Written by Gary
Stocks making the biggest moves in the premarket: Macy’s, H&R Block, Peloton, Exxon (SPY +0.6%). The ADP Employment Change report was well below expectations.
Here is the current market situation from CNN Money | |
 | European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 2.28% while Germany’s DAX is up 2.09% and London’s FTSE 100 is up 1.58%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Target revs up its grocery game with hundreds of new products, including gourmet pastas and coffeesThe big-box retailer is adding hundreds of new food and beverage items to Good & Gather, the retailer’s grocery brand, to make itself more of a grocery destination. |
| Health experts sound the alarm on a possible new coronavirus wave this winterHealth experts say colder and drier conditions in winter strongly affects the transmission of flu-like illnesses. |
| Macy’s swings to a loss, but shares rise as stronger-than-expected online growth boosts salesMacy’s said its second-quarter digital sales were up 53% from a year ago. |
| Coronavirus live updates: Beijing to resume direct international flights; WHO warns ‘winter is coming’The coronavirus has infected more than 25.7 million people around the world so far, killing at least 857,700 people. |
| The global pandemic’s newest luxury traveler? Your petPet adoptions are soaring during the Covid-19 pandemic, and the travel industry has taken notice. To entice travelers, hotels are rolling out packages that pamper pets as much as their owners. |
| DraftKings shares surge 13% after Michael Jordan joins betting company as board advisorShares of DraftKings jumped in premarket trading after the company said Michael Jordan is joining the betting company as a special advisor. |
| Detroit Pistons, Flagstar Bank will let fans earn interest on season ticket packagesThe Detroit Pistons said fans could earn interest on new ticket offerings for the National Basketball Association’s 2020-21 regular season. |
| Federal health advisors predict four coronavirus vaccine trials backed by U.S. could failA top group advising U.S. health officials predicted Tuesday that four late-stage coronavirus vaccine trials backed by the United States could fail to provide positive results. |
| NIH panel refutes FDA’s claims of the benefits of coronavirus plasma treatmentThe panel said it reviewed available data on the treatment and found nothing from “well-controlled, adequately powered randomized clinical trials that demonstrate the efficacy and safety of convalescent plasma.” |
| Walmart’s stock gets a $24 billion boost after retailer announces subscription serviceInvestors and industry watchers will now wait to see if customers sign up for the subscription service, which costs $98 a year. |
| GM CEO Mary Barra to meet with Ivanka Trump on WednesdayGM CEO Mary Barra will give the White House adviser and daughter of President Donald Trump daughter a tour of GM’s Technical Learning University, which recently completed a $2 million upgrade for employee training, according to GM spokeswoman Jeannine Ginivan. |
| 5 things to know before the stock market opens WednesdayU.S. stock futures powered higher Wednesday after the S&P 500 and Nasdaq closed at record highs. |
| ‘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. |
| Nancy Pelosi, Next President Of The United States?Nancy Pelosi, Next President Of The United States? Tyler Durden Wed, 09/02/2020 – 08:35 Authored by James Rickards via The Daily Reckoning, IN an ideal world, markets and politics would be separate. But we don’t live in an ideal world, and the outcome of the upcoming election could have large ramifications for markets. The stock market has done extremely well under Trump, so a Trump victory would logically pose no threat. But a Biden victory would mean higher taxes, more regulations and other policies that aren’t supportive of markets. That’s why the election outcome is so important for investors. With the election just over two months away, where does the race presently stand? We’ve all seen the headlines showing Joe Biden with a big lead over Donald Trump in the national polls and substantial leads in almost all of the battleground states in the state-specific polls. Polls can be valuable, but not if you take them at face value. You have to deconstruct the polls to see what they are really saying. The results can be surprising. The Only Polls That Count First off, nationa … |
| “Job Gains Are Minimal” – ADP Employment Dramatically Misses Expectations In August“Job Gains Are Minimal” – ADP Employment Dramatically Misses Expectations In August Tyler Durden Wed, 09/02/2020 – 08:23 Ahead of this Friday’s payroll print, ADP was expected to report a sizable 1 million person improvement in employment in August (a resurgence from the disappointing +167k print in July), but it significantly missed those expectations with a rise of “only” 428k… |
| DraftKings Shares Soar As Michael Jordan Takes Equity StakeDraftKings Shares Soar As Michael Jordan Takes Equity Stake Tyler Durden Wed, 09/02/2020 – 08:10 DraftKings shares are soaring 12% in premarket trading on the news that basketball legend Michael Jordan – an owner of the Charlotte Hornets – has taken an equity stake. |
| Another Day, Another Record S&P High As Central Banks Fan Biggest Ever BubbleAnother Day, Another Record S&P High As Central Banks Fan Biggest Ever Bubble Tyler Durden Wed, 09/02/2020 – 08:07 When rigging and manipulating stocks or markets, one usually allows for the occasional down day to avoid the impression of too much artificiality. But when it comes to the S&P and certainly the Nasdaq, the market (just like its central bank sponsor) is not even thinking about thinking about a dip. And with both Clarida and Brainard repeating this week that no rate hikes are coming any time soon, if ever (see Japan), there is no reason for the party to stop until everything blows and millions of Robinhood Gen-Zers go postal when they lose everything with leverage. Peter Chatwell, head of multi-asset at Mizuho International, said strong U.S. manufacturers data on Tuesday is combining with dovish commentary from officials including Lael Brainard at the Federal Reserve earlier this week to underpin risk assets. œThe central bank easing theme has moved another notch higher, he said. But we digress. On Wednesday, S&P futures rose for the ninth time in past ten sessions, hitting a new all time high helped by a seemingly endless rally in tech stocks in general and Apple in particular, as focus turns to economic data that is likely to show a jump in private jobs in August. |
| Apple more valuable than the entire FTSE 100The world’s largest company has seen its value leap as demand for tech goods surged during lockdown. |
| Lego set to open 120 new stores despite pandemicThe toy firm says sales have been strong during lockdown, despite the hit to the High Street. |
| Rolls-Royce launches £250,000 car as demand reboundsThe luxury carmaker predicts better times ahead as it launches the new Rolls-Royce Ghost. |
| India bans PUBG, 117 more Chinese appsIndia bans PUBG, 117 more Chinese appsThe new apps include PUBG, and apps from the stable of Baidu WeChat, and Tencent. This is ban comes after government banned 59 apps in the first round. |
| Amazon makes India centre of fintech pushAmazon makes India centre of fintech pushTo boost online payments, Amazon launched its Amazon Pay digital wallet in 2016. It has since introduced a credit card, signed up to a state-backed payments network, and processes payments for movie and flight tickets as well as telephone and utility bills. |
| PM CARES Fund got Rs 3,076 crore in 5 daysPM CARES Fund got Rs 3,076 crore in 5 daysThe ‘receipt and payment account’ showed nearly Rs 3,075.85 crore as ‘voluntary contributions’, while Rs 39.67 lakh came as foreign contributions. It put the fund’s closing balance as on March 31, 2020 at Rs 3,076.62 crore, after including interest income and deducting service tax on forex conversion. |
| The Margin: Trump camp mocks Joe Biden for ‘campaigning for president of œAnimal Crossing ‘ with virtual yard signsThe hit Nintendo game now lets players post virtual Biden-Harris campaign signs in their virtual yards |
| A full inquiry is launched into the Wirecard scandal. Why this could prove embarrassing for German politiciansLawmakers want to probe possible government failures to uncover the Wirecard scandal even as evidence accumulated over the last year. |
| TaxWatch: Trump’s payroll-tax executive order could mean bigger paychecks this year ” but 2021 will be a different storyEmployers ‘should be ready to answer questions, because they are going to get them.’ |
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