31Jul2020 Midday Update: Wall Street Stocks Mixed, Nasdaq Outperforms As Strong Earnings Offset Economic Fears, DOW At 1 ET Down 280 Points, Nasdaq Down -0.1%, WTI Crude Slipping 39.75, Nasdaq 100 Up 0.2%

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%.

Under Armour warns sales will decline as much as 25% in second half of 2020

Under 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 quarter

Fiat 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 champ

IFC’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 it

Sales 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 vaccine

The 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 disappear

Fauci’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-19

MLB 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 cautious

United 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 diversity

The 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 fall

The 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 says

Parts 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: Meadows

White 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.”

.@MarkMeadows reveals that @SenSchumer and @SpeakerPelosi refused 4 proposals to extend unemployment benefits & eviction protection.

“The Democrats believe that they have all the cards on their side … willing to play those cards at the expense of those that are hurting.”

Gold Goes TINA

Gold 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 Updates

Florida 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 outlets

The 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 Spain

The tour firm cancels trips to Spain until mid-August but adds more holidays to Greece and Turkey.

Maha to scrap emergency prisoners’ pension

Maha 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 plans

Covid 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 & wallets

Ambani 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 Contraction

Written 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 leader

In 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 fears

As 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 earnings

Stocks 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.