Written by Gary
Coronavirus cases are on the rise again across more than half of the US (SPY +0.5%). The first trading day of September will be a test of how much the previous month’s momentum will carry over.
Here is the current market situation from CNN Money | |
 | European markets are mixed today. The DAX is up 0.39% while the CAC 40 gains 0.03%. The FTSE 100 is off 1.30%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | 52 former franchisees sue McDonald’s for racial discriminationThe former franchisees accuse McDonald’s of denying them the same opportunities as White operators and pushed them out of system. |
| Nearly 3 in 4 adults plan to get vaccinated against the coronavirus, global survey showsChina was the most enthusiastic country with 97% of respondents indicating they would be vaccinated, while Russia was the least willing with only 54% interested to do so. |
| Walmart to launch its membership program, Walmart+, in mid-SeptemberThe subscription service will capitalize on the retailer’s strong grocery business and customers’ desire for more convenient ways to shop. |
| Coronavirus live updates: Germany eyes V-shaped recovery; Trump talking less about virusThe coronavirus has infected more than 25.5 million people around the world so far, killing at least 851,000 people. |
| Expect Trump to talk less and less about the pandemic the closer he gets to the election, political strategists sayThe pandemic could become a background issue, political communications experts say. |
| Delta, American drop domestic change fees, following move by UnitedDelta Air Lines and American Airlines said Monday they are dropping domestic change fees, mirroring an announcement by rival United Airlines on Sunday in a push to woo back travelers. |
| 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. |
| 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 Director Dr. Robert Redfield said the middle of the country “is getting stuck” when it comes to combating the virus. |
| 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. |
| 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. |
| 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. |
| Trump suggests Kyle Rittenhouse acted in self defense in deadly Kenosha shootingsTrump’s remarks followed a lengthy tirade against Democratic nominee Joe Biden, who earlier in the day had condemned violence in all forms at the protests. |
| 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.” |
| Apple Hopes To Sell 80 Million New ‘5G-Enabled’ iPhones Despite Pandemic Production DelaysApple Hopes To Sell 80 Million New ‘5G-Enabled’ iPhones Despite Pandemic Production Delays Tyler Durden Tue, 09/01/2020 – 08:30 Social media users were quick to lampoon the first leaked images of Apple’s new iPhone 12 series, with some complaining that the new camera array “looks like my stove”. But despite all of the logistical disruptions caused by the SARS-CoV-2 pandemic, Apple is apparently still planning to roll out its first batch of 5G-compatible phones and devices. One day after Apple’s shares powered higher on Monday following a 4-for-1 stock split, the company’s comms department has strategically leaked details about its upcoming product slate to Bloomberg. And just like that, all those jokes about “trypophobia” have been immediately forgotten, as consumers focus on several key product offerings, including a new generation of air pods, and a new set of lower-end Apple Watches – a surprise smash hit in the company’s product line – intended to compete with FitBit. |
| Futures Coiled Near All Time High As Dollar Tumbles To Fresh Two Year LowFutures Coiled Near All Time High As Dollar Tumbles To Fresh Two Year Low Tyler Durden Tue, 09/01/2020 – 08:12 Stocks started September on a positive note on Tuesday, with S&P futures flat after fading earlier gains alongside shares in Europe as global indexes close to all-time highs as data in China and Europe showed manufacturing demand rebounding from coronavirus-induced lows. The dollar tumbled to a two-year low and the Yuan jumped after Chinese manufacturing data indicated that exports are underpinning a recovery. |
| Tesla Announces $5 Billion “At The Market” Stock OfferingTesla Announces $5 Billion “At The Market” Stock Offering Tyler Durden Tue, 09/01/2020 – 07:37 Just two days ago we reported that according to at least one CIO, Tesla is the only stock that matters: “Tesla is the key to this market, all are in Elon’s world, I am ignoring everything else, rates, dollar, etc.. for now. They are truly minor in comparison until Tesla breaks.” More importantly, the CIO made an important observation: “My gut tells me Elon does a massive secondary into SPX add, like $30B. Tesla would come out with the world’s best auto-balance sheet, on par with Toyota.” It took exactly 2 days for this prediction to come partially true because moments ago, Tesla disclosed in an 8K that it had entered into an equity distribution agreement – read an “At-the-market” offering – with banks including Goldman Sachs, BofA Securities, Barclays Capital, Citigroup Global Markets, Deutsche Bank, Morgan Stanley, Credit Suisse, SG Americas, Wells Fargo and BNP Paribas (pretty much every possible bank) to sell up to $5 billion in shares from time to time based on Tesla’s instructions. Here are the details from the 8-K:
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| WHO’s Tedros Warns “No Country Can Just Pretend The Pandemic Is Over” As Trump Embraces ‘Herd Immunity’WHO’s Tedros Warns “No Country Can Just Pretend The Pandemic Is Over” As Trump Embraces ‘Herd Immunity’ Tyler Durden Tue, 09/01/2020 – 07:15 WHO Director-General Tedros Adhanom Ghebreyesus on Monday said during the organization’s latest Monday virtual news conference from its Geneva headquarters that “no country can just pretend the pandemic is over” as governments around the world ease social distancing restrictions and start to send children back to the classroom. < … |
| Ocado cancels orders on first M&S delivery dayAngry customers have complained on Twitter, but Ocado says a “very small number” of orders were hit. |
| Ann Summers threatens landlords over shop rentsThe sex toy and lingerie chain issues ultimatum over debt restructuring that is “no idle threat”. |
| Coronavirus: Jobs furlough scheme unwind gathers paceThe government is reducing the amount of furloughed workers’ wages it pays from 80% to 70%. |
| Live: Railways planning more special trainsLive: Railways planning more special trainsMoody’s said, pandemic-induced deterioration in growth and fiscal dynamics will leave most large emerging market sovereigns with higher debt burdens. |
| JEE Mains held amid stringent precautionsJEE Mains held amid stringent precautionsThe exam which has been postponed twice in view of COVID-19 pandemic is scheduled from September 1 to 6. |
| You could soon buy index-linked insurance coverYou could soon buy index-linked insurance coverThe Authority is in receipt of requests from life insurers to allow them to offer index-linked products. Current IRDAI, product regulations do not specifically permit insurers to sell index-linked products. |
| Europe is struggling to avoid a return to general lockdowns. It might even succeedEurope can œconquer the pandemic by learning to live with it without waiting for a COVID-19 vaccine, WHO regional director for Europe Hans Kluge said on Tuesday. |
| Futures Movers: Oil prices kick off September with gains, buoyed by falling dollarOil prices kick off September with gains, with crude taking a cue from a falling U.S. dollar. |
| What’s Worth Streaming: Is ‘Mulan’ worth $30? The answer, and other streaming picks for September 2020Netflix rolls out big names and Hulu has returning favorites, but Disney+ poses the biggest decision for viewers. |
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