Written by Gary
Powell says new Fed approach to inflation could keep rates lower for longer (SPY -0.1%). Walmart confirms it’s working with Microsoft in bid to acquire TikTok’s US business.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The S&P 500 is higher by 0.06%, while the IPC is leading the Bovespa lower. They are down 0.48% and 0.21% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| ‘Don’t dial 911. No one’s going to answer’: Officials warn people who didn’t evacuate Hurricane LauraAs Hurricane Laura approached the Louisiana and Texas coasts, officials issued dire warnings for people hunkered down at home during the storm. |
| Routine cleaning and disinfecting leaves no trace of coronavirus on surfaces in hospital clinic, study findsThe samples were collected at the oncology facility during the height of the New Jersey’s outbreak. None of the samples returned positive for the coronavirus, the study found. |
| Forget back-to-school bargains: Retailers waiting it out as parents postpone purchasesMany retailers say they are still waiting to see strong demand for back-to-school shopping as parents and students put off purchases of fresh outfits, notebooks and glue sticks. |
| CDC defends controversial new guidance for coronavirus testing: ‘Everyone who wants a test does not necessarily need a test’“Everyone who wants a test does not necessarily need a test,” CDC Director Dr. Robert Redfield said in a statement late Wednesday. |
| Hudson Yards developer says Related is collecting 50% of rents on New York City malls“Retail is obviously struggling,” Related Companies Chief Executive Jeff Blau told CNBC’s “Squawk Box” Thursday morning. |
| 25% of U.S. malls are expected to shut within 5 years. Giving them a new life won’t be easyWhat is going to happen to America’s dead malls? That’s a million-dollar question plaguing retailers and real estate developers. |
| Coronavirus live updates: Senators press labs over test delays; WHO says schools aren’t main contributor to spreadThe coronavirus has infected more than 24.2 million people around the world so far, killing at least 826,300 people. |
| Op-Ed: Abbott CEO says coronavirus testing needs to be done on a massive scale to fight pandemicAbbott Laboratories said on Wednesday it won U.S. marketing authorization for a Covid-19 portable antigen test that can deliver results within 15 minutes and will sell for $5. CEO Robert B. Ford explains how it is a gamechanger. |
| Second ex-United Auto Workers president charged with embezzling union fundsFormer United Auto Workers President Dennis Williams was charged with embezzlement and defrauding the U.S. government as part of a multiyear corruption probe into one of America’s most prominent unions. |
| Op-ed: The ‘Experience Economy’ is dead driving a boom in virtual realityWe’ve now entered the “virtual experience economy,” giving rise to a boom in the use of virtual reality for everything from education to travel says Vikas Gupta CEO of AVARA Media. |
| Watch live: The World Health Organization holds a press briefing on the coronavirus pandemicThe WHO is holding a briefing on the Covid-19 pandemic. |
| Rite Aid CEO warns that ‘flu and Covid is not going to be a pretty picture’ this fallRite Aid’s Heyward Donigan also urged Americans to get flu shots this fall, saying increased vaccinations can help eliminate public-health confusion. |
| Starbucks to push for employees and customers to vote on Election DayStarbucks said it will ensure that its baristas won’t have to choose between working and voting as part of a nonpartisan push to raise Election Day turnout despite the coronavirus pandemic. |
| America’s Coming Double DipAmerica’s Coming Double Dip Tyler Durden Thu, 08/27/2020 – 12:40 Authored by Stephen Roach via Project Syndicate, Soaring financial markets are blithely indifferent to lingering vulnerabilities in the US economy. But the impact of consumers’ fear of COVID-19 on pandemic-sensitive services are unlikely to subside, undermining the case for the uninterrupted recovery that investors seem to expect. |
| One Day After Mass Boycott, NBA Players Agree To Resume PlayoffsOne Day After Mass Boycott, NBA Players Agree To Resume Playoffs Tyler Durden Thu, 08/27/2020 – 12:25 One day after the NBA put the playoffs on hold in an apparent boycott in solidarity with the BLM movement after the shooting of Jacob Blake in Kenosha, Wisconsin, moments ago ESPN reported that in a meeting within the National Basketball Association’s so-called bubble at Disney World in Florida, players voted to continue the remainder of the playoffs, ESPN reported, even though tonight’s three games will still be postponed Thursday night.
On Wednesday night, the Milwaukee Bucks unexpectedly skipped Game Five of their playoff series against the Orlando Magic, sparking what Bloomberg called a “night never before seen in U.S. sports” and prompting LeBron James to lead a charge to end the season, according reports … |
| NY Cases Climb, Cuomo Rejects Walked-Back CDC Guidance; UK Adopts New Travel Restrictions: Live UpdatesNY Cases Climb, Cuomo Rejects Walked-Back CDC Guidance; UK Adopts New Travel Restrictions: Live Updates Tyler Durden Thu, 08/27/2020 – 12:18 Summary: Cuomo says NY, NJ, CT won’t abideA by new CDC guidelines NY cases climb UK imposes new quarantine restrictions on travelers returning from Switzerland, Jamaica and the Czech Republic CDC walks back testing guidance change UK imposes new quarantine restrictions Florida hospitalizations decline, cases roughly even with yesterday Germany extending some restrictions on public events until Dec. 31 France tightens mask rules in Paris as cases spike Abbott wins FDA approval for rapid COVID test US, Brazil, Africa see infections slow South Korea sees most new cases since March Argentina outbreak passes Iran SK parliament closes temporarily after outbreak scare Kushner says US on track to keep promise of 100MN vax doses by year end * * * Update (1200ET): Following the CDC’s walk-back, which we reported all of 30 minutes ago, Gov Cuomo is leading his eastern neighbors New Jersey and Connecticut in publicly rejecting the new CDC guidelines. The three states will not change their guidance to reflect the CDC changes. Cuomo denounce … |
| After Inflation Targeting, Here’s What The Fed Will Do NextAfter Inflation Targeting, Here’s What The Fed Will Do Next Tyler Durden Thu, 08/27/2020 – 12:10 For those who missed the day’s main event, in a speech whose content was widely anticipated, this morning Fed Chair Jerome Powell announced that the FOMC has adopted a flexible form of average inflation targeting as the key outcome of its monetary policy framework review. The FOMC simultaneously released an updated Statement on Longer-Run Goals and Monetary Policy Strategy. The new statement includes dovish revisions to the FOMC’s approach to both its employment and inflation objectives. Here are the biggest changes: On the inflation side, the statement notes that the FOMC seeks to achieve inflation that averages 2 percent over time, � and that following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time. � Powell did not reveal the timeframe in question, noting that the Fed is not tying itself to a particular mathematical formula (which led to an initial market disappointment), and that the approach could be viewed as a flexible form of average inflation targeting. � Powell noted that the change comes in respon … |
| Walmart to join Microsoft in bid for TikTokThe US retail giant Walmart has confirmed it is interested in buying the Chinese video sharing app. |
| Fed relaxes inflation target in major policy shiftIt will give the central bank more flexibility in how it aids the US recovery, says Chair Jerome Powell. |
| Europe to start Boeing 737 Max test flightsEU aviation regulators say clearance by their US counterparts will not automatically apply in Europe. |
| AP HC extends status quo on three capitals rowAP HC extends status quo on three capitals rowThe Amaravati High Court said it would consider holding daily hearings on the three capitals row involving over 70 petitions after September 21 based on adequate precautions like physical distance and other norms of Covid-19 outbreak. |
| ‘States lost 60-70% tax revenue due to GST’‘States lost 60-70% tax revenue due to GST’The States lost 60 to 70 per cent of their revenue after joining the GST regime while the Centre lost only 31 per cent.Therefore, the Centre will have to pay GST compensation to the states,” the release quoted Harish Rao as saying. |
| Rhea used Sushant’s funds to procure drugs: NCBRhea used Sushant’s funds to procure drugs: NCBThe NCB revealed that Rhea and Samuel were working in sync. |
| Second Estimate 2Q2020 GDP Growth Marginally Improves But Remained Deep In ContractionWritten by Steven Hansen The second estimate of second-quarter 2020 Real Gross Domestic Product (GDP) “improved” from the advance estimate’s negative 32.9% to negative -31.7%.
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| Dispatches from a Pandemic: ‘A toxic scandal’: Ireland becomes a test case on how NOT to battle COVID-19Ireland’s EU Commissioner for Trade resigned late Thursday after it was revealed that he did not abide by the rules of his 14-day quarantine period, in addition to attending an 81-person dinner, also directly contravening government guidelines |
| A new breed of tech IPOs may give the stock market reason to party like it’s 1999Nasdaq leads the fastest start for global IPOs since 2007 in the second half of the year. |
| Instant Pot has launched a coffee/espresso maker, the Instant Pod, available exclusively at WalmartInstant Brands, makers of the bestselling Instant Pot, have launched the Instant Pod coffee/espresso machine heading into the holiday gifting season. |
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