Written by Gary
Precious Metals outperformed today as the world came to grips with Berkshire Hathaway’s ‘rotation’ from banks to bullion (SPY +0.3%). Nasdaq rises 1% as big tech stocks jump, Tesla soars 11% to a record close.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Flight attendants turn to dog walking, contact tracing for extra income as they brace for job cutsAmid the coronavirus, thousands of flight attendants are preparing for a potential furloughs this fall when the terms of federal aid expire. |
| A flood of job losses looms as airline industry struggles in pandemicA cascade of job losses loom for aviation amid the coronavirus pandemic as manufacturers work through cuts and airline aid is set to expire. |
| Forty percent of U.S. Covid-19 tests come back too late to be clinically meaningful, data showPublic health experts say Covid-19 test results need to be returned within two to three days to be clinically meaningful. A CNBC/Dynata survey of 9,444 Americans in all 50 states shows almost 40% of tests took longer. And there’s major variation state by state. |
| Lucid Motors has ambitious plans to defy skeptics and take on TeslaLucid CEO Peter Rawlinson says the company has the cash, technology and talent to defy skeptics and become one of the first real rivals to Tesla. |
| Sweltering heat is shattering records, triggering power outages across CaliforniaAcross the country, some 150 million people are set to experience temperatures hotter than 90 degrees over the next week. |
| Hillary Clinton slams Trump’s response to coronavirus pandemic, decision to withdraw from WHO“There’s a lot of really important work that needs to be done, and the United States has to be in the middle of it, it cannot sit on the sidelines being indifferent,” Clinton said. |
| $300 unemployment boost may last for only for 3 weeksA $300 federal supplement to weekly unemployment benefits, created by President Trump in a recent directive, may provide only a few weeks’ worth of guaranteed relief. Some early-mover states may get more than others. |
| How Twitter’s big hack became a wake-up call before the 2020 electionsIn mid-July, a series of high-profile Twitter accounts began spamming the same messages asking users to send them bitcoin. Apple, Uber, Joe Biden and Elon Musk ” the accounts affected were some of the most well-known brands and names on the planet. |
| With retail earnings on deck, traders place bets on expected winnersIt is retail’s time in the spotlight. Walmart, Home Depot, Kohl’s and Target are among the names reporting earnings this week. |
| New York Gov. Cuomo warns of ‘difficult’ flu season as coronavirus spreads throughout U.S.New York Gov. Andrew Cuomo said state health authorities are concerned about the upcoming flu season, warning it will make the coronavirus pandemic more difficult. |
| Stocks making the biggest moves midday: Barrick Gold, Tesla, Teladoc, Home Depot & moreBarrick Gold gets a boost after Berkshire Hathaway discloses a stake in the company. Teladoc jumped on a Credit Suisse upgrade. |
| New York gyms can reopen with coronavirus precautions next week, Gov. Andrew Cuomo says“If it’s not done right, it can be a problem and we’ve seen that,” New York Gov. Andrew Cuomo said about reopening gyms. |
| Ram 1500 TRX: Fiat Chrysler unveils 702-horsepower Hellcat pickupThe Ram 1500 TRX is expected to go on sale this year ” starting at $71,690 ” as a new halo vehicle for the brand in an attempt to greater differentiate it from Chevrolet and Ford, the industry’s truck leaders by sales. |
| S&P Fails To Make New Record High As Buffett’s Barrick Bid Pumps Precious MetalsS&P Fails To Make New Record High As Buffett’s Barrick Bid Pumps Precious Metals Tyler Durden Mon, 08/17/2020 – 16:01 Precious Metals outperformed today as the world came to grips with Berkshire Hathaway’s ‘rotation’ from banks to bullion (dumping Goldman and much of its financial exposure and buying Barrick Gold)… Gold futures tagged $2000… |
| Ex-CIA Officer Charged With Spying For China; Disclosed “Substantial Amount Of Highly Classified” InfoEx-CIA Officer Charged With Spying For China; Disclosed “Substantial Amount Of Highly Classified” Info Tyler Durden Mon, 08/17/2020 – 15:54 The DOJ has charged a 15-year veteran of the CIA with selling US secrets to China – after he accidentally revealed his spying to the FBI, according to NBC News – which notes that “The method prosecutors said they used to get him to reveal the nature of his espionage was worthy of a spy novel itself.” |
| Fox’s Chris Wallace Asks, What If Trump “Really Has A Point Here” Over Mail-In Voter Fraud?Fox’s Chris Wallace Asks, What If Trump “Really Has A Point Here” Over Mail-In Voter Fraud? Tyler Durden Mon, 08/17/2020 – 15:45 Fox News anchor Chris Wallace – no fan of Donald Trump, asked a panel of guests about the possibility that the president “may have a point” about widespread fraud due to mail-in voting. |
| Ron Paul Sees ‘Good News’: Fauci’s Out & Common-Sense Might Be ReturningRon Paul Sees ‘Good News’: Fauci’s Out & Common-Sense Might Be Returning Tyler Durden Mon, 08/17/2020 – 15:25 Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity, These days it seems there is not much good news out there. People are still panicked over the coronavirus, governments are still trampling civil liberties in the name of fighting the virus, the economy “already teetering on the edge of collapse ” has been kicked to the ground by what history may record as one of the worst man-made disasters of all time: shutting down the country to fight a cold virus. |
| Ryanair cuts flights as EU virus rates hit bookingsThe airline said activity for September and October “notably weakened” over the past 10 days. |
| Ryan Reynolds-backed gin bought in $610m dealAviation American gin, in which the Hollywood actor holds a major stake, has been sold to Diageo. |
| McDonald’s ex-boss fights sexual liaison claimsSteve Easterbrook asks for a case alleging that he lied about relationships with staff to be dismissed. |
| Biocon chief tests Covid positiveBiocon chief tests Covid positive”I have added to the Covid count by testing positive. Mild symptoms n I hope it stays that way,” she tweeted. |
| View: Nothing wrong in reviewing trade pactsView: Nothing wrong in reviewing trade pactsCan one unambiguously conclude that all RTAs lead to trade-investment creation? No. The answer is empiricaland depends on specifics of the agreement: how substantial is the agreement? How deep is its coverage? Arelarge chunks of the trade basket left out because of negative lists? |
| Travesty if rivals made to pay each other’s dues: JioTravesty if rivals made to pay each other’s dues: JioThe country’s largest telco has been dragged into the adjusted gross revenue (AGR) case mainly between India’s older telcos and DoT after the apex court sought to find out if bankrupt telcos such as RCom, Aircel and Videocon had filed for insolvency to evade paying the dues. |
| Nvidia hurdles $300 billion market cap, which Intel hasn’t topped since the dot-com bustNvidia Corp. is worth more than $300 billion for the first time as 2020 continues to be a watershed year in the semiconductor industry for companies not named Intel Corp. |
| The Tell: If history repeats, the stock market will hit a new high by the end of AugustThe S&P 500 made two failed attempts last week to take out its record close for February, causing some investors to worry the rally is running out of steam. History, on the other hand, suggests — but doesn’t guarantee — that a new high is likely by the end of the month, says CFRA’s Sam Stovall. |
| Bond Report: Treasury yields slip after Empire State, home-builder reportsU.S. Treasury yields retreat to start the week on Monday after a pair of economic reports offers a mix picture of the health of the economy. |
Summary of Economic Releases this Week
Earnings Summary for Today
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