Written by Gary
US major indexes churn as China tensions, stalled coronavirus relief overshadow job growth (SPY +0.1%). Mounting evidence suggests 55% of coronavirus patients still have neurological problems three months later.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Dr. Anthony Fauci says chance of coronavirus vaccine being highly effective is ‘not great’Scientists are hoping for a coronavirus vaccine that is at least 75% effective, but 50% or 60% effective would be acceptable, too, Dr. Anthony Fauci said. |
| Hawaii reinstates coronavirus restrictions: ‘There’s no question that the virus is surging’“There is no question that the virus is surging in our state, and I know that many are worried about their health,” Hawaii Gov. David Ige said. |
| Delta urges 3,000 flight attendants to take unpaid leave, shorter schedules to avoid furloughsDelta said more than 3,000 flight attendants would need to take unpaid time off to avoid furloughs as schedules remain limited in the coming months. |
| Last call: Governors roll back hours instead of reopenings as bars take blame for coronavirus surge“Last call” orders to maintain public health in restaurants and bars will hurt establishments financially and won’t help to solve the problem, owners say. |
| New York Gov. Cuomo says all school districts across state are authorized to reopenNew York Gov. Andrew Cuomo announced that all school districts across the state have been authorized to reopen for the fall semester, including New York City. |
| U.S. judge ends decades-old movie theater rules set by Hollywood studiosA federal judge on Friday granted the U.S. government’s request to immediately end the Paramount Decrees, a set of antitrust rules from the late 1940s and early 1950s that ended Hollywood’s monopoly on producing, distributing and exhibiting movies. |
| Air India plane crash lands in southern India, police say at least 14 people are deadAn Air India plane carrying 191 passengers crashed in the southern city of Calicut on Friday and several passengers were injured, an airline spokesman and television channels said. |
| Coronavirus live updates: Washington can’t reach a stimulus deal; New York green lights fall school reopeningThe coronavirus has infected more than 19.1 million people around the world as of Friday, killing at least 715,555 people. |
| UPS tacks on additional fees as it faces a flood of packages during pandemicThe charges, which can be as high as $4 a package for air shipments to residences, are aimed at coping with a potential crush of volume during the upcoming holiday shopping season. |
| Pfizer agrees to manufacture Gilead’s coronavirus drug remdesivirThe multiyear agreement will support efforts to scale up the supply of the intravenous drug, which has shown to help shorten the recovery time of some hospitalized coronavirus patients, |
| GM unveils all-electric Cadillac Lyriq as its new ‘technology spearhead’The Lyriq, a midsize crossover, includes a massive diagonal 33-inch curved LED screen on the interior, advanced lighting technology on the exterior and GM’s Super Cruise driver-assist system. |
| State Department lifts international ‘do not travel’ advisory, but hurdles remainThe U.S. State Department has lifted its ‘do not travel’ advisory for international trips but many countries remain closed to Americans. |
| Buy American? Trump makes over $1 million from store that sells products with foreign, unknown originsPresident Donald Trump has made over $1 million from an online store selling Trump-branded items. The Trump Organization won’t say where many of the products are made. |
| Tech Tumbles Into Weekend, Copper Crumbles As Silver SoarsTech Tumbles Into Weekend, Copper Crumbles As Silver Soars Tyler Durden Fri, 08/07/2020 – 16:00 While stocks soared on the week (led by Small Caps’ best week in two months)… |
| UPitt Prof Stripped Of Position After Questioning Affirmative Action In AdmissionsUPitt Prof Stripped Of Position After Questioning Affirmative Action In Admissions Tyler Durden Fri, 08/07/2020 – 15:45 Authored by Jonathan Turley, This week I testified in the Senate about the erosion of free speech and academic freedom in our universities where professors are being punished or even fired for expressing viewpoints that challenge a new orthodoxy on our campuses, particularly with regard to racial and political issues. The latest example can be found this week at the University of Pittsburgh, which has removed Associate Professor of Medicine Norman Wang from his position as Program Director of the Electrophysiology Fellowship. The removal was in direct response to Wang publishing an article in a peer-reviewed journal that questioned the use of affirmative action in medical schools admissions. The action raises serious concerns over both free speech and academic freedom. The only thing more unsettling than the … |
| US Consumer Credit Rises For The First TIme Since The Covid CrisisUS Consumer Credit Rises For The First TIme Since The Covid Crisis Tyler Durden Fri, 08/07/2020 – 15:30 After three months of record declines, total US consumer credit posted its first increase in the month of June since the covid crisis, rising by a modest $8.9 billion, below the $10 billion expected, but the positive print since February nonetheless. |
| Portland Mayor Turns On Protesters, Accuses Them Of ‘Attempting To Commit Murder’Portland Mayor Turns On Protesters, Accuses Them Of ‘Attempting To Commit Murder’ Tyler Durden Fri, 08/07/2020 – 15:10 Three weeks ago, Portland Mayor Ted Wheeler was standing shoulder to shoulder with angry protesters, gagging on tear gas in a show of solidarity against federal agents sent there to restore order. Now, the federal agents are gone as Wheeler’s city continues to spiral out of control. On Thursday evening, Wheeler condemned rioters who tried to torch a police precinct after blocking the exits while officers were still inside, according to Fox News. “When you commit arson with an accelerant in an attempt to burn down a building that is occupied by people who you have intentionally trapped inside, you are not demonstrating, you are attempting to commit murder,” said Wheeler in a joint press conference with Police Chief Chuck Lovell. … |
| British Airways: ‘I felt forced to take redundancy’The airline’s cabin crew who are not made redundant on Friday will still face steep pay cuts. |
| TikTok threatens legal action against Trump US banThe Chinese firm says it is “shocked” by an order for US companies to stop doing business with the app. |
| US jobs growth slows in July as pandemic takes tollAmerican employers added 1.8 million jobs last month, down from 4.8 million in June. |
| Air India Express crash: DGCA orders probeAir India Express crash: DGCA orders probeAir India Express passenger plane overshot the runway and broke into two after landing in the southern city of Calicut in heavy rain. 16 casualties have been reported so far. |
| $3 per dose: The cost of Covid vaccine in India$3 per dose: The cost of Covid vaccine in IndiaAs part of the agreement SII will also get upfront capital of $150 mn via the Bill and Melinda Gates Foundation to help the company increase manufacturing capacity now so that, once a vaccine, or vaccines, gains regulatory approval and WHO prequalification, doses can be produced at scale for distribution under the COVAX agreement. |
| The embarrassment behind 2020’s breakout appThe embarrassment behind 2020’s breakout appEric Yuan, co-founder and CEO, Zoom Video Communications talks about the journey of his company, how it all began and what are its future plans in a chat with Rajan Anandan, MD, Sequoia Capital during TiE Delhi-NCR’s India Internet Day 2020 event. |
| June 2020 Headline Consumer Credit Continues To SlowWritten by Steven Hansen Headline consumer credit contracted and is at expectations. Our analysis of the unadjusted data shows annual growth slowed and is barely in expansion year-over-year. This is the fourth month of consumer credit data which shows the coronavirus impact.
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| Next Avenue: After COVID-19, what is the future of health care for older Americans?Here’s what experts forecast regarding telehealth and physicians specializing in geriatrics post-pandemic. |
| 4 million older workers will be pushed out of the workforce by OctoberAnd those that return to work may not get the best circumstances, new report found |
| 55% of coronavirus patients still have neurological problems three months later: studyMounting evidence suggests COVID-19 could cause brain damage in adults and kids |
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