Written by Gary
Job growth expected to slow sharply over the next decade, Labor Department said (SPY +0.5%). Midday biggest moves: Zoom Video, Walmart, Apple.
Here is the current market situation from CNN Money | |
North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 2.51% while Mexico’s IPC is up 1.39% and U.S.’s S&P 500 is up 0.35%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
‘The stakes could not be higher’ for the film industry this Labor Day weekendAnalysts are eagerly awaiting “Tenet” and “Mulan,” as they will indicate if consumers have confidence in returning to movie theaters and if studios will have the confidence to continue to release films in theaters in 2020. | |
America’s department stores, cornerstones in fashion, could be in their ‘last stages’The coronavirus pandemic is shining a light on U.S. department stores’ dependence on selling fashion and their lateness to adapt in today’s retail environment. A deal to save bankrupted J.C. Penney is stalled. Lord & Taylor, the oldest department store in the country, is liquidating. | |
Fauci debunks theories of low CDC coronavirus death toll: ‘There are 180,000-plus deaths’ in U.S.“That does not mean that someone who has hypertension or diabetes who dies of Covid didn’t die of Covid-19. They did,” Dr. Anthony Fauci told ABC’s “Good Morning America.” | |
Ford plans to cut 1,000 salaried jobs in North AmericaFord reportedly plans to cut about 1,000 salaried jobs in North America as it tries to execute an $11 billion restructuring that has failed to meet Wall Street’s expectations. | |
L.L. Bean CEO says demand for snow shoes, sleds already spiking ahead of winterSales of bikes and boats have been strong in the spring and summer months, but now shoppers are looking to stock up on flannel, fleece and boots, L.L. Bean Chief Executive Stephen Smith told CNBC. | |
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. | |
Florida drops Quest for coronavirus testing after lab reports backlog of 75,000 test results“The law requires all COVID-19 results to be reported to DOH in a timely manner. To drop this much unusable and stale data is irresponsible,” Florida Gov. Ron DeSantis said. | |
Insurer Centene invests in start-up Hazel Health in $33.5 million venture funding roundThe five year old start-up raised $33.5 million in series C funding, led by Owl Ventures and Bain Capital, and investors including insurer Centene. | |
Coronavirus live updates: Family emergency savings wiped out; Dems say PPP program wasted billionsThe coronavirus has infected more than 25.5 million people around the world so far, killing at least 851,000 people. | |
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. | |
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. | |
AstraZeneca bolsters Covid-19 vaccine supply with new dealAstraZeneca has expanded its agreement with cell therapy firm Oxford Biomedica to mass-produce its COVID-19 potential vaccine, as it looks to scale-up supply ahead of a possible U.S. fast-track approval. | |
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. | |
Black Owners Accuse McDonald’s Of Systematic Discrimination In $1BN LawsuitBlack Owners Accuse McDonald’s Of Systematic Discrimination In $1BN Lawsuit Tyler Durden Tue, 09/01/2020 – 12:35 Why have so many of McDonalds’ black franchisees lost their businesses over the past 4 years? Could it possibly be due to ‘entrenched racism’ by one of the world’s foremost practitioners of ‘corporate activism?’ That’s what a group of plaintiffs are alleging in a lawsuit first reported Wednesday morning by the Wall Street Journal. A group of several dozen black franchisees are suing the world’s most recognizable fast-food chain, accusing management of deliberately sabotaging the business prospects if black franchisees. In the lawsuit, filed Monday night in the US District Court for the Northern District of Illinois, the lawyers detail allegations that McDonald’s routinely steered Black franchisees to restaurants in undesirable locations, mostly in inner-city, minority dominated, neighborhoods. Among other tactics, McDonald’s allegedly provided black franchisees with “misleading” information to push them toward these less-desirable areas. McDonald’s responded that most purchases of businesses occur between franchisees, and that the company makes information available to all franchisees online. The lawsuit is seeking compensa … | |
Trump Says Plane ‘Loaded With Thugs’ Under Investigation As He Claims People In ‘Dark Shadows’ Control BidenTrump Says Plane ‘Loaded With Thugs’ Under Investigation As He Claims People In ‘Dark Shadows’ Control Biden Tyler Durden Tue, 09/01/2020 – 12:10 President Trump claimed in a Monday night interview that a group of “thugs” in “dark uniforms” who traveled to Washington D.C. is currently under investigation. | |
What The UAE-Israel Deal Really Means For The Middle EastWhat The UAE-Israel Deal Really Means For The Middle East Tyler Durden Tue, 09/01/2020 – 11:53 Submitted by Simon Watkins at Oilprice.com The announcement on 13 August that Israel and the United Arab Emirates (UAE) will normalise relations, around the same as Israel’s Prime Minister Benjamin Netanyahu announced that he was suspending plans to annex more areas of the West Bank that it seized during the 1967 ‘Six Dar War’, has naturally raised the adjunct question about what this deal means for the two powerhouses of the Middle East: Saudi Arabia and Iran? As with so many queries relating to the Middle East, the answer is not as straightforward as many might imagine, but it is outlined below. To begin with, the Israel-UAE deal is a lot more multi-layered than the simple announcement implies, which means that the response of Saudi and Iran to it is equally multi-faceted. “More than any other outcomes from this deal, the UAE wanted to put itself firmly in the U.S.’s most-favoured allies for receiving future business and financing deals, as it suffered a big hit from the Saudi-led oil price war that just ended, and to be included in the U.S.-Israel intelligence and security network to protect itself from Iran, a senior source … | |
Rabobank: The Market Is Acting Like A Member Of A Mark Twain CongressRabobank: The Market Is Acting Like A Member Of A Mark Twain Congress Tyler Durden Tue, 09/01/2020 – 11:25 By Michael Every of Rabobank But I Repeat Myself
One can always find a useful Mark Twain quote. Today’s is not about the US Congress –although who can point to a set of politicians covering themselves in glory at the moment?– but rather about myself. I repeat myself. Yes, I repeat myself. I said I repeat myself. Me? I say the same thing a lot. In doing so, I’m probably also an idiot, but there you go. Simply put, risks are rising on many fronts and the markets care not a jot about that, or about actual fundamentals. Keep on selling the USD, why not? EUR at over 1.20 beckons. AUD at 0.75. GBP at 1.35. CNY at 6.80. You name the currency, everyone wants to hold it and hold it badly, and at higher and higher prices. Let’s just repeat myself again to recap some of the current backdrop to wanting to hold all other currencies than USD. To do so, here’s the morning summary from Bloomberg ” with my comment: Fed No. 2 Richard Clarida left open the possibility of employing Treasury yield caps at some point in the … | |
Ann Summers threatens landlords over shop rentsThe lingerie chain issues ultimatum amid fears the pandemic could make it hard to pay its rents. | |
Furlough wind down: ‘We prepared for the worst’With the furlough support scheme now starting to unwind, many firms are poised for job cuts. | |
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. | |
View: A last ditch try to save debt-laden banksView: A last ditch try to save debt-laden banksAn affidavit filed by the finance ministry comes across as a last ditch attempt to convince the court that borrowers will get a chance with concessions and loan rescheduling, and banks, no matter how big and bad, will fail to serve the interest of hapless depositors in the absence of interest income from loans — that balance has to be preserved. | |
How Ambani made RIL the only game in townHow Ambani made RIL the only game in townThe acquisition of Future Group’s 2,000 retail stores and Big Bazaar grocery chain will help Reliance, which sells everything from groceries to electronics through 11,000-plus stores, to broaden its extensive reach across the country. | |
Agri sector growth gives tractor stocks a fillipAgri sector growth gives tractor stocks a fillipThis is likely to help tractor makers such as Mahindra & Mahindra (M&M), the country’s largest tractor maker, and Escorts to retain their premium stock valuations. | |
August 2020 ISM and Markit Manufacturing Surveys Continue To ImproveWritten by Steven Hansen The ISM Manufacturing survey improved and remains in expansion. The Markit PMI manufacturing index also improved and remains in expansion. | |
22 August 2020 New York Fed Weekly Economic Index (WEI): Index Declined But Remains On A Recovery TrendWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) continues to show an economy that is marginally worse than seen during the Great Recession. However, this index remains on a recovery trend. | |
: Nvidia launches new generation of gaming chips, announces ‘Fortnite’ will introduce ray tracingNvidia Corp. launched its new line of gaming cards on Tuesday, and detailed more games that are taking advantage of the ray-tracing technology that was introduced in the previous line of graphics-processing units. | |
The Technical Indicator: Charting a rally to ‘clear skies’ territory: S&P 500, Nasdaq extend summer breakoutsTechnically speaking, the U.S. benchmarks continue to trend higher, rising in the wake of consequential August breakouts, writes Michael Ashbaugh. | |
Outside the Box: This graduate degree will be a job magnet as the world recovers from COVID-19MBA holders will be in demand in the post-pandemic global economy. |
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