Written by Gary
Facebook, Amazon, Apple, and Netflix hit record highs shortly after market open (SPY -0.7%). Session trend headed for negative close.
Here is the current market situation from CNN Money | |
North and South American markets are lower today with shares in Mexico off the most. The IPC is down 0.81% while Brazil’s Bovespa is off 0.55% and U.S.’s S&P 500 is lower by 0.36%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Under Armour warns sales will decline as much as 25% in second half of 2020Under Armour’s second-quarter results were better than the retailer was expecting thanks to an e-commerce boost, but the retailer warned pressures from the coronavirus pandemic will continue to pressure results in the second half of the year. | |
Fiat Chrysler reports $1.2 billion loss in second quarterFiat Chrysler lost $1.24 billion (1.1 billion euros) in the second quarter as the coronavirus caused rolling shutdowns at its plants across the globe. | |
IFC Films had never played in drive-ins before the pandemic, now it’s a box-office champIFC’s unconventional shift has kept the company in business and not far behind its box-office sales from last year. | |
Pharma giant Merck raises 2020 outlook, saying the worst of the coronavirus impact is behind itSales of Merck’s blockbuster cancer drug Keytruda helped offset an 8% decline in revenue to $10.87 billion during second quarter from $11.76 billion from a year earlier. | |
U.S. agrees to pay Sanofi and GSK $2.1 billion for 100 million doses of coronavirus vaccineThe agreement with Sanofi and GlaxoSmithKelin is the government’s second in less than two weeks for 100 million doses of vaccine. | |
Dr. Fauci says coronavirus is so contagious, it won’t likely ever disappearFauci’s testimony before a House subcommittee are at odds with President Trump, who has repeatedly claimed that the virus would “disappear.” | |
Under Armour CEO Patrik Frisk says ‘tentative’ shoppers are here to stay thanks to pandemic“We think that kind of tentative approach from the consumer is going to stay,” Under Armour Chief Executive Patrik Frisk said. | |
MLB postpones Brewers-Cardinals game after two Cardinals players test positive for Covid-19MLB confirmed earlier reporting by CNBC on Friday that it’s postponing the July 31 game between the Milwaukee Brewers and the St. Louis Cardinals. | |
United adds some international flights for September, but remains cautiousUnited Airlines is adding a few new flights but remains hesitant to increase capacity too much amid weak demand. | |
Early coronavirus drug trials tested vaccines mostly on White people; next phase aims for diversityThe first large-scale efficacy trials of potential Covid-19 vaccines began Monday in the U.S. A key priority is recruiting participants of diverse backgrounds. It may be a challenge. | |
CDC warns Congress of ‘significant public health consequences’ if schools don’t reopen in the fallThe CDC’s director told Congress that millions of children get nutritional and mental health services at schools. | |
Retail reverses course after reaching 2018 highs, but this stock may still have legs, trader saysParts of the retail trade could still rally after a recent high for the group, says Matt Maley, chief market stratgegist at Miller Tabak. | |
Merck aims to start ‘large pivotal’ studies on coronavirus treatment in September“We will be embarking, probably in September, on very large pivotal studies, and so those are going to be the important ones,” a company executive said. | |
Ether Rockets 50% In 5-Year Anniversary Month: What’s Behind The Rally?Ether Rockets 50% In 5-Year Anniversary Month: What’s Behind The Rally? Tyler Durden Fri, 07/31/2020 – 12:31 Authored by Joseph Young via CoinTelegraph.com, As Ethereum turns five years old, Ether is up 50% over the past month with two main catalysts driving the uptrend, namely DeFi and ETH 2.0. | |
White House Has Submitted ‘Four Different Offers’ On Stimulus Which Dems Have Ignored: MeadowsWhite House Has Submitted ‘Four Different Offers’ On Stimulus Which Dems Have Ignored: Meadows Tyler Durden Fri, 07/31/2020 – 12:10 While the White House and Congressional Republicans work towards a temporary extension of lapsing unemployment benefits, Democrats continue to reject the stopgap measures according to White House Chief of Staff Mark Meadows. “At the president’s direction, we have made no less than four different offers” on unemployment insurance as well as a moratorium on evictions, Meadows said at a Friday White House briefing reported by Bloomberg. “They’ve not even been countered with a proposal.”
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Gold Goes TINAGold Goes TINA Tyler Durden Fri, 07/31/2020 – 11:55 Authored by Adam Taggart via PeakProsperity.com, Peak Prosperity publishes ALERTs very rarely, and only when my co-founder Chris Martenson and I are concerned enough to take personal action. On May 8, I released an ALERT informing our premium subscribers that, concerned by the ramifications of the global central banks’ response to the coronavirus, I was moving a material percentage of my portfolio’s cash reserves into precious metals, notably into silver as the gold/silver ratio then of 110:1 remained near a record high. | |
Florida Smashes Record COVID-19 Death Tally For 4th Day: Live UpdatesFlorida Smashes Record COVID-19 Death Tally For 4th Day: Live Updates Tyler Durden Fri, 07/31/2020 – 11:52 Summary: Arizona reports another 3,212 new cases NYC Mayor says threshold for in-person classes is 3% Vietnam reports first COVID-19 death Florida breaks record deaths for 4th day Another MLB game cancelled US strikes $2.1 billion vaccine deal with GSK, Sanofi UK extends ‘partial’ lockdown to 4 million people Cases climb in China, HK HK cancels September vote Australia’s Victoria state sees second-highest daily tally Argentina sees record daily jump * * * Update (1145ET): Arizona just reported another 3,212 new cases on Friday. | |
Byron Burger sheds 650 jobs and closes more than half its outletsThe burger chain is the latest High Street name to cut jobs after the coronavirus hit to trading. | |
Coronavirus: Lockdown easing delay ‘is hammer blow’As bowling alleys remain shut and beauty salons are still restricted. business groups express dismay. | |
Holiday firm Tui extends suspension of trips to SpainThe tour firm cancels trips to Spain until mid-August but adds more holidays to Greece and Turkey. | |
Maha to scrap emergency prisoners’ pensionMaha to scrap emergency prisoners’ pension ‹ ‹ The Maha Vikas Aghadi on Friday announced that it had decided to stop giving pensions and said that the state’s financial condition due to Covid pandemic was the reason it had decided to stop the scheme. Announced by the Devendra Fadnavis government in 2018 the scheme was meant for those who had been jailed during the Emergency imposed between 1975 and 1977. | |
Covid throws a wrench into India’s infra plansCovid throws a wrench into India’s infra plans œAt present everything is in a state of pandemonium, Hemant Kanoria, chairman of Srei Infrastructure Finance Ltd. in Kolkata, said, while seeking a one-time recast of loans for construction firms, clearance of dues owed by the government and faster resolution of disputes to ease cash flow. œOtherwise everyone is dead. | |
Ambani is coming for India’s phones & walletsAmbani is coming for India’s phones & walletsThe oil-and-petrochemicals tycoon’s digital services startup requires him to dominate the use of mobile devices, while his retail chain, India’s largest, needs maximum grip on customers’ moneybags. | |
24 July 2020 ECRI’s WLI Improvement Continues But Remains In ContractionWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward improved but remains in contraction. ECRI also released its lagging index this past week. | |
Will Vanguard step on the SPDR? This technology ETF just dethroned the industry leaderIn one S&P 500 sector fund category, Vanguard’s assets just topped those of the industry titan, State Street Global Advisors’ SPDR suite. | |
NewsWatch: Apple stock rockets to record as ‘amazingly strong’ earnings calm pandemic iPhone fearsAs Apple Inc. heads for the highly anticipated launch of its first 5G-enabled phone later this year, the company just gave a confident signal that its hardware story is still very much intact. | |
Market Snapshot: Dow, S&P 500 fail to hold gains despite Big Tech’s blowout earningsStocks traded mostly lower Friday morning weighed down by a mixed batch of earnings results, disappointing economic data and a lack of progress on Capitol Hill toward another coronavius aid package. |
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