Written by Gary
US major stock indexes opened moderately higher and traded sideways today (SPY +0.6%). Low volume may mean investors are waiting for shoe to drop.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Airline stocks soar after GOP senators push for $25 billion in additional industry aidA push for $25 billion in additional aid to protect airline jobs through the end of March gained steam with the backing from Republican senators. |
| Movie theaters were relying on ‘Mulan’ to boost ticket sales, its move to Disney+ is a ‘sucker punch to the gut’While pushing “Mulan” to Disney+ should help Disney meet its financial targets, it leaves movie theaters around the world in more precarious positions. |
| Pandemic sparks a building boom for restaurant drive-thrusStarbucks, Chipotle Mexican Grill and Shake Shack are focusing on drive-thru construction in light of the coronavirus pandemic. |
| With pandemic, CVS sees big business opportunities with Covid-19 testing, flu shotsCVS Health said Wednesday that it’s focused on providing the services that are in high demand during the pandemic from flu shots to testing for colleges. |
| Nikola founder attempts to restore confidence and curb investor expectations as shares plungeTrevor Milton reconfirmed several of the company’s expectations, including production of its hydrogen fuel-cell semitruck for next year and a partnership with a big automaker for its Badger pickup. |
| J.C. Penney lenders seek higher bids for bankrupt retailer, report saysLenders say bids for Penney’s real estate and assets aren’t close enough to the $2.2 billion of debt they hold after the department store filed for bankruptcy. |
| New York City sets up quarantine checkpoints as it toughens state travel restrictionsNew York City is setting up quarantine checkpoints at “key entry points” along main bridges and tunnels to the city to screen some incoming travelers, Mayor Bill de Blasio said. |
| The U.S. has the worst coronavirus outbreak in the world: ‘The numbers don’t lie,’ Dr. Fauci says“I mean, the numbers don’t lie,” Dr. Anthony Fauci said when asked during an interview whether the U.S. had the world’s worst coronavirus outbreak. |
| Coronavirus live updates: NYC setting quarantine checkpoints, J&J producing 100 million vaccine doses for U.S.The coronavirus has infected more than 18.6 million people around the world as of Wednesday, killing at least 702,164 people. |
| Dr. Fauci says his daughters need security as family continues to get death threatsWhite House health advisor Dr. Anthony Fauci said Wednesday that he and his family have required continued security in the face of harassment and death threats from people angry over his guidance on the coronavirus pandemic. |
| Watch live: New York Gov. Andrew Cuomo speaks at National Governors AssociationRepublican Gov. Larry Hogan of Maryland, the current NGA chair, is expected at the meeting to hand leadership of the association over to Cuomo, a Democrat. |
| Johnson & Johnson reaches deal with U.S. for 100 million doses of coronavirus vaccine at more than $1 billionJohnson & Johnson announced Wednesday that it will develop and deliver 100 million doses of its coronavirus vaccine for the U.S. in a deal totaling more than $1 billion. |
| CVS Health raises forecast for year as it adapts to changing health-care habitsThe 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. |
| Gold, Nasdaq Soar; S&P Just Shy Of All Time High In Mad Dollar-Destruction DashGold, Nasdaq Soar; S&P Just Shy Of All Time High In Mad Dollar-Destruction Dash Tyler Durden Wed, 08/05/2020 – 16:03 A body in motion will remain in motion. These days Newton’s first law is as applicable in physics as it is in capital markets, because despite growing concerns about a new wave of covid infections, chaos and confusion over the passage of a new stimulus wave, a V-shaped surge in projected earnings, not to mention the all too real possibility that Joe Biden will be US president in 3 months, stocks continue to move in an upward motion, unperturbed by anything, with the Nasdaq hitting its 31 new all time high of 2020 and rising above 11,000 for the first time ever on the back of the 5 FAAMG stocks but mostly the AAPL juggernaut, which while taking a rest today is up a staggering quarter of a trillion dollar in market cap since its Thursday earnings report. |
| Calm Before The Storm? - Gundlach Points Out Treasury Volatility At Record LowsÂCalm Before The Storm? - Gundlach Points Out Treasury Volatility At Record Lows Tyler Durden Wed, 08/05/2020 – 15:55 Another record low was recently made in Bank of America’s MOVE Index (considered Treasury Market ‘VIX’), falling to an unprecedented 40.66 last week, has since turned up to 44.11 in early August. |
| ‘Big 10’ Releases Shortened 2020 Football Schedule After UConn Cancels Football Season‘Big 10’ Releases Shortened 2020 Football Schedule After UConn Cancels Football Season Tyler Durden Wed, 08/05/2020 – 15:39 Update (1530ET): Hours after UConn became the first major football team to cancel its 2020 season, the Big Ten has just released its schedule for the 2020 season, which calls for the first games on the weekend of Sept. 5, with final games slated for Nov. 21, in an effort to align with academic calendars.
Teams in the conference will play a 10-game, conference-only football schedule beginning Labor Day weekend and building in “ample flexibility,” the league announced Wednesday morning. Each team has two open weeks, and the schedule has four weeks built in to reschedule games, incl … |
| Facebook’s Fact-Check Board Gets a Lot of ‘Likes’ From SorosFacebook’s Fact-Check Board Gets a Lot of ‘Likes’ From Soros Tyler Durden Wed, 08/05/2020 – 15:35 Authored by Sharyl Attkisson via RealClearInvestigations |
| Hotel giant LGH puts 1,500 jobs at riskStaff at hotels managed by LGH have been told they are at risk of redundancy. |
| Holiday shock: ‘We were stopped from boarding our Greece flight’Airlines are turning away holidaymakers at UK airports because of new rules on flying to Greece. |
| 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. |
| J&K Lt Governor G C Murmu resignsJ&K Lt Governor G C Murmu resignsHis resignation came on the day the Union Territory marked the first anniversary of the abrogation of Article 370 of the Constitution, which scrapped Jammu and Kashmir’s special status. |
| Inside the plan that made Ayodhya ceremony successInside the plan that made Ayodhya ceremony successThe Trust’s decisions are taken by members who had passed PM Modi’s test for efficiency, have the confidence of home minister Amit Shah, apart from guiding the architects of the Sompura family, known to have built temples in record time. |
| Paul Brandus: Why China is rooting for Trump to winChina is salivating for another four years of President Donald Trump. |
| Zynga revenue soars 47%, because mobile gamers can’t play enough during a pandemicAmericans increasingly are turning to gaming as a new form of social media ” one in which they can chat and work together to solve a puzzle or adventure game. And that is translating into record levels of engagement, retention, and monetization, Zynga executives say. |
| Clorox and P&G struggle to meet COVID-19-related spike in demandThe consumer goods giants have facilities running around the clock as sales soar for hygiene and cleaning products. |
Summary of Economic Releases this Week
Earnings Summary for Today
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