brands announced a round of layoffs and hundreds of looming store closures as its business suffers a blow from the coronavirus pandemic.

Gold Soars, Euro Roars As Dollar Dumps And Stocks Slump

Gold Soars, Euro Roars As Dollar Dumps And Stocks Slump Tyler Durden Tue, 07/21/2020 – 16:03

For much of the day, the dominant theme was one of dollar weakness which saw the Bloomberg dollar index tumble below 1,200 and also take out the June 10 lows…

Trump Signs Order Excluding Illegal Immigrants From Census

Trump Signs Order Excluding Illegal Immigrants From Census Tyler Durden Tue, 07/21/2020 – 15:55

President Trump on Tuesday signed an order which will bar immigrants living in the United States illegally from being included in the 2020 census for purposes of apportioning members of Congress to states.

Hedge Fund Flows Are All That Matter, New Study Finds

Hedge Fund Flows Are All That Matter, New Study Finds Tyler Durden Tue, 07/21/2020 – 15:45

With every passing day, the bizarre Stalinist freakshow that was once known as the “market” gets even more bizarre. And we use the term “market” in its loosest, legacy sense, one where it represented more than just the centrally-planned intentions of a few central banking academic and politicians. Why? Because as BofA’s CIO Michael Hartnett reminded us in in a recent Flow Show report, the disconnect between macro and markets has never been greater – i.e., they have never been more broken – but that is to be expected for the following three reasons:

1. Markets rationally being “irrational”: government and corporate bonds have been fixed (“nationalized”) by central banks, so why would anyone expect markets to connect with macro, why should credit & stocks price rationally.

   Markets leading macro: policy makers (see China this week) know higher asset prices necessary condition for macro recovery (Wall St assets are 5.6x size of US GDP)…

Stocks Slide After McConnell Says No Relief Bill By Next Week

Stocks Slide After McConnell Says No Relief Bill By Next Week Tyler Durden Tue, 07/21/2020 – 15:23

Senate Majority Leader Mitch McConnell (R-KY) told Politico on Tuesday that he doesn’t expect Congress to pass the next relief bill by next week, in stark contrast to a prediction by Treasury Secretary Steven Mnuchin.

Ryanair to close base after pilots reject pay cut

The airline is shutting its hub at Frankfurt Hahn airport and considering other German closures.

Home owners in England permitted to add two extra floors

The government said the new rules would prompt people to build more bedrooms and granny flats.

‘We’re at a moment of real change in the world of work’

RBS has extended homeworking for 50,000 staff – marking a continuing shift in employers’ attitudes.

Now, India needs to think, borrow and invest big. Really big.

Now, India needs to think, borrow and invest big. Really big.A major plank of the government’s pandemic support to industry has been the Rs 3 lakh crore guaranteed loans to MSMEs. As of July 15, only 22% of it has been disbursed. Unless the loan terms are modified, the rest of it will remain unlent. The condition restricting eligibility for guaranteed credit to 20% of the loan outstanding as of end-February must be dropped.

Covid threatens luster of superstar cities

Covid threatens luster of superstar citiesCOVID-19 is not the deadliest disease to have ravaged cities through the ages. But it is showing us that they might not be as essential as they once were. Economists though still mostly expect them to bounce back, once there is a vaccine, a treatment or a successful strategy to contain the virus’s spread.

Techies to work from home till December

Techies to work from home till DecemberIndia’s IT industry has been asking the government to make permanent the relaxations to allow employees to work from home so that companies are able to optimise their existing real estate and quickly adopt a blended model of remote working and from the office.

In One Chart: This might be ‘the worst time in history’ to pile into these stocks, but investors keep doing it anyway

The two most reliable patterns in investing, according to Servo Wealth Management CEO Eric Nelson, are stocks outperforming bonds and low-priced value beating higher-priced growth. Stocks have held up their end of the bargain vs. bonds, but value has been a loser lately.

Cannabis Watch: FDA releases guidelines for cannabis-related research, but CBD will have to wait

The U.S. Food and Drug Administration released preliminary guidance on Tuesday on cannabis-related clinical research, outlining how companies seeking approval of drugs that contain cannabis or its derivatives must follow the traditional drug review and approval process involving clinical trials.

Coronavirus update: U.S. case tally climbs above 3.8 million; President Trump appears to have changed his view on face masks

The number of confirmed cases of the coronavirus illness COVID-19 in the U.S. rose above 3.8 million on Tuesday, and President Donald Trump appeared to change his view of face masks in the face of falling poll numbers.