21Aug2020 Midday Update: Wall Street Buoyant, Nasdaq Sets Fresh Intraday Record, Home-sales Report Surges 25%, Apple Stock’s Hot Streak Continues, DOW Up 100 Points At 1 ET, WTI Crude Slips To 41.57

Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.13%, while the IPC is leading the Bovespa lower. They are down 0.93% and 0.41% respectively.

WHO warns coronavirus vaccine alone won’t end pandemic: ‘We cannot go back to the way things were’

World leaders and the public must learn to manage the virus and make permanent adjustments to their daily lives to bring the virus down to low levels, the WHO said.

Ex-Navy SEAL in bin Laden raid is banned by Delta for refusing to wear mask

A former Navy SEAL who said he shot Osama bin Laden is reportedly one of about 130 people banned by Delta Air Lines for failing to wear a mask on a flight.

Struggling retailers rush to file for bankruptcy as fears of a second wave of coronavirus linger

Another round of retail bankruptcies and liquidations could be coming if a second wave of infections run smack into the holiday shopping season.

Movie theaters reopen this weekend, but it’s unclear if audiences will return

Even with stringent safety protocols and new film releases, moviegoers may be hesitant to return to cinemas.

U.S. will have third act of coronavirus and it will likely be ‘more pervasive,’ Dr. Scott Gottlieb says

“Really, an outbreak can happen anywhere,” former Food and Drug Administration Commissioner Dr. Scott Gottlieb said.

Delta will keep blocking some aircraft seats through early January to calm travelers nervous about virus

Delta is extending limits on aircraft capacity through early January, an effort to put more travelers at ease during the pandemic.

Massachusetts requires most students to get flu vaccine to ease burden on health system during pandemic

Fewer than half of American adults, and about 60% of kids, typically get the flu shot each year, CDC data shows.

Raging fires, a heat wave and coronavirus: California battles several crises

The LNU Lightning Complex Fire in California had burned more than124,000 acres and was 0% contained as of Thursday morning.

AMC, Regal and Cinemark prepare to reopen in the U.S. after five-month shutdown

While some think customers will flock to theaters, scant fresh content and health fears during the pandemic might stop moviegoers.

American Airlines halting service to 15 small cities after federal aid runs out in October

The cities were selected because they have attracted little demand and aren’t likely to rebound soon, according to a person familiar with the matter.

Wealthy New Yorkers plan to commute by private chopper from the Hamptons this fall

For a one-time membership fee of $965, customers can get flights for $295 each way. Blade’s September promotion sold out of all 250 spots in less than than 24 hours.

Taco Bell unveils new design with more drive-thrus as pandemic permanently shifts how we order

Taco Bell unveiled its latest restaurant design, seeking to get customers to order ahead and keep drive-thru lines short.

Watch: DNC Uses Duplicate “Fans” During Kamala Harris Livestream

Watch: DNC Uses Duplicate “Fans” During Kamala Harris Livestream Tyler Durden Fri, 08/21/2020 – 12:30

Authored by Steve Watson via Summit News,

In a bizarre move, the DNC appeared to duplicate members of a livestream audience to fill out the screen during Kamala Harris’ speech.

Bears Capitulate As S&P Short Interest Hits Lowest On Record

Bears Capitulate As S&P Short Interest Hits Lowest On Record Tyler Durden Fri, 08/21/2020 – 12:10

Contrary to public opinion that hedge funds have not participated in the recent rally, the latest hedge fund tracker from Goldman reveals that hedge funds boosted returns by keeping net leverage elevated throughout the market rebound. In fact, aggregate hedge fund net leverage calculated based on publicly-available data registered 54% at the start of 2Q 2020 and 50% at the start of 3Q, above the historical average.

Exposures calculated Goldman Sachs Prime Services show an even more acute dynamic, with hedge fund net leverage declining only modestly in Q1 as the market plunged, then sharply rebounding and today registering at levels that in recent years have only been exceeded following the passage of the TCJA tax cuts in late 2017-early 20. GS Prime Services data show net leverage ranking in the 95th percentile of the past five years, while gross leverage has slipped to the 68th percentile.

Taking Away The “Punch Bowl”: Risk Of Hard Landing In Consumer Spending

Taking Away The “Punch Bowl”: Risk Of Hard Landing In Consumer Spending Tyler Durden Fri, 08/21/2020 – 11:50

Submitted by Joseph Carson, former chief economist at AllianceBernstein

With each passing day, the failure of Congress and the Administration to reach a deal on extending fiscal stimulus creates a bigger and bigger hole in consumer cash flow. So far investors have brushed off the stalemate. But that’s a mistake.

That’s because the federal stimulus payments that flowed to people in Q2 was the largest on record. Removing the œpunch bowl of stimulus entirely or even in half raises the risk of a hard landing in consumer spending.

Boom To Bust

According to the Bureau of Economic Analysis (BEA), special federal payments to individuals and small businesses (proprietors) in Q2 boosted personal income by $ 3.2 trillion annualized. That figure includes direct stimulus payments, an increase in unemployment compensation to a broader group of workers, and forgivable loans to small businesses (proprietors) that are included in the personal income data.

The actual boost to consumer cash flow was even larger because millions of renters and homeowners were allowed to forgo monthly rent and mortgage payments.

So how big is $3 trillion in federal payments to people? It’s humongous.

…

Pakistani Minister Threatens India With Nuclear Attack “To Save Muslim Lives” On National TV

Pakistani Minister Threatens India With Nuclear Attack “To Save Muslim Lives” On National TV Tyler Durden Fri, 08/21/2020 – 11:35

At a moment of continuing top level military talks between India and China in which the two sides said they’ve agreed to work toward “complete disengagement of troops” from the contested Line of Actual control in the disputed Eastern border region, it appears tensions for India are about to shift right back to its Western border once again and New Delhi’s most immediately threatening nuclear rival of Pakistan.

A highly visible member of the National Assembly of Pakistan has grabbed national headlines for threatening India with nuclear war. Pakistan Minister Sheikh Rashid told a national broadcaster during an interview that his country’s nuclear arsenal “will save Muslim lives” should India conduct acts of aggression.

UK government spending on virus measures pushes debt to £2 trillion

Public debt levels soar as spending on coronavirus measures forces the government to borrow more money.

UK retail sales climb back to pre-pandemic levels

Sales rose by 3.6% in July as demand for clothing recovered and people spent more on fuel.

Coronavirus: Eviction ban to be extended by four weeks

The ban for England and Wales now runs until 20 September after fears thousands could lose their homes.

Govt is planning a major IBC tweak

Govt is planning a major IBC tweak œGovernment has set up a committee to give a pre-pack framework, we expect the report of the committee to come by the end of this month, said MS Sahoo, chairperson of the Insolvency and Bankruptcy Board of India (IBBI).

Facebook says it denounces hate & bigotry

Facebook says it denounces hate & bigotry”Facebook is and always has been an open, transparent and non-partisan platform where people can express themselves freely. Over the last few days, we have been accused of bias in the way we enforce our policies. We take allegations of bias incredibly seriously, and want to make it clear that we denounce hate and bigotry in any form,” Facebook India Vice President and Managing Director Ajit Mohan said in a blog post.

View: Why is BJP silent on Ankhi Das’ comments?

View: Why is BJP silent on Ankhi Das’ comments?Facebook has steadfastly refused to accept the responsibility for content that a publisher, such as a mainstream news organisation or a news web site, assumes when it publishes something. A newspaper takes editorial responsibility for what it carries, and is liable to be held accountable for what it carries.

: Invest in tech indexes, but hedge your bets with fine wine and stamps, says this strategist

Tech companies will grow exponentially for the next two decades, far outpacing other investments, strategic advisory firm Aquaa Partners said on Friday.

Market Snapshot: Dow buoyant and Nasdaq sets fresh intraday record as home-sales report surges 25% for July

U.S. stocks gather a little steam in choppy trade midday Friday as investors parse a pair of economic reports that came in better than expected.

One-third of adults unlikely to use U.K. government’s restaurant incentive, survey finds

Just one in 10 adults had participated in the Government’s Eat Out to Help Out program by the middle of August.