Written by Gary
Stock market rout continues for a second day (SPY -1.3%). We may have some hard days ahead, Tesla’s stock extends gains, up 2.5% to reverse earlier loss of as much as 8.6%.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly lower today with shares in Brazil off the most. The Bovespa is down 2.27% while U.S.’s S&P 500 is off 1.47% and Mexico’s IPC is lower by 0.92%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| ‘Mulan’ is cinematic eye candy that makes up for a weak script, critics sayCritics, who speak highly of the visually stunning film, were quick to note that “Mulan” would have been eye candy for viewers on a big screen. Countries without Disney+ will get the chance to see the film in theaters. |
| Key coronavirus forecast predicts over 410,000 total U.S. deaths by Jan. 1: ‘The worst is yet to come’“We are facing the prospect of a deadly December,” Dr. Christopher Murray, director of IHME, said in a statement. |
| Jeep punches above its weight with $100,000 Grand Wagoneer SUVJeep aims to punch above its weight with the arrival next year of the Grand Wagoneer, a vehicle that will top $100,000 when fully loaded and bring the brand into the highly profitable large SUV segment. |
| Fewer Labor Day barbecues expected this year, Bank of America saysThe coronavirus pandemic is expected to take a toll on the number of Labor Day barbecues this year, according to a Bank of America study. |
| Dangerous heat wave to hit California over weekend as wildfires still burnExcessive heat warnings are in effect as temperatures could reach between 110 and 120 degrees Fahrenheit in parts of Los Angeles on Sunday and 104 to 117 degrees in cities like Phoenix and Las Vegas. |
| Moderna slows coronavirus vaccine trial enrollment to ensure minority representation, CEO saysMinorities, the elderly and people with underlying health conditions are at highest risk of Covid-19, and are being prioritized for enrollment in large vaccine trials. Moderna’s CEO said the company is slowing enrollment in its trial to ensure the Black community is represented. |
| Russia’s potential coronavirus vaccine shows ‘no serious adverse’ effects and creates antibody response: The Lancet studyEarly results from Russia’s coronavirus vaccine show no negative side effects, a study published in peer-reviewed medical journal The Lancet revealed Friday. |
| What do the market’s ups and downs mean for you? It depends on your ageTroubles in the stock market should direct your attention to your personal timeline and financial goals. |
| Most people likely won’t get a coronavirus vaccine until the middle of 2021Whichever vaccine wins regulatory authorization, it will likely be in short supply once it’s cleared for public distribution, officials and experts warn. |
| Labor Day weekend will set the course for the coronavirus this fall: ‘We may have some hard days ahead’The current outbreak in the U.S. combined with the holiday weekend have the makings of what Vanderbilt University infectious disease specialist Dr. William Schaffner described as an “accelerator weekend.” |
| Coronavirus live updates: Labor Day weekend sets stage for pandemic’s fall phase; Roche test wins U.S. approvalThe coronavirus has infected more than 26.3 million people around the world so far, killing at least 869,300 people. |
| Why buying cars can feel like pulling teethAmericans have long regarded a trip to the dealership a necessary evil. A few tweaks could make the process a lot easier, and the coronavirus pandemic may actually spur the investment needed to make them happen. |
| Over 30 million people told Facebook if they had the coronavirus or wore masks ” and now it will be used for scienceInfectious disease experts say this new dataset collected via Facebook is promising. So they’re challenging outside researchers to prove it. |
| France, Spain Report Most New COVID-19 Cases Since Springtime ‘Peak’: Live UpdatesFrance, Spain Report Most New COVID-19 Cases Since Springtime ‘Peak’: Live Updates Tyler Durden Fri, 09/04/2020 – 12:42 Summary: Outbreaks worsen in Italy, France, Spain WHO doesnt expect mass vaccination until H2 2021 India nears 4 million cases, on track to top Brazil Berlusconi hospitalized with COVID South Korea extends tight restrictions Hungary reports single-day record as central European outbreak smolders * * * Update (1220ET): Friday is seeing Europe’s worst-hit countries from April and May document startling surges in new COVID-19 cases and hospitalizations. Italy reported its biggest single-day increase in coronavirus cases since early May on Friday, stoking anxieties as outbreaks worsen in Spain and France. 1,733 people tested positive on Friday, from 1,397 on Thursday, the sharpest increase in about four months. Testing was higher on Friday, too, and there were also 11 fatalities, up from one on Thursday. The total number of active cases across Italy increased to 30,099, of which 1,607 are hospitalised with symptoms, 121 are in intensive care and 28,371 in home isolation. Spain added 10,476 new cases on Friday, with deaths climbing by 184. Some of these cases were left overs from the prior day. Though the number, … |
| “Smart Beta” Is Actually Still Just Dumb Money: New Study Reveals The Quant Strategy To Be A “Mirage”“Smart Beta” Is Actually Still Just Dumb Money: New Study Reveals The Quant Strategy To Be A “Mirage” Tyler Durden Fri, 09/04/2020 – 12:35 Color us not surprised that that dumb money, even if it invests in “smart beta”, is still really just…dumb. |
| “I Absolutely Cancel Myself”: GW Professor Under Investigation After Disclosing That She Is Not Black“I Absolutely Cancel Myself”: GW Professor Under Investigation After Disclosing That She Is Not Black Tyler Durden Fri, 09/04/2020 – 12:15 Authored by Jonathan Turley, In an academic version of the Rachel Dozezal controversy, the New York Times is reporting that George Washington University is investigating the bizarre case of George Washington associate professor Jessica A. Krug who admitted in a Medium post Thursday that, despite publicly identifying as a black woman, she is in fact a white Jewish child from the suburbs of Kansas City. Krug has called herself a œcultural leech and announced that she was œcancelling herself.  The Chronicle of Higher Education stated that some of the positions that she secured in teaching were due to her claimed minority status. |
| Technically, The Nov. 3 Presidential Election Begins TodayTechnically, The Nov. 3 Presidential Election Begins Today Tyler Durden Fri, 09/04/2020 – 11:55 While New York State has launched its startlingly insecure portal to allow residents to request absentee ballots, the state of North Carolina on Friday has truly kicked off the election by mailing out the first ballots to more than 618,000 voters who requested them (already more than 3x the 190,000 who voted by mail in NC in 2016) The ballots going out marks the beginning of an 8 week sprint to November, and the grand experiment with mass mail-in voting that is unfolding, to one degree or another, in every state across the country. Over the next two weeks, ballots should start arriving, and voters will fill them out and mail them back, or drop them off at their local election office. President Trump drew attention to North Carolina’s ballots earlier this week when he urged voters to fill out their absentee ballots then try voting in person to “Test the system”. Trump’s words set off a firestorm in the mainstream press as reporters accused him of breaking federal election-tampering laws by inciting his supporters to vote twice in a critical swing state.
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| Coronavirus: Virgin Atlantic to cut 1,150 more jobsThe airline, which has just completed a rescue deal, says it has to make cuts in order to survive. |
| US unemployment rate falls below 10% as firms rehire staffIt is the fourth month in a row that America’s jobs picture has improved, as the economy begins to rebound. |
| Fashion chain Jigsaw is shutting more stores and axing staffFashion chain Jigsaw will close 13 stores and axe more than 100 staff. |
| SSR case: NCB arrests Rhea’s brother ShowikSSR case: NCB arrests Rhea’s brother ShowikNCB sleuths, accompanied by police officials, raided the residence of Showik Chakraborty in Santa Cruz (West) and Miranda’s house in suburban Andheri (West) from 6:30 am. Showik lives with sister Rhea. |
| Bengaluru riots pre-planned: Panel reportBengaluru riots pre-planned: Panel report œThe funding received by individuals and religious extremists organisations who are involved in anti-social activities be tracked and continuously monitored by involving the NIA, according to the report submitted to Chief Minister B S Yediyurappa on Friday. |
| ‘Banks sanctioned Rs 5,350 cr to cos in WB’‘Banks sanctioned Rs 5,350 cr to cos in WB’Public and private sector lenders have sanctioned the loans under the Centre’s Emergency Credit Line Guarantee Scheme (ECLGS). At the national level, the amount stood at around Rs 1.60 lakh crore. |
| August 2020 BLS Jobs Situation – Employment Grew 1,371,000 But Still Down 11,697,000 Year-to-Date
The headline seasonally adjusted BLS job growth showed a very good job gain and within expectations, with the unemployment rate improving from 10.2 % to 8.4 %. |
| The Tell: This ‘Nasdaq whale’ may have triggered the stock-market’s brutal rout, claims reportThe trigger for a seismic stock-market slump Thursday and Friday that has erased weeks of gains for a frothy U.S. stock market, may have been embattled investment firm SoftBank, according to a report by Financial Times (paywall). |
| Coronavirus update: Global cases climb above 26.3 million, and U.S. vaccine program head sees very low chance of vaccine by late OctoberThe number of confirmed cases of the coronavirus that causes COVID-19 world-wide rose above 26.3 million on Friday with the U.S. accounting for about a quarter of that total, as a key member of the government’s vaccine program said the chances of a vaccine being ready by late October are œvery, very low. |
| Outside the Box: What can help the poor the most? Getting out of a ‘poverty trap’Getting a leg up ” with funding, education or skills ” can change lives. |
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