Written by Gary
Tech stocks slide as Wall Street goes into reverse (SPY -3.4%). Apple, Amazon and other tech giants sink. Tech shares fall sharply after an run of profit taking.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Johnson & Johnson says coronavirus vaccine prevents severe illness in hamstersVaccinated hamsters appeared to lose less weight than unvaccinated hamsters and didn’t experience severe clinical disease, like pneumonia and mortality. |
| Robert Pattinson reportedly tests positive for Covid-19, halting production on ‘The Batman’Robert Pattinson, the latest actor to don the Batman cowl, has tested positive for Covid-19, according to multiple media reports. |
| Taco Bell removes Mexican Pizza and other items as it finishes menu streamliningPico de gallo and shredded chicken are also being permanently cut from Taco Bell’s menu. |
| Dr. Fauci says he has ‘confidence and some faith’ the coronavirus vaccine approval won’t be politicalThe Food and Drug Administration has been “very explicit” that it is going to make a decision based on data from clinical trials, Fauci said. |
| Take a look at Burger King’s new ‘touchless’ restaurant designs with solar panels and outdoor seatingBurger King plans to new restaurants next year that feature a totally “touchless” customer experience, inspired by pandemic precautions. |
| Pfizer CEO confirms late-stage coronavirus vaccine trial may have results in OctoberPfizer’s potential vaccine is one of three backed by the U.S. that’s currently in late-stage testing. |
| Coronavirus live updates: More universities send students home; Fauci confident in vaccine approval processThe coronavirus has infected more than 26 million people around the world so far, killing at least 863,700 people. |
| HHS Secretary Azar says Nov. 1 coronavirus vaccine deadline has ‘nothing to do with elections’Azar said the deadline was made by Dr. Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases and other “career people” at the agency. |
| Judge orders Trump Organization to court for fight over NY attorney general subpoenas eyeing asset valuesPresident Donald Trump’s company is facing civil and criminal probes in New York as he deals with a tough re-election battle with Democratic nominee Joe Biden. |
| Trump will roll back more environmental regulations if reelected, says EPA chiefAfter three years in office, the Trump administration is reversing more than 100 major climate and environmental rules that it has deemed burdensome to the fossil fuel industry, even as climate change accelerates. |
| Gov. Cuomo gives New York City malls green light to reopen but holds back on indoor dining“I want to open the restaurants in New York City. I don’t know how we’re going to do the compliance,” New York Gov. Andrew Cuomo said. |
| Technology used to film ‘The Mandalorian’ could ease Covid-19 film production woesThe ongoing coronavirus pandemic has crippled film production in the U.S., causing shooting delays and hindering widespread travel. A technology developed for the Disney+ series “The Mandalorian” could be the solution. |
| Jeep Grand Wagoneer SUV to top $100,000 as brand’s luxury flagshipFiat Chrysler’s long-awaited Jeep Grand Wagoneer SUV will top $100,000 ” likely making it the brand’s highest priced vehicle as it attempts to compete against the Cadillac Escalade and Land Rover Range Rover. |
| “We Should Be Concerned” – Fed Spooked By Biggest Market Crash Since March“We Should Be Concerned” – Fed Spooked By Biggest Market Crash Since March Tyler Durden Thu, 09/03/2020 – 16:01 US equity market crashed most since March today (Nasdaq down 6% at its worst and The Dow down over 1000pts at its nadir)… |
| Batman Contracts Bat-Virus As Production Halted Over COVID-19Batman Contracts Bat-Virus As Production Halted Over COVID-19 Tyler Durden Thu, 09/03/2020 – 15:50 Did China’s “Batwoman” just sicken the world’s newest “Batman”? The actor reportedly sickened with COVID-19 on the set of the new “Batman” movie – officially titled “The Batman” – is none other than start Robert Pattinson himself, according to Vanity Fair. The actor tested positive, prompting Warner Bros to suspend filming in the United Kingdom. The unidentified person is “isolating in accordance with established protocols,” Warner Bros. said in a statement. “Filming is temporarily paused.” According to Bloomberg, the suspension is “a sign of the challenges facing Hollywood as more shows and movies attempt to resume production.” The pandemic brought the industry to a grinding halt in March, and many projects are still on hold. The key tentpole for WB was supposed to be a key litmus test for Hollywood, as studios re-start production on their biggest projects. WarnerBros has already pushed back its release date until Oct. 2021, from June, since producers say it needs another 3 months to finish filming. Very few blockbusters have resumed filming since the pandemic went global in March. “Jurassic World: D … |
| Speculation Emerges Over Identity Of Mystery Marketwide Call BuyerSpeculation Emerges Over Identity Of Mystery Marketwide Call Buyer Tyler Durden Thu, 09/03/2020 – 15:44 Yesterday we explained that much of the bizarre market moves seen in recent weeks can be explained as an unprecedented gamma “cage match” between one or more funds who were aggressively loading up on gamma and bidding up calls to the point that VIX was surging even as stocks hit 9 consecutive all time highs, while dealers were stuck “short gamma” and in their attempts to delta-hedge the ever higher highs, would buy stocks thereby creating a feedback loop where the higher the market rose, the more buying ensued. And, as Goldman pointed out this morning following our own observations on the matter yesterday, “each new high for the SPX has come with a higher VIX, and at 26.6 [ZH: make that 32 now] the VIX is now higher than it was at the SPX peaks of March 2000.” |
| DOJ To File Antitrust Charges Against Google Within Weeks: ReportDOJ To File Antitrust Charges Against Google Within Weeks: Report Tyler Durden Thu, 09/03/2020 – 15:35 The Department of Justice will is preparing to slap Google with an antitrust case over the next several weeks, according to the New York Times – which insists, based on five sources, that Attorney General Bill Barr “overruled career lawyers who said they needed more time to build a strong case against one of the world’s wealthiest, most formidable technology companies.” The Times is suggesting, based on leaks, that Barr is rushing the case for political purposes and the charges are premature.
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| Tech stocks slide as Wall Street goes into reverseUS markets see their worse day since June as shares in Apple, Amazon and other tech giants sink. |
| Amazon to create 7,000 UK jobsThe online retail giant is recruiting at more than 50 sites in response to growing customer demand. |
| Costa Coffee warns up to 1,650 jobs are at riskThe coffee chain says there are still “high levels of uncertainty” as to when trade will recover. |
| How India can achieve energy efficient futureHow India can achieve energy efficient futureThe energy intensity of India’s GDP decreased by more than 20% over the past decade. Our share in global CO2 emissions is around 6%, versus a population share of about 16%. Per-capita emissions are 1.6 tonnes of CO2, versus the global average of 4.4 tonnes. |
| The moment of truth for vaccine firms is hereThe moment of truth for vaccine firms is hereEach of these experimental vaccines has already shown promise in smaller trials designed to flag any serious safety concerns and show whether candidates can spur some response from the immune system. Early safety data is key; unlike drugs, vaccines are typically given to relatively healthy people and shouldn’t create severe risks. |
| Adani goes on cash hunt to chase airport dreamAdani goes on cash hunt to chase airport dreamThe conglomerate is currently in talks with about four global wealth funds, including Qatar Investment Authority (QIA) ” a partner in Adani Electricity ” as well as a Canadian and a Singapore-based fund. Adani Airport Holdings will likely sell a 10-20% holding to raise the funds. |
| : Asymptomatic children who contract COVID-19 may ‘shed’ coronavirus for weeksNew insights into coronavirus transmission among children shed light on the pandemic at an important time for families, communities and public-health officials. |
| Deep Dive: This analysis of Wall Street stock ratings is sounding a warning for Tesla and 62 other stocksMore analysts rate Tesla a ‘sell’ than a ‘buy.’ |
| Market Snapshot: Dow drops 900 points as Apple leads tech plungeTech shares fall sharply after an extraordinary run of gains, dragging the stock market sharply lower. |
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