Written by Gary
US stock market ends higher amid Big Tech rally, Apple soars 10% to a record (SPY +0.8%). SP 500 notches 1.7% weekly gain and logs 5.5% monthly rise.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | 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 in the U.S. began Monday. A key priority is recruiting participants of diverse backgrounds. It may be a challenge. |
| 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. |
| 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. |
| 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. |
| At Home CEO says retailer could grow to more than 600 stores as sales soar during pandemicAt Home CEO Lee Bird said the company could grow from the 219 locations it has today to more than 600 shops nationwide. |
| World Health Organization reports largest single-day increase in coronavirus cases across globeAlmost 300,000 new coronavirus cases were reported to the World Health Organization over the last 24 hours, the largest single-day increase ever, the agency said Friday. |
| House report accuses Trump administration of ‘waste, fraud or abuse’ in U.S. ventilator contractThe U.S. House Oversight Committee accused the Trump administration of “incompetent negotiating” for ventilators at the beginning of the coronavirus pandemic. |
| 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. |
| 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. |
| 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. |
| 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. |
| Mission Accomplished: Fed Officially Blows The Biggest Ever BubbleMission Accomplished: Fed Officially Blows The Biggest Ever Bubble Tyler Durden Fri, 07/31/2020 – 16:00 Mission Accomplished:
Stocks managed gains on the month (4th month in a row) – Nasdaq best, Dow worst… |
| The Fed’s Dollar Debasement Will Trigger An Unprecedented Structural ShiftThe Fed’s Dollar Debasement Will Trigger An Unprecedented Structural Shift Tyler Durden Fri, 07/31/2020 – 15:45 Whether it is merely the continued debasement of the dollar by a Fed that has gone full-tilt on money printing, or a historic transition away from the current global reserve currency, the recent sharp drop in the US currency is all Wall Street is talking about, with some such as Goldman going so far as to warn that “real concerns are emerging” about the US Dollar as global reserve currency (and is a reason why the bank is buying gold instead). |
| Gordon Johnson: These Are The Tesla Numbers Journalists Need To Pay Attention ToGordon Johnson: These Are The Tesla Numbers Journalists Need To Pay Attention To Tyler Durden Fri, 07/31/2020 – 15:30 Gordon Johnson, Tesla analyst and most recently well-known for having a Don Corleone-style animal head mounted on his wall behind him while on national television, has issued some new notes this week pointing out some “areas to focus on with Tesla” and stories that “no journalist is focusing on” with the embattled automaker. |
| 17 Year Old Tampa Teen Among 3 People Charged With 30 Counts For Recent Twitter Hack17 Year Old Tampa Teen Among 3 People Charged With 30 Counts For Recent Twitter Hack Tyler Durden Fri, 07/31/2020 – 15:21 Update 7/31/2020 1520ET:Â The Department of Justice has also noted that 2 additional individuals have been charged, including a 19 year old from the UK and a 22 year old from Orlando, Florida, according to Bloomberg:
— Before Democrats even had time to blame the Twitter hack on Russians and meddling in the upcoming election, a 17 year old from Tampa has stolen their thunder. The teenager, 17-year-old Graham Clark, is being hailed as the “mastermind” behind the hack that rocked Twitter weeks ago, when major celebrity accounts like Bill Gates and Barack Obama were hacked and then used to request Bitcoin from their followers. Unfortunately for Democrats, Clark’s name doesn’t even sound Russian. Regardless, Hillsborough State Attorney Andrew Warren filed 30 felony charges against Clark this week for œscamming people across America in connection with the hack, according to |
| Twitter hack: Florida teenager arrestedA teenager has been arrested over the hijacking of high-profile Twitter accounts in the US. |
| 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: ‘It’s make or break for our business now’Businesses are dismayed about the decision to put lockdown easing on hold in England. |
| National Health ID in the worksNational Health ID in the works ‹ ‹India is set to unveil a national digital health ecosystem which would digitise your personal medical records; connect diagnostic centres, medical institutions and state medical councils; provide a villager living in a remote rural block an easy appointment at the district hospital and verify all doctors in the country. |
| Covid has called world’s bluff: Muhammad YunusCovid has called world’s bluff: Muhammad YunusStressing the need to recognise the poor, the migrants, the women at the lowest strata of society, founder of the Grameen Bank said, “Financial systems are designed in wrong ways. Poor people are all over but the economy does not recognize them. If we can finance them they will move up the ladder. We are engaged with the formal sector.” |
| Trump to order ByteDance to sell TikTok in USTrump to order ByteDance to sell TikTok in USThe U.S. has been investigating potential national security risks due to the company’s control of the app, and Trump’s decision could be announced as soon as Friday. Spokespeople for the White House and Treasury Department didn’t immediately respond to requests for comment. A TikTok spokesperson couldn’t be reached for comment. |
| The Ratings Game: 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. |
| This innovation could do for investing what Napster and the iPod did for music ” and financial services may never be the sameIf mutual funds are like mix tapes and exchange-traded funds are like the deejay machines that made an appearance in mall record stores for a few years, a financial-services innovation called direct indexing is Spotify or Pandora: personal, technological, disruptive, and even a little sexy. |
| The Ratings Game: Facebook stock spikes to record as prominent advertisers’ boycott doesn’t scare anyoneFacebook shares jumped to record highs Friday as analysts reported optimistic takeaways from an earnings report despite an organized boycott and global pandemic. |
Summary of Economic Releases this Week
Earnings Summary for Today
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