Written by Gary
Coronavirus cases rising again across more than half of the US (SPY -0.4%). Walt Disney, JPMorgan Chase share losses lead Dow fall.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | JC Penney hits ‘stalemate’ with potential buyers. Lenders to make bid for department store in bankruptcyJ.C. Penney filed for Chapter 11 bankruptcy protection on May 15, weighed down by debt and battered by the coronavirus pandemic. |
| Coronavirus vaccine before election unlikely ” Dr. Gottlieb on FDA chief’s possible fast track“It’s more likely that you’re going to get a readout from those trials in November,” former FDA chief Dr. Scott Gottlieb told CNBC. |
| United CEO says air travel demand will roar back once there’s a coronavirus vaccine“We’ve got a tough year ahead until there’s a vaccine,” United CEO Scott Kirby said. “The good news is, I can see the light at the end of the tunnel.” |
| Canada to purchase 76 million doses of Novavax coronavirus vaccine, company saysThe agreement is contingent on the vaccine getting a license from Health Canada, the company said. |
| McDonald’s slams ex-CEO as ‘morally bankrupt’ after he asks for dismissal of chain’s lawsuit against himMcDonald’s slammed former CEO Steve Easterbrook in a new legal filing, arguing that he should have to defend his conduct in court. |
| Coronavirus live updates: U.S. tops 6 million cases; WHO warns against prematurely approving a vaccineThe coronavirus has infected more than 25.2 million people around the world so far, killing at least 847,100 people. |
| House panel opens probe of White House trade advisor Navarro after abrupt cancellation of ventilator contractThe Subcommittee on Economic and Consumer Policy is seeking documentation on every contract negotiated by White House trade advisor Peter Navarro. |
| New Jersey permitted to reopen theaters Friday, but few may be able to do so by the holiday weekendNew Jersey Gov. Phil Murphy will allow movie theaters in the state to reopen Friday, but few will be able to rehire and train staff before Labor Day weekend. |
| Coronavirus cases are on the rise again across more than half of the U.S.The worrying trends across the Midwest come about two weeks after CDC Directors Dr. Robert Redfield said the middle of the country “is getting stuck” when it comes to combating the virus. |
| WHO warns that ‘no country can just pretend the pandemic is over’“The risk of approving a vaccine prematurely, for us, is that first of all, it will make it very difficult to continue with randomized clinical trials,” Dr. Soumya Swaminathan, the World Health Organization’s chief scientist, warned. |
| Milwaukee Bucks’ arena granted approval to be voting location, co-owner Marc Lasry saysMilwaukee Bucks co-owner Marc Lasry confirmed the team received approvals in the last “24 or 48 hours” to use the Fiserv Forum as a polling location. |
| Watch live: World Health Organization holds a press briefing on the ongoing coronavirus outbreakWHO Director-General Tedros Adhanom Ghebreyesus added that countries and the public must find a way to bring their outbreaks under control and within a manageable level. |
| FDA willing to fast track coronavirus vaccine before phase three trials endThe chief of the Food and Drug Administration told the Financial Times he is willing to bypass the standard approval process to make a vaccine available as soon as possible. |
| Stocks & Silver Soar For 5th Straight Month, Bonds & Dollar DumpedStocks & Silver Soar For 5th Straight Month, Bonds & Dollar Dumped Tyler Durden Mon, 08/31/2020 – 16:01 August 2020’s 7.3% surge in the major US market index is the largest August gain since 1984 (when the S&P 500 rose 10.63%), but as the chart below shows Trannies almost doubled those gains… |
| New Jersey Governor “Very Seriously” Considering Tax On High-Frequency TradesNew Jersey Governor “Very Seriously” Considering Tax On High-Frequency Trades Tyler Durden Mon, 08/31/2020 – 15:50 Money managers and wealthy individuals don’t need another reason to leave the Garden State. But Democratic Gov. Phil Murphy – yet another Goldman Sachs alum who found his way into politics – might just give them one. Hours after unveiling plans to reopen indoor dining in his state on Friday (although restaurants will be limited to just 25% capacity, making it effectively impossible for most to even do business), Gov Murphy announced during a press briefing Monday afternoon that he was mulling a ‘high frequency trading tax’. |
| White House Plans To Target More Chinese Tech Firms After TikTok, WeChat, Navarro WarnsWhite House Plans To Target More Chinese Tech Firms After TikTok, WeChat, Navarro Warns Tyler Durden Mon, 08/31/2020 – 15:35 As CNBC reports that ByteDance could announce a deal to sell TikTok – or at least the US-facing business (along with Australia, New Zealand and Canada) – as soon as Tuesday, seemingly contradicting speculation that Beijing had a few days ago moved to try and delay the deal, White House trade advisor Pete Navarro returned to Fox Business Monday morning to warn that it’s “critical that this country not use apps that are made in China”. Navarro warned that user data gleaned from apps like TikTok and WeChat can be used to “surveil, monitor and track” Americans.
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| Amazon Granted FAA Clearance For Prime Air Drone Delivery FleetÂAmazon Granted FAA Clearance For Prime Air Drone Delivery Fleet Tyler Durden Mon, 08/31/2020 – 15:20 Amazon received approval Monday from the Federal Aviation Administration (FAA) to operate its fleet of Prime Air delivery drones in US skies, reported Bloomberg. The FAA designated Amazon Prime Air as an “air carrier,” allowing it to “safely and efficiently deliver packages to customers.” |
| Last day for an Eat Out to Help Out discountBusinesses want the scheme to be extended, saying October and November are the “biggest worry”. |
| TikTok owner to ‘strictly’ obey China’s tech takeover lawNew rules mean Beijing could block the sale of the app’s video recommendation engine. |
| Price of plastic carrier bags in England to double to 10p next yearThe fee for single-use bags will rise to 10p and be extended to all shops from April 2021. |
| Supreme Court’s AGR ruling on TuesdaySupreme Court’s AGR ruling on TuesdayThe government has sought a 20-year time frame for telcos to pay back their balance AGR dues, while the two most affected telcos- Vodafone Idea (over Rs50,400 crore balance dues) and Bharti Airtel (nearly Rs 26,000 crore balance) have sought 15 years. Vodafone Idea has warned it would be forced to shut shop if made to pay its dues at one go. |
| Oppn states plan to seek PM’s help on GSTOppn states plan to seek PM’s help on GSTTamil Nadu chief minister Edappadi K Palaniswami wrote to the PM on Monday, asking him to direct the finance ministry to revisit its stance on GST compensation. |
| Former President Pranab Mukherjee dies at 84Former President Pranab Mukherjee dies at 84On August 10, Mukherjee was admitted to the hospital after testing positive for Covid-19, after which he underwent a surgery following the detection of a brain clot. |
| Even with a toddler, this couple’s cost of living is less than $25,000 a year ” this is how they do itThey tackled student loans, paid down a mortgage, and reached financial independence in their 30s |
| Key Words: Billionaire Cooperman torn on vote for Trump: ‘Bottom line is we have a man with limited character who has good economic ideas, but he’s very divisive’Billionaire Leon Cooperman, in a television interview, says he’s still undecided about who will earn his vote in the coming 2020 presidential election. |
| Gilead’s stock has fallen 21% since April 30, underscoring investor questions about remdesivir’s potentialIn the four months since Gilead Sciences Inc. first received emergency authorization for its experimental COVID-19 drug remdesivir, its stock has done the opposite of what you would expect ” it has dropped 21%. |
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