04Sep2020 Market Close: US Unemployment Rate Falls Below 10% As Firms Rehire Staff, DOW Closes Down 159 Points, Nasdaq Posts Worst Week Since March -1.3%, Big Tech Selloff Overpowers Job Market Gains

Coronavirus live updates: NY keeps infection rate below 1%; Labor Day weekend sets stage for pandemic’s fall phase

The coronavirus has infected more than 26.3 million people around the world so far, killing at least 869,300 people.

‘Mulan’ is cinematic eye candy that makes up for a weak script, critics say

Critics, 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 SUV

Jeep 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.

Closure of Hilton Times Square may be ‘tip of the iceberg’ of troubles facing New York hotels

In New York City alone, 34% of hotels are delinquent, and hospitality investment bank Robert Douglas sees more hotels at risk of closing.

Dangerous heat wave to hit California over weekend as wildfires still burn

Excessive 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.

Most people likely won’t get a coronavirus vaccine until the middle of 2021

Whichever vaccine wins regulatory authorization, it will likely be in short supply once it’s cleared for public distribution, officials and experts warn.

Moderna slows coronavirus vaccine trial enrollment to ensure minority representation, CEO says

Minorities, 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.

Fewer Labor Day barbecues expected this year, Bank of America says

The coronavirus pandemic is expected to take a toll on the number of Labor Day barbecues this year, according to a Bank of America study.

Russia’s potential coronavirus vaccine shows ‘no serious adverse’ effects and creates antibody response: The Lancet study

Early results from Russia’s coronavirus vaccine show no negative side effects, a study published in peer-reviewed medical journal The Lancet revealed Friday.

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.”

Why buying cars can feel like pulling teeth

Americans 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 science

Infectious disease experts say this new dataset collected via Facebook is promising. So they’re challenging outside researchers to prove it.

Gamma-Unwind Sparks Markets’ Worst Week In 6 Months As Dollar Spikes

Gamma-Unwind Sparks Markets’ Worst Week In 6 Months As Dollar Spikes Tyler Durden Fri, 09/04/2020 – 16:01

It’s the gamma, stupid!

That much accumulated œshort gamma doesn’t just go away in a ~4% flush – the Street is still very much in a dangerous space, and that flow is still out there in full œResevoir Dogs standoff fashion both to UPSIDE AND DOWNSIDE (again, short gamma = sell when mkt going lower, buy when mkt going higher)

Masa-son, Momo, & Gamma-gutted home-gamers…”do you feel lucky?”

50% Of Americans Fear Bankruptcy Due To Medical BillsÂ

50% Of Americans Fear Bankruptcy Due To Medical Bills Tyler Durden Fri, 09/04/2020 – 15:50

Despite the Nasdaq and S&P500 soaring to new highs, there are lingering vulnerabilities among the American consumer base, with at least half of all adults concerned they would go bankrupt due to an unexpected medical event, according to a new study.

The study, commissioned by West Health and Gallup, found 50% of respondents were “extremely concerned/concerned” about bankruptcy should a significant health-related expense strike their household. The figure was up five percentage points over the year from 45% in 2019. The largest increase was seen in minority households, increasing 12 percentage points from 52% in 2019 to 64% in July.Â

Carolina Panthers Owner David Tepper Under Fire For Laying Off Workers

Carolina Panthers Owner David Tepper Under Fire For Laying Off Workers Tyler Durden Fri, 09/04/2020 – 15:35

It’s not easy being a billionaire and owning your own professional sports team. Just ask David Tepper.

On one hand, you can’t remain a billionaire by mindless squandering away money on costs that you no longer need. On the other hand, there’s the growing, angry social justice mob who – despite being mostly unemployed themselves – will still fight for the proletariat to keep their jobs, whether they are actually necessary or not.

Which brings us to why Tepper Sports and Entertainment is under fire this week: billionaire owner David Tepper decided to lay off workers as a result of the coronavirus pandemic. The company – which owns the NFL’s Carolina Panthers – has laid off about 30 employees since May, according to Bloomberg.Â

A COVID Vaccine Will Mark The “Big Top” For The Market, According To BofA

A COVID Vaccine Will Mark The “Big Top” For The Market, According To BofA Tyler Durden Fri, 09/04/2020 – 15:20

While 2020 has been an unprecedented year in so many ways, in one way it reminds us of 2008. Consider that it was Jerome Kerviel’s infamous bad trade in January 2008 which sent stocks plunging (and ended up costing SocGen a lot of money) that prompted the Fed to cut rates by a remarkable 75bps to stabilize markets amid fears that a systemic threat was imminent, when in reality it turned out to be a bad trade by just one trader. So much for macroprudential regulation (in retrospect, a systemic threat was imminent as first Bear failed then Lehman).

Fast forward to 2020 when in the past few weeks we have seen one bank after another rush to hike their price targets on Apple, Tesla and, of course, the S&P500, which as we noted is perhaps understandable because the broad market index just hit the biggest difference with the average sellside target on record.

Coronavirus: Virgin Atlantic to cut 1,150 more jobs

The 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 staff

It 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 staff

Fashion chain Jigsaw will close 13 stores and axe more than 100 staff.

Pranab Mukherjee: The people’s Rashtrapati

Pranab Mukherjee: The people’s RashtrapatiAs additional secretary to President Pranab Mukherjee, Thomas Mathew remembers the politician, the statesman, and the boy who travelled from a village in West Bengal to the grandeur of Rashtrapati Bhavan, never losing his humility.

Bond market is loving India’s tax mess

Bond market is loving India’s tax messPrime Minister Narendra Modi’s government wants to bifurcate the $31 billion shortfall to $13 billion on account of switching to GST and $18 billion because of an œAct of God, as his finance minister described the pandemic.

SSR case: NCB arrests Rhea’s brother Showik

SSR 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.

Documentary Of The Week: Hidden Toll Of COVID-19

Written by John Lounsbury

In July PBS Frontline took a look at the exposures and risks taken by America’s food production workers, many of them immigrants and undocumented workers. Without these essential workers food would rot in the fields, meat processing plants would be shuttered, and America’s food supply would be significantly disrupted. These workers have a high risk of contracting COVID-19 due to their working conditions.

U.S. Defense Department reaffirms $10 billion cloud deal to Microsoft

The Department of Defense on Friday said it has completed its re-evaluation of the hotly-contested $10 billion cloud-computing deal and reaffirmed its award to Microsoft. œMicrosoft’s proposal continues to represent the best value to the government, the DoD said in a statement.

Elon Musk’s brother Kimbal made more than $8 million selling Tesla shares 2 days before he bought them

Elon Musk’s younger brother, Kimbal, appears to have made more than $8 million on Tesla’s stock this week, as he exercised options to buy the stock, two days after he sold those shares at 6.5 times the price he paid to buy them.

The Margin: Celebrate Labor Day safely: Keep the socializing outside and don’t touch anyone

Don’t let the coronavirus crash your holiday barbecue