Written by Gary
US stock market indexes up, but Recovery hopes fade as US Wholesale Inventories unexpectedly plunge (SPY +0.3%). Stocks making the biggest moves in the premarket: Boeing, GE, GM, Spotify, and Eastman Kodak.
Here is the current market situation from CNN Money | |
 | European markets are higher today with shares in France leading the region. The CAC 40 is up 0.78% while London’s FTSE 100 is up 0.33% and Germany’s DAX is up 0.05%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | GM swings to an $800 million loss as coronavirus shuttered factories and devastated sales in the second quarterGM’s loss isn’t as bad as Wall Street feared and helped drive shares up by almost 4% in premarket trading |
| Boeing posts net loss of $2.4 billion and slows aircraft production amid coronavirus-weakened demandBoeing’s shares are trading at roughly half their value from a year ago, and its best-selling plane has been grounded since March 2019. |
| Coronavirus: EU signs remdesivir deal, Hong Kong leader warns of risk to health systemThe coronavirus has infected more than 16.6 million people across the world as of Wednesday morning in Asia, killing at least 658,914 people. |
| Hong Kong is ‘on the verge’ of an outbreak that could lead to hospital system’s collapse, chief executive saysConfirmed cases in Hong Kong soared in July, with a new daily high of 145 reported this week alone. |
| Op-Ed: Congress must address organized retail crime at Big Tech hearingIn the midst of the coronavirus pandemic, leading retailers say that organized retail crime networks are becoming even more aggressive. |
| Sales tax holidays are coming up. Here’s where your state standsNo one’s quite sure how back-to-school will look this year. But here’s one thing we can be certain of: Sixteen states are offering sales tax holidays in anticipation of it. |
| Coronavirus live updates: California, Florida, Texas report record-high average daily deathsThe coronavirus has infected more than 16.7 million people around the world as of Wednesday, killing at least 660,900 people. |
| 5 things to know before the stock market opens on WednesdayU.S. stock futures were slightly higher as traders awaited a bevy of corporate earnings reports. |
| Trump says he still thinks hydroxychloroquine works in treating early stage coronavirusTrump acknowledged support for the drug has become political, largely because he’s backed it in the past. |
| Starbucks shares jump as investors shrug off coffee chain’s loss and hope worst of the pandemic is behind itThe coronavirus pandemic led Starbucks to lose $3.1 billion in sales during the quarter, according to its estimates. |
| Best Buy joins Walmart, Target in closing Thanksgiving DayThe retailer said it will also start holiday deals earlier than in previous years. |
| Summer quarantine policies will create a ‘rollercoaster effect’ for airlines, Wizz Air CEO saysQuarantine policies in Europe will have a “rollercoaster effect”, the chief executive officer of Wizz Air told CNBC. |
| AMC strikes historic deal with Universal, shortening number of days films need to run in theaters before going digitalThe feud between AMC Theaters and Universal Pictures, which started over the video on-demand release of “Trolls: World Tour” in March, is over. |
| Boeing Posts Massive Loss, Burns $5.3 Billion As Aircraft Production Slows And Debt ExplodesBoeing Posts Massive Loss, Burns $5.3 Billion As Aircraft Production Slows And Debt Explodes Tyler Durden Wed, 07/29/2020 – 08:46 Boeing reported another dismal quarter from Boeing which has emerged as one of the companies most directly impacted by the global covid pandemic. For the second quarter, Boeing, which said that results are still significantly impacted by Covid-19, reported a 25% drop in revenue to $11.81, badly missing estimates of $12.99, resulting in a $2.4 billion loss which translated into a $4.79 loss per share, which while better than the $5.21 per share loss a year ago, was far worse than the $2.54 loss expected… |
| ‘Recovery’ Hopes Fade As US Wholesale Inventories Unexpectedly Plunge In June‘Recovery’ Hopes Fade As US Wholesale Inventories Unexpectedly Plunge In June Tyler Durden Wed, 07/29/2020 – 08:39 June was supposed to be the month of second-derivative beats in economic data, reaffirming the manic bid in stocks. For Wholesale Inventories it was not. Against expectations of a rebound from a 1.2% drop in May to a 0.5% drop in June, wholesale inventories actually tumbled 2.0% MoM, the worst since the peak of the great financial crisis… |
| Virus-Infected Florida In ‘Cone’ As Tropical Cyclone Nine Set To StrengthenÂVirus-Infected Florida In ‘Cone’ As Tropical Cyclone Nine Set To Strengthen Tyler Durden Wed, 07/29/2020 – 08:25 A weather disturbance is churning through the Atlantic Ocean that could strengthen into a tropical storm Wednesday, threatening South Florida by the weekend. The National Hurricane Center’s (NHC) 5:00ET advisory on Potential Tropical Cyclone 9 shows the disturbance was located about 385 miles east-southeast of San Juan, Puerto Rico, with winds of 45 mph and was moving west-northwest at 23 mph. |
| “Fire & Fawning” – Scott Galloway: Here’s What Politicians Should Ask The Big-Tech CEOs Today“Fire & Fawning” – Scott Galloway: Here’s What Politicians Should Ask The Big-Tech CEOs Today Tyler Durden Wed, 07/29/2020 – 08:16 Authored by Professor Scott Galloway via ProfGalloway.com, The CEOs of Apple, Amazon, Facebook, and Google are scheduled to testify in front of the US House Judiciary Antitrust Subcommittee later today. Some thoughts… Big tech has won before the hearing starts. Agreeing to let all four testify concurrently inhibits the committee’s ability to go deep on any one issue, and will leave the American public with a sentiment instead of a viewpoint on big tech, much less any conclusions (such as, that the Obama DOJ was asleep at the switch, and Instagram and Whatsapp should be divested). The Covid-inspired remote format dramatically lessens the likelihood of an unscripted moment that reveals something the American public didn’t previously know. Fabric softener for tough questioning is the deep pockets that keep members in power. |
| Airport coronavirus tests ‘not silver bullet’ for saving holidaysBut Heathrow airport boss says there needs to be alternative to the “cliff edge” of quarantine. |
| Coronavirus vaccine: UK signs deal with GSK and SanofiThe government signs a fourth deal, securing doses of a treatment being developed by GSK and Sanofi. |
| Barclays: We want our people back in the officeThe bank’s boss, who has said big offices might be outdated, now wants staff back in the workplace. |
| Moderna’s Covid jab works on 16 monkeysModerna’s Covid jab works on 16 monkeysTwo injections of the vaccine protected against heavy exposure to the virus at two different levels of dosage, Moderna said in findings published Tuesday in the New England Journal of Medicine. |
| ‘Covid fatality rate declining progressively’‘Covid fatality rate declining progressively’India’s COVID-19 case fatality rate (CFR) is lower than what it is globally. On Wednesday, the CFR stood at 2.23 per cent, the lowest since April 1, the health ministry said in a statement. |
| Wall around RBI crumbling, warns Viral AcharyaWall around RBI crumbling, warns Viral AcharyaFormer Dy Governor Viral Acharya returned to the New York University to teach in 2019, prematurely ending his term after a tussle with the government over the RBI’s autonomy. He, along with governor Urjit Patel and his predecessor Raghuram Rajan, cleaned up the banking system and introduced tough rules to ensure unscrupulous borrowers don’t game the system. |
| The Fed: Fed won’t be happy with how the economy is performing, but is holding off on next bazooka for nowThe Federal Reserve won’t like what it sees in the economic outlook but will likely hold off any further major policy steps at its meeting this week. |
| : Look out for these ten scams being used by coronavirus crooks preying on worried consumersFrom dodgy dating profiles to get-rich-quick investment schemes, here’s what to watch out for as opportunistic scammers look to capitalize on the coronavirus outbreak. |
| Owners warned stop kissing pets as U.K. latest to sound the alert over cat infected with coronavirusJust weeks after the U.S. announced the first infection in two pet cats, a siamese cat caught the virus from its owners in Britain. |
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