Written by Gary
10-year Treasury yield retreats below 0.70% as bond investors buy the dip (SPY +0.9%). The US dollar could be in a decade-long decline, analysts say.
The Market in Perspective
Here are the headlines moving the markets. | |
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. | |
‘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 delay in adapting to 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.” | |
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, but now shoppers are looking to stock up on flannel, fleece and boots, L.L. Bean’s CEO told CNBC. | |
Coronavirus live updates: Family emergency savings wiped out; Dems say PPP program wasted billionsThe coronavirus has infected more than 25.57 million people around the world so far, killing at least 852,405 people. | |
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. | |
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. | |
Roche to launch new rapid coronavirus test in Europe later this month following regulatory clearance“Especially in the upcoming flu season, it is important to know whether a person has SARS-CoV-2 or the flu to ensure the right course of treatment,” Roche’s CEO Thomas Schinecker said in a statement. | |
HHS deploys Abbott’s new coronavirus tests to states hit by wildfires, hurricanes“We are prioritizing, as early as today, the very first shipments to areas of natural disasters, including Louisiana with the hurricanes and wildfires in the West, to support care for those who are displaced,” Adm. Brett Giroir said. | |
Top U.S. health officials warn Labor Day will be essential for containing coronavirus this fallAdm. Brett Giroir and Dr. Anthony Fauci have warned this week that a safe Labor Day holiday will be key for controlling the coronavirus this fall. | |
U.S. scientific advisors recommend four phases for distributing coronavirus vaccine nationwideThe National Academies of Sciences, Engineering, and Medicine released a draft proposal for distributing a coronavirus vaccine in the U.S. if and when one is approved for public use. | |
“Option Insanity” Leads To Furious Meltup: Apple Bigger Than Russell, Emini New Record High“Option Insanity” Leads To Furious Meltup: Apple Bigger Than Russell, Emini New Record High Tyler Durden Tue, 09/01/2020 – 16:04 For better or worse, the market continues to be defined by AAPL, which today crossed a historic threshold when thanks to its latest 4% ramp, it surpassed the entire market cap of the Russell 2000. | |
Florida Cuts Ties With Quest Labs Over Delays, Roche Unveils New COVID-19 ‘Rapid Test’: Live UpdatesFlorida Cuts Ties With Quest Labs Over Delays, Roche Unveils New COVID-19 ‘Rapid Test’: Live Updates Tyler Durden Tue, 09/01/2020 – 16:03 Summary: Roche plans launch of rapid test in Europe Texas could reopen businesses next week MLB delays another game Florida cuts ties with Quest Arizona cases tick higher Brazil slides back into recession as COVID rages Argentina’s positivity rate surges NYC Mayor strikes deal with teachers unions Dr. Scott Atlas denies “herd immunity” reports Russia cases top 1 million, 4th country to do so New hotspots emerge in Iowa, North Dakota, South Dakota and Alabama India new cases slow after week of record gains as country enters new phase of reopening Sweden considers new local restrictions WHO warns countries can’t just abandon COVID protections Obese people at much higher risk of death, study shows Hong Kong pressures residents to submit to testing scheme * * * Update (1540ET): Just days after | |
State Department Illegally Monitored Trump Jr., Hannity, Ingraham, Posobiec And Others From Kiev: FOIAState Department Illegally Monitored Trump Jr., Hannity, Ingraham, Posobiec And Others From Kiev: FOIA Tyler Durden Tue, 09/01/2020 – 15:53 The US State Department illegally monitored the social media accounts of 13 conservative Americans, including Donald Trump Jr., Sean Hannity, Laura Ingraham, Lou Dobbs and Jack Posobiec, according to Just The News, citing memos scheduled to be turned over to Judicial Watch. < … | |
NIH Attacks FDA Over ‘Premature’ Approval Of ‘Trump-Backed’ Convalescent PlasmaNIH Attacks FDA Over ‘Premature’ Approval Of ‘Trump-Backed’ Convalescent Plasma Tyler Durden Tue, 09/01/2020 – 15:33 Whatever is left of the FDA’s credibility after director Dr. Stephen Hahn claimed that the agency would happily approve a COVID-19 vaccine before Phase 3 trials are finished if it felt “appropriate”, a panel of experts at the National Institutes of Health, another agency in America’s immense public health bureaucracy, have directly repudiated one of the FDA’s most “controversial” findings. In an analysis of an FDA decision calling for emergency authorization of convalescent plasma as a means of treating COVID-19, the panel of experts convened by the NIH ruled that there wasn’t enough evidence to back up the FDA’s claims. | |
Want an Uber? Send a selfie proving you are wearing a maskSome passengers will need to verify they have a coronavirus face mask prior to ordering a ride. | |
Furlough wind down: ‘We prepared for the worst’With the furlough support scheme now starting to unwind, many firms are poised for job cuts. | |
Ann Summers threatens landlords over shop rentsThe lingerie chain issues ultimatum amid fears the pandemic could make it hard to pay its rents. | |
Telcos believe they’ve paid 10% of AGR duesTelcos believe they’ve paid 10% of AGR duesThis comes on the back of Tuesday’s AGR judgement wherein the Supreme Court gave a 10-year window for telcos to pay their balance AGR dues of over Rs 1.4 lakh crore, beginning with an upfront 10% of total dues by March 31, 2021, and the rest in 10 annual instalments ending March, 2031. | |
HSBC pegs Zomato’s valuation at $5 billionHSBC pegs Zomato’s valuation at $5 billionTaking stock of Zomato’s publicly traded shareholder Info Edge, the Gurugram-based company could add $2 billion in market capitalisation to Info Edge over 3-4 years, the brokerage firm said in a report published recently. | |
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. | |
: Nvidia launches new generation of gaming chips, announces ‘Fortnite’ will introduce ray tracingNvidia Corp.’s stock closes at a record Tuesday as the chip company launches its new line of gaming cards and details more videogames that are taking advantage of the ray-tracing technology that was introduced in the previous line of graphics-processing units. | |
Bond Report: 10-year Treasury yield retreats below 0.70% as bond investors buy the dipU.S. Treasury yields fell on Tuesday after investors took advantage of cheaper bond prices, following a brief selloff sparked by stronger-than-expected data on U.S. factory activity. | |
In One Chart: This stock-market metric has correctly predicted presidential election results since 1984The 2020 election race between incumbent President Donald Trump and former Vice President Joe Biden is a coin toss, LPL financial chief market strategist Ryan Detrick says. |
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