19Aug2020 Market Close: Wall Street Took A Dump After Session Highs Taking Some High Fliers With It, DOW Down 85 Points, US Dollar Slips Further, Gold Isn’t As Shiny – 1939, Nasdaq Down Moderately -0.6%

Patients say post office slowdown is delaying delivery of life-saving medications

Across the country, people are sharing stories about medication delays they’re experiencing with the hashtag #USPSMeds.

U.S. imposes sanctions on two UAE-based companies for aiding Iran’s biggest airline

The Trump administration slapped fresh sanctions on two United Arab Emirates-based companies for providing material support to Iran’s largest airline, the Treasury Department said Wednesday.

California confirms first human case of the plague in 5 years: What to know

“Bubonic plague in the U.S. is not the same scenario as the historical Black Death,” one expert said.

‘Humbled’ Boeing scores first new 737 Max orders since November

Boeing’s cancellations have far outpaced orders of new aircraft this year as the pandemic hurts already weak demand.

California wildfires force more evacuations amid record heat and lightning strikes

Thousands of people in California are under urgent evacuation orders as dozens of wildfires ravaged parts of the state on Wednesday.

New York Gov. Cuomo warns NYC restaurants may have to close again in the fall

“We have a much, a much bigger problem in New York City today than any of the surrounding suburbs with a lack of compliance,” Gov. Andrew Cuomo said.

Students are heading back to campus and so is the coronavirus as colleges scramble to cancel in-person classes

“It’s starting,” Dr. William Schaffner of Vanderbilt University said of the semester. “Whether it finishes is another matter.”

Target reports a monster quarter ” profits jump 80%, same-store sales set record

Target reported dramatic growth among its online services, such as curbside pickup, and had sales growth across all of its merchandise categories.

Scientists warn it may be years before students can return to school without masks, social distancing

Scientists say the U.S. needs a combination of herd immunity, a vaccine and hygienic practices to bring the virus down to low enough levels.

Target CEO credits canceled vacations, not stimulus checks, for blowout quarter

Target CEO Brian Cornell said Americans shopped because they couldn’t go on vacation or spend money on typical summer activities during the pandemic.

Trail of bubbles leads scientists to new coronavirus clue

The tale illustrates how months into the pandemic, scientists still are struggling to unravel the myriad ways the coronavirus attacks ” and finding hints in surprising places.

Notre Dame temporarily shifts to remote classes to try to curb coronavirus outbreak, warns it may send students home

The University of Notre Dame will move undergraduate instruction online for two weeks in an attempt to curb the coronavirus.

Lowe’s reports blowout quarter with 30% surge in revenue

Lowe’s said its second-quarter revenue surged 30% as consumers shifted spending from restaurants and travel to home improvement projects during the coronavirus pandemic.

Dollar Has Best Day In 2 Months As Fed Sinks Stocks, Bonds, & Bullion

Dollar Has Best Day In 2 Months As Fed Sinks Stocks, Bonds, & Bullion Tyler Durden Wed, 08/19/2020 – 16:01

The Fed Minutes’ message was clear: “Y.C.C., Nay!”

And that did not go down well in bond-land…

FBI Probes Company Tied To Steve Bannon, Chinese Exile And Morgan Stanley Heir

FBI Probes Company Tied To Steve Bannon, Chinese Exile And Morgan Stanley Heir Tyler Durden Wed, 08/19/2020 – 15:45

It seems that the swamp isn’t quite done with Steve Bannon and friends.

According to the Wall Street Journal, the FBI and SEC have launched an investigation into Bannon-linked GTV Media Group, which raised over $300 million this spring in a private placement. At issue is whether any securities laws may have been violated during the placement, which was restricted to accredited investors – thus avoiding SEC registration requirements. Smaller investors were able to participate in the GTV Media offering through an entity called Voice of Guo Media, Inc – which raised nearly $120 million according to the report.

Apartment Boom & Bust, Where It’s Happening And Not

Apartment Boom & Bust, Where It’s Happening And Not Tyler Durden Wed, 08/19/2020 – 15:30

Authored by Mike Shedlock via MishTalk,

Apartment building is down 12% in 2020. 13 of 20 top metro area are in decline.

Key Takeaways From The FOMC Minutes: Market Spooked By Lack Of Fed Commitment To More QE, “Twist” Or Curve Control

Key Takeaways From The FOMC Minutes: Market Spooked By Lack Of Fed Commitment To More QE, “Twist” Or Curve Control Tyler Durden Wed, 08/19/2020 – 15:26

As we noted earlier, treasuries erased gains and fell to session lows after minutes of the FOMC’s July 29 meeting for several reasons: first, the Fed’s assessment of the economy was more downbeat than many had expected; second, the fact that the Fed appeared to cool substantially on any imminent (or even medium-term) implementation of yield curve control; third, the FOMC was silent on the prospect of changes to the size or composition of the central bank’s purchases of Treasury securities. As Bank of America’s Marc Cabana pointed out, “Notable that the minutes had no discussion of extending the duration of asset purchases, ie œtwist . This narrative had built considerably via media & Dudley speech leading into the meeting.”

Cabana is referring to the fact that in news conference that followed the July 29 meeting, Fed Chair Powell said the Fed’s asset purchases – running at an $80 billion a month pace in Treasuries – can be adjusted to increase support for the economy, leading to speculation that an increase in size or duration was discussed.

Tom Roth, head of rates trading at SMBC Nikko Securities echoed Cabana’s reservnations, saying that market reaction to the minutes is to œwhat is not there, …

Apple first US company to be valued at $2tn

The tech giant reaches the milestone just two years after achieving a $1tn stock market valuation.

Trump attacks Goodyear for campaign clothes ban

The tyre company says it asks staff to refrain from “political campaigning”.

Makeup: The eyes have it for post-lockdown sales

Masks and the ongoing use of video calls means eye makeup is taking a greater share of sales, analysts say.

Will Bharat Forge sustain premium valuation?

Will Bharat Forge sustain premium valuation?According to the Bloomberg data, orders for the class 8 trucks in the US rose by 20% in June to 15,626 marking it to be the first month of growth in twenty months.

India takes on Asia’s forex hubs

India takes on Asia’s forex hubsPrime Minister Narendra Modi wants to pitch India as a new Asian destination for global fund flows rivaling the likes of Singapore and Hong Kong.

The ‘penny foolish’ on D St face hard landing

The ‘penny foolish’ on D St face hard landingAmong the top five stocks, where retail investors’ holding went up most during the quarter gone by, three are priced below Rs 10 currently.

29 July 2020 FOMC Meeting Minutes: Economic Outlook Continues To Be Dependent On the Course Of the Pandemic

— this post authored by Steven Hansen

The 29 June 2020 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members. An interesting quote regarding the economy:

… Participants observed that uncertainty surrounding the economic outlook remained very elevated, with the path of the economy highly dependent on the course of the virus and the public sector’s response to it. Several risks to the outlook were noted, including the possibility that additional waves of virus outbreaks could result in extended economic disruptions and a protracted period of reduced economic activity … Other risks cited included the possibility that fiscal support for households, businesses, and state and local governments might not provide sufficient relief of financial strains … potential longer-run effects of the pandemic associated with possible restructuring in some sectors of the economy that could slow the growth of the economy’s productive capacity for some time.

Personal Finance Daily: Some Americans have started to receive the extra $300 in unemployment and more than 1 in 5 college students won’t be enrolling in college this fall

Wednesday’s top personal finance stories

The Fed: Fed staff lowers forecast for economic growth over rest of year: FOMC minutes

The Federal Reserve staff has lowered its forecast for second half GDP, according to minutes of the central bank’s July meeting released Wednesday.

Some Americans have started to receive the extra $300 in unemployment ” if you live in these states, you’re next on the list

An executive order President Donald Trump signed Aug. 8 calls for distributing an additional $300 in weekly unemployment benefits from a $44 billion fund set aside for disaster relief.