Written by Gary
US major stock indexes end mixed (SPY -0.4%). US death toll tops 150,000 as Florida, California, North Carolina and Idaho set one-day records. Nasdaq shrugs off stock-market weakness and UPS stock rockets toward best day ever.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | FDA says it would clear a coronavirus vaccine so long as it’s safe and at least 50% effective“If we get to 50% but it’s not safe, to me, it’s not a vaccine that we can authorize,” FDA Commissioner Dr. Stephen Hahn said. |
| Coastal flooding could hit nearly 20% of global GDP as climate change accelerates storms, sea level riseAs climate change drives higher sea levels and stronger storms, there will be an increase of about half of the world’s land, half of the global population and nearly half of global assets at risk of flooding by 2100. |
| Coca-Cola to enter hard seltzer market through Topo Chico brandCoca-Cola on Tuesday announced it will release a hard seltzer under its Topo Chico brand later this year. |
| United warns it could furlough more pilots, extends voluntary leave deadlinesUnited Airlines is warning that it may need to furlough more pilots than expected due to persistently low demand, barring federal aid or concessions. |
| Walmart cuts corporate roles as it merges online, store businessesThe country’s largest retailer confirmed Thursday that it is cutting jobs in its back offices ” but would not say how many workers will lose their jobs. |
| Soccer star Megan Rapinoe speaks out about race and change as part of new Nike campaign“You Can’t Stop Us” debuts to coincide with the NBA’s return. It shows the platform that sports provide for athletes from all levels and all walks of life to raise their voice, advocate for change and stand up for communities. |
| Ford earnings are out – here are the numbersFord CFO Tim Stone warned investors in April that the company expected to lose more than $5 billion, on an adjusted pretax basis, during the second quarter. |
| Tax hike on California millionaires would create 54% tax rateDemocrats in the California state legislature this week proposed a tax hike on the state’s highest earners to help pay for schools and services hurt by the pandemic. |
| The space economy has grown to over $420 billion and is ‘weathering’ the current crisis, report saysThe global space economy reached $432.8 billion last year, according to a report by the Space Foundation on Thursday. |
| Restaurants are in ‘fight mode’ as they cope with pandemic, Dunkin’ Brands CEO saysLearnings from early coronavirus outbreaks in its two main markets of Boston and New York have the company prepared for a second wave of the pandemic, CEO Dave Hoffmann said. |
| U.S. officials see ‘signs of progress’ in Sun Belt coronavirus outbreaks, though deaths remain high“No one’s declaring victory,” Adm. Brett Giroir, an assistant secretary at HHS, told reporters on a conference call Thursday. |
| WHO says young people appear to be causing coronavirus cases to surge in some countries“We have said it before and we will say it again, young people are not invincible,” WHO Director-General Dr. Tedros Adhanom Ghebreyesus said during a press conference. |
| Chubb CEO on insuring in a pandemic: ‘It’s unlike any other catastrophe’“The insurance industry’s ability to take pandemic risk is very limited,” Chubb Chairman and CEO Evan Greenberg told CNBC |
| USDollar, Bond Yields Tumble After Greatest Economic Collapse EverUSDollar, Bond Yields Tumble After Greatest Economic Collapse Ever Tyler Durden Thu, 07/30/2020 – 16:00 A re-weakening in jobless claims data (confirming no v-shaped recovery), a record-breaking collapse in GDP and consumption (admittedly backward-looking) and Trump tweet hinting at election delays all spoiled the party early on in US equity land but around 1030ET ‘someone’ decided this mini-dip was for buying and everything surged ahead of tonight’s mega earnings data. Only Nasdaq managed gains on the day, however with The Dow the biggest laggard… |
| Israel Moves Advanced Missile Systems To Lebanese Border On Fears Of Hezbollah AttackIsrael Moves Advanced Missile Systems To Lebanese Border On Fears Of Hezbollah Attack Tyler Durden Thu, 07/30/2020 – 15:50 Via AlMasdarNews.com, A Hebrew-language channel stated on Wednesday night that the Israeli army expects an attack by Hezbollah during the Islamic Eid Al-Adha holiday. The Israeli Broadcasting Corporation, Kann, reported that Israel fears a œsecond attack by Hezbollah in the next 48 hours, that is, during the celebration of Eid al-Adha. |
| 2 Phillies Staff Test Positive For COVID-19, Forcing More MLB Game Cancellations2 Phillies Staff Test Positive For COVID-19, Forcing More MLB Game Cancellations Tyler Durden Thu, 07/30/2020 – 15:35 MLB’s hopes to press ahead with its season following the Marlins outbreak may have just been dashed. As it turns out, the Marlins apparently spread the virus to at least two Phillies personnel, the team admitted Thursday. The infections were detected during Thursday’s round of tests, but both a coach and a staff member who were found to be infected had been tested Wednesday, and passed. Neither were experiencing symptoms as of Thursday. The two cases forced the team to cancel all activity at Citizens Bank Park œuntil further notice,” which will likely lead to more game cancellations for the league.
As CNBC reported earlier, the outbreak at the MLB is a blow to companies within the sports world like the TV networks and media and advertising companies that depend on the games, along with the new gaming stocks that allow speculators to gamble on the ga … |
| California Pizza Kitchen Declares BankruptcyCalifornia Pizza Kitchen Declares Bankruptcy Tyler Durden Thu, 07/30/2020 – 15:20 By Jonathan Maze of Restaurant Business, California Pizza Kitchen (CPK), facing months of unpaid leases and with a dwindling amount of cash, declared bankruptcy on Thursday, seeking to cut back on its debt load and close unprofitable locations. The Playa Vista, Calif.-based chain, which operates about 200 locations, has more than $400 million in debt and is mostly owned by the private equity firm Golden Gate Capital along with members of the company’s management team. |
| Jet2 tells some holidaymakers in Spain to come home earlyThe airline says it cannot keep sending empty planes to pick up passengers on different dates. |
| Coronavirus: Luxembourg taken off UK travel exemption listIt is the second country after Spain to be removed and passengers from there must isolate for 14 days. |
| Holiday firm Tui to shut 166 High Street shopsThe UK’s largest tour operator says the move is partly down to more people booking online. |
| Amnesty plan for illicit gold hoarders?Amnesty plan for illicit gold hoarders?Any proposal for an amnesty is fraught with risks as the country’s top court has ruled that Indians cannot claim absolute amnesty following criticism that such programs penalize honest tax payers. A finance ministry spokesman was not immediately available for a comment. |
| US economy sees sharpest contraction in decadesUS economy sees sharpest contraction in decadesThe Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration. |
| Big tech accused of crushing rivals for profitsBig tech accused of crushing rivals for profitsIt was the first hearing for some time where Dems and Reps acted as if they had a common foe, though for different reasons. Dems criticized the tech cos for buying startups to stifle them and for unfairly using data to clone and kill off competitors, while Reps questioned whether the platforms had muzzled conservative viewpoints and were unpatriotic. |
| Market Extra: Congress risks creating a ‘recipe for disaster,’ if more pandemic aid isn’t delivered quickly to consumers, warn bond investorsU.S. stocks still paint a pretty rosy picture of the future, despite a record 32% drop in GDP for the second quarter. But bond investors warn of more economic pain to come if Congress fails to provide more pandemic aid to consumers. |
| Earnings Results: Underwear maker Hanesbrands sold $752 million worth of face masks, medical gowns in three monthsHanesbrands Inc. reported Thursday a surprise second-quarter profit and a big sales beat, as it sold a whopping $752 million worth of face masks and medical gowns, which far exceeded the sales of underwear. |
| Coronavirus update: U.S. death toll tops 150,000 as Florida, California, North Carolina and Idaho set one-day recordsThe U.S. counted more than 1,400 deaths from the coronavirus illness COVID-19 on Wednesday, boosting the total to more than 150,000, as Florida, California, North Carolina and Idaho all recorded record single-day totals, in the latest sign the pandemic is far from contained. |
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