Written by Gary
US stocks give up gains, tech drags down market (SPY -0.8%). Stock market retreats in last hour of today’s session.
The Market in Perspective
Here are the headlines moving the markets. | |
![]() | Former FDA chief Dr. Scott Gottlieb wary of safety of Russia’s coronavirus vaccine: ‘I wouldn’t take it’“I wouldn’t take it, certainly not outside a clinical trial right now” where patients are closely monitored, former FDA commissioner Dr. Scott Gottlieb told CNBC. |
![]() | Boeing order cancellations outpace new sales for sixth straight month as demand continues to fallBoeing’s net cancellations so far this year now top 860 planes as its backlog continues to shrink. |
![]() | Lucid challenges Tesla with a luxury EV sedan that has a record 517 miles of range per chargeThe Lucid Air sedan is estimated to be able to achieve an EPA-range of 517 miles on a single charge, topping Tesla’s Model S. |
![]() | Grocery stores might be the next big thing to move into mallsWhen asked specifically about opening grocery stores at Simon Property malls, CEO David Simon said: “Yes, I am hopeful that we can certainly do more business with that category.” |
![]() | Coronavirus live updates: Texas bars could reopen if situation improves, governor says; Russia first to approve vaccineThe coronavirus has infected more than 20 million people around the world as of Tuesday, killing at least 736,200 people so far. |
![]() | Watch live: Pan American Health Organization holds press conference on the coronavirus outbreakPan American Health Organization officials are holding a press conference to update the public on the coronavirus outbreak in the Americas. |
![]() | Teen vapers up to 7 times more likely to get Covid-19 than non-e-cig users, says new Stanford study“Being a 21-year-old, I should not be spending six days in the hospital for lung complications,” said one young vaper who survived coronavirus. |
![]() | U.S. airline stocks ease off of multi-week highs as S&P 500 gives up gainsU.S. airline shares extended their gains Tuesday as more travelers took to the skies and another government bailout remained on the table. |
![]() | Big Ten postpones college football season due to coronavirus concernsThe Big Ten becomes the first Power Five conferences to cancel its fall sports seasons due to the pandemic, despite calls from President Trump to allow college football to continue. |
![]() | Florida coronavirus deaths reach another grisly record as state grapples with testing constraintsFlorida is one of the states hit hardest by the coronavirus, but daily new cases have appeared to decline in recent days. Testing, however, has fallen even faster. |
![]() | WHO regional director warns that the Americas remain ‘under the grip’ of coronavirusThe U.S., Brazil and Mexico, combined, have reported more than 40% of the world’s more than 737,000 reported coronavirus deaths. |
![]() | Scientists worry whether Russia’s ‘Sputnik V’ coronavirus vaccine is safe and effectiveScientists and public health officials are skeptical about Russian President Vladimir Putin’s claim that the country’s potential vaccine for the coronavirus “works quite effectively.” |
![]() | New York Comic Con cancels in-person convention, will head to YouTubeReedPop has canceled the in-person New York Comic Con at Javits Center this year and will take the annual convention virtual through a partnership with YouTube. |
![]() | Liquidation: Stocks, Bonds, Bullion, & Bitcoin All PukedLiquidation: Stocks, Bonds, Bullion, & Bitcoin All Puked Tyler Durden Tue, 08/11/2020 – 16:01 Well that really did escalate quickly… Today had the feeling of ‘liquidation’ (similar to March) as big-tech stocks (growth/value rotation), bitcoin, bonds, and bullion were all dumped unceremoniously. While Nasdaq futs were bid along with everything else on Putin’s vaccine headlines overnight, it didn’t take long for the growth/value rotation pressure to kick in and send them lower as small caps (financial/energy dominant) surged… but late on things rolled over as the liquidations spread and the rest of the market tumbled lower on ‘stalled stimulus’ talks… |
![]() | Biden Picks VP, But Campaign Delays Announcement As Harris Surges In Betting MarketsBiden Picks VP, But Campaign Delays Announcement As Harris Surges In Betting Markets Tyler Durden Tue, 08/11/2020 – 15:57 Update (1555ET): CNN just confirmed that Biden has called Karen Bass to tell her she won’t be the pick. So that’s one down. * * * Update (1550ET): Things are changing fast heading into Tuesday evening on the East Coast, and for whatever reason, Kamala Harris has suddenly surged into first place on PredictIt’s online gambling market. Is it possible that somebody in the know is frontrunning the announcement? It’s possible, but then again, we couldn’t say for sure, and it’s also possible that this is a genuine bet on Harris, who is still widely considered one of the most – if not the most – likely picks. |
![]() | Far-Left Democrat Rep. Pramila Jayapal Brags About Manipulating Joe BidenFar-Left Democrat Rep. Pramila Jayapal Brags About Manipulating Joe Biden Tyler Durden Tue, 08/11/2020 – 15:50 Far-left Rep. Pramila Jayapal (D-WA) told Comedy Central’s Trevor Noah on Monday that Joe Biden is essentially a puppet who can be easily manipulated. |
![]() | ‘The Program’ – Kill The Algos… Before They Kill Us‘The Program’ – Kill The Algos… Before They Kill Us Tyler Durden Tue, 08/11/2020 – 15:35 Authored by Sven Henrich via NorthmanTrader.com, Kill the algos before they kill us. If you haven’t noticed, there’s a specific program running through markets this August, it’s not humans making collective price decisions, it’s algos playing ping pong with price in a specific fashion, I call it the gap, ramp and camp program. |
![]() | Debenhams to cut 2,500 more jobs amid pandemicThis is on top of the 4,000 announced since May, meaning the retailer will have cut a third of its staff. |
![]() | ‘Bullying’ Apple fights couple over pear logoThe owners of the Prepear recipe app are speaking out after Apple tried to block their pear logo. |
![]() | Stilton drives wedge between UK-Japan Brexit dealStil-tons to do as talks over blue cheese become an unlikely obstacle to a post-Brexit trade agreement. |
![]() | Hong Kong address leaves MNCs in India strandedHong Kong address leaves MNCs in India stranded ‹ ‹By extension, the rules apply to Hong Kong since China controls the territory. Companies from such countries are required to register with a government body involving prior security clearance before bidding for contracts. Several German companies in the technology space have been impacted by the move. |
![]() | Wide-body aircraft banned at Kozhikode AirportWide-body aircraft banned at Kozhikode AirportThe move comes after an Air India Express flight had crash-landed at Kozhikode Airport on August 7, claiming 18 lives. |
![]() | Indians belie Modi’s call to be self reliantIndians belie Modi’s call to be self reliantIndustry executives said several products of prominent Chinese brands have stocks running out, including offline. Brick-and-mortar retailers and said it had been business as usual as far as Chinese brands were concerned. œThere has been no impact on sales of the Chinese brands, said a senior industry executive. |
![]() | 08 August 2020 New York Fed Weekly Economic Index (WEI): Index Declined But Remains On A Recovery TrendWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) continues to show an economy that is significantly worse than seen during the Great Recession. However, this index remains on a recovery trend. |
![]() | Therese Poletti’s Tech Tales: Uber and Lyft’s ‘day of reckoning’ is finally hereInvestors in the two big publicly trading ride hailing giants, Uber and Lyft, have been warned that this day may eventually come – The ride-hailing companies have finally lost in defending their ridiculous hiring practices and are being ordered to comply with a new California law. |
![]() | Market Extra: Why the S&P 500 is knocking on the door of its first record close in 6 monthsMillions of Americans are out of work due to the business closures resulting from the COVID-19 pandemic, but you wouldn’t know that from the S&P 500. |
![]() | Bond Report: 10-year Treasury yield pops back above 0.60% after its biggest daily jump in two monthsU.S. Treasury yields climb Tuesday as the bond market came under pressure due to a combination of vaccine developments, increased debt supply worries and improved economic data. |
Summary of Economic Releases this Week
Earnings Summary for Today
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