Written by Gary
ADP Employment huge miss, private payroll growth slows sharply in July amid spike in virus (SPY +0.5%). Stocks making the biggest moves premarket: Apple, CVS, Blackstone, and Wynn Resorts.
Here is the current market situation from CNN Money | |
 | European markets are broadly higher today with shares in London leading the region. The FTSE 100 is up 1.02% while France’s CAC 40 is up 0.76% and Germany’s DAX is up 0.48%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | CVS shares jump as retailer raises 2020 forecast after strong quarterly resultsThe company filled fewer prescriptions during the quarter because of stay-at-home orders, but its health benefits business got a boost as people delayed elective procedures. |
| Disney’s ‘Mulan’ coming to Disney+ in September for $29.99Disney announced Tuesday that its blockbuster feature “Mulan,” which has been delayed from its theatrical release, will hit Disney+ on Sept. 4, for $29.99. |
| BMW plunges to Q2 EBIT loss as coronavirus pandemic hits car salesBMW said it expected an operating profit for the full year even as coronavirus lockdowns pushed the carmaker to a second-quarter operating loss as deliveries of luxury cars fell 25% during the period. |
| What to know about Ford’s incoming CEO Jim FarleyWall Street analysts expect Farley, who’s known as a passionate “car guy,” to speed up the automaker’s transformation efforts and potentially bring a new sense of interest in the company. |
| Cinemark and Regal have more theaters than AMC and they don’t want to shorten the theatrical windowCinemark said it is willing to talk with studios about modifying the theatrical release window, but would only do so if it was “in the best interests of the overall industry, our company and our shareholders.” |
| Coronavirus updates: Global deaths surpass 700,000; CVS fills fewer prescriptions but weathers the quarterThe coronavirus has infected more than 18.56 million people around the world as of Wednesday, killing at least 701,000 people. |
| 5 things to know before the stock market opens on WednesdayU.S. stock futures rose amid strong earnings from Disney and hope that U.S. lawmakers can reach a deal on coronavirus stimulus relief. |
| Avoid auto stocks, traders say as Ford shares rise on CEO switchShares of electric vehicle makers Tesla and Nikola may be outperforming legacy auto stocks year to date, but investors should steer clear of the whole group, two traders say. |
| Stocks making the biggest moves premarket: Apple, CVS, Blackstone, Wynn Resorts and moreSome are the stocks posting the largest moves before the bell on Wednesday. |
| Moderna’s second-quarter revenue jumps fivefold on coronavirus vaccine developmentModerna said it has begun talks with multiple countries to supply its potential coronavirus vaccine, called mRNA-1273, and has already received about $400 million in deposits as of July 31. |
| B&G Foods CEO expects pantry demand to hold up post-pandemic“I think post-Covid, people will be working more at home, which means people will be eating more breakfast” and other meals at home, B&G CEO Ken Romanzi said. |
| Novavax’s coronavirus vaccine generates promising immune response in early trial, data showsNovavax’s potential vaccine to prevent Covid-19 generated a promising immune response in an early stage clinical trial, the U.S.-based biotech firm announced Tuesday. |
| Beyond Meat’s U.S. grocery sales nearly triple, offsetting restaurant lossesBeyond Meat’s U.S. food service sales, which include restaurants and universities, plunged 60.7% during the quarter due to the virus. |
| ADP Employment Huge Miss: Just 167K Jobs Added, Below 1.2 Million Expected But June Revised Massively HigherADP Employment Huge Miss: Just 167K Jobs Added, Below 1.2 Million Expected But June Revised Massively Higher Tyler Durden Wed, 08/05/2020 – 08:29 There was some very bad news offset by modestly good news in today’s ADP Private Payrolls report. The bad news is that after June’s 2.369MM jump in private payrolls, consensus expected another solid – if somewhat weaker – print, at around 1.2MM jobs added. Alas, the actual number was far worse, with just 167K jobs added in July, barely in the green, and a clear sign that any V-shaped recovery from May and June is now over. |
| Futures Jump, Gold Soars As Dollar Destruction AcceleratesFutures Jump, Gold Soars As Dollar Destruction Accelerates Tyler Durden Wed, 08/05/2020 – 08:09 Everyone is piling into everything. That’s probably the best way to describe the market frenzy this week which has seen an all time high in the Nasdaq and gold, an all time low 10Y yields, and an S&P that is just shy of its all time highs. Sure enough, on Wednesday, gold jumped to a new record high pushing further past $2,000… |
| Global COVID-19 Deaths Top 700,000, Victoria Suffers Another Record Despite ‘Toughest Lockdown Yet’: Live UpdatesGlobal COVID-19 Deaths Top 700,000, Victoria Suffers Another Record Despite ‘Toughest Lockdown Yet’: Live Updates Tyler Durden Wed, 08/05/2020 – 07:48 Summary: COVID deaths top 700k US to send DHHS Secretary Alex Azar on historic visit to Taiwan Czech Republic reports biggest jump in new cases since June Poland suffers record deaths WHO sends team of 43 to South Africa Uganda is Africa’s standout COVID success story WHO says first “confirmed” North Korea COVID cases “inconclusive” Queensland, Australia bars travelers from all Eastern states * * * As new COVID-19 cases continued to slow in the US and Brazil on Tuesday, the number of confirmed deaths worldwide passed the 700,000 mark, while the number of confirmed cases hit, according to data from JHU and Bloomberg. |
| “Lebanon’s Year From Hell” – Death Toll Tops 100, Over 4,000 Injured After Beirut Explosion“Lebanon’s Year From Hell” – Death Toll Tops 100, Over 4,000 Injured After Beirut Explosion Tyler Durden Wed, 08/05/2020 – 07:44 Lebanese Red Cross officials told local media outlets (quoted by Reuters) on Wednesday that the death toll has risen to over 100, including 4,000 injured, after a massive explosion ripped through Beirut’s port on Tuesday. On Tuesday evening, Lebanon’s Prime Minister said the blast was caused by an estimated 2,750 tons of ammonium nitrate, stored in a warehouse at the port unsecured for years. Israeli officials denied they had any involvement in the horrific explosion, which also seemed to be repeated by Hezbollah officials. President Trump said earlier in the evening that after meeting with top military commanders: “They seem to think it was an attack. It was a bomb of some kind.” |
| WH Smith may cut 1,500 jobs after sales plummetHigh Street chain is the latest retailer to make drastic job cuts after lockdown hit business. |
| William Hill to close 119 betting shopsThe betting chain says it does not expect customers to return in the numbers seen before the pandemic. |
| Gold price rises above $2,000 for first timePrecious metal values have been pushed up as investors look for havens amid the coronavirus crisis. |
| Ex-Google exec jailed for stealing secretsEx-Google exec jailed for stealing secretsA former Google engineer has been sentenced to 18 months in prison after pleading guilty to stealing trade secrets before joining Uber’s effort to build robotic vehicles for its ride-hailing service. |
| Apps ban will hurt Xiaomi India revenueApps ban will hurt Xiaomi India revenueA browser earns royalties from its default search engine , digital ads and other integrated shortcuts on its home page. Mi Browser currently displays 15 shortcuts including social media platforms such as Facebook, Instagram, Youtube, LinkedIn and shopping websites ShopClues etc. |
| PM says Lord Ram favours change, modernityPM says Lord Ram favours change, modernityPM Narendra Modi arrived in Ayodhya to lay the foundation stone for Ram Temple. |
| Need to Know: ‘Ample room’ for more gold gains as hedge funds late to the party, adviser saysAs gold surpasses $2,000 an ounce, one important part of the market has been left behind. |
| Market Snapshot: Dow, S&P 500 futures point to fourth straight gain despite private-sector jobs report disappointmentU.S. stock-index futures pointed to gains early Wednesday as investors pored over corporate earnings results and largely brushed off a disappointing private-sector jobs report from ADP. |
| Here’s why the massive explosion in Beirut will deepen Lebanon’s financial nightmareThe destruction of the port of Beirut on Tuesday will throw Lebanon deeper into the protracted financial crisis it has faced recently, which forced the country to default on a $1.2 billion eurobond in March. |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
