Written by Gary
Stocks making the biggest moves midday: Tesla, Nikola, Disney, Apple (SPY -2.0%). Nasdaq nears correction, Oil drops 8% to multi-month low on demand fears.
Here is the current market situation from CNN Money | |
 | North and South American markets are sharply lower today with shares in Mexico off the most. The IPC is down 2.38% while U.S.’s S&P 500 is off 1.82% and Brazil’s Bovespa is lower by 1.13%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| ‘Tenet’ scores $20 million in biggest domestic opening since pandemic upended movie industryAfter months of delays Christopher Nolan’s “Tenet” finally landed in U.S. theaters over the weekend, cashing in more than $20 million in ticket sales. |
| 9 retailers that are avoiding the industry’s shakeout and opening storesAs of Friday, retailers have announced 7,707 store closures and 3,344 store openings so far this year, according to a tracking by Coresight Research.A |
| Drugmakers seek to reassure public on coronavirus vaccine as concerns grow about political pressure“Political considerations should be put aside by Republicans and Democrats,” the vaccine manufacturers’ draft statement says, according to the Journal. |
| How the coronavirus pandemic helped convince grocery chains to experiment with new techLegacy grocery chains from Wegmans to Price Chopper are experimenting with new technologies to make it safer and more convenient for customers to shop. |
| These restaurant chains are unveiling new designs inspired by the pandemicThe coronavirus pandemic is spurring on a growing number of restaurant chains to build restaurants with convenience and safety in mind. |
| 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. |
| ‘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.A Countries without Disney+ will get the chance to see the film in theaters. |
| Stocks making the biggest moves midday: Tesla, Nikola, Disney, Apple and moreThese are the stocks posting the largest moves in midday trading. |
| Disney under fire for ‘Mulan’ credits that thank Chinese groups linked to detention campsDisney is facing backlash after the final credits for its latest film “Mulan” thanked government entities in Xinjiang, the province where Muslims have faced human rights abuses. |
| Watch live: New York Gov. Andrew Cuomo holds a press conference on the coronavirusNew York Gov.A Andrew CuomoA is holding a news conference Tuesday as the state continues to carefully reopen more businesses and school districts. |
| Oil drops 8% to multi-month low on demand fearsOil prices dropped to their lowest level since June on Tuesday amid fears of ongoing depressed demand. |
| Labor Day weekend air travel hits nearly 6-month high, but holiday caps dismal summer seasonAir travel hit a nearly six-month high during Labor Day weekend but pandemic kept many would-be travelers out of the skies. |
| Firefighters Battle New Blaze At Debris-StrewnA Beirut PortAFirefighters Battle New Blaze At Debris-StrewnA Beirut PortA Tyler Durden Tue, 09/08/2020 – 12:20 On Tuesday Beirut residents were alarmed when they saw a plume of smoke on the horizon centered at the destroyed Beirut Port, following the Aug.4 massive explosion of ammonium nitrate stores which leveled much of the city, killing hundreds and wounding over 6,000. Initial reports say piles of debris and garbage caught fire at the port, which still resembles a war zone of twisted metal and towering heaps of charred pieces of destroyed buildings and vehicles.
Circulation of video showing smoke rising above the area triggered a momentary panic among already traumatized locals, according to correspondents on the ground:
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| Apple 5G Production DelayA Leads Goldman To Question ValuationsApple 5G Production DelayA Leads Goldman To Question Valuations Tyler Durden Tue, 09/08/2020 – 11:52 Apple is set to begin initial 5G iPhone production in mid-September, with mass production expected by the end of the month or early October, according to theA Nikkei Asian ReviewA (NAR), citing two sources with knowledge of the matter. The problem developing, according to the sources, is that Apple is behind “usual schedule over the past few years, when mass production began in August for lineups released in September, but it was a large improvement compared with the situation a few months ago.”A Factoring in the lost time, Apple could fall short of its iPhone production target this year. It ordered smartphone components for at least 80 million 5G iPhones, but sources said production levels could be around 73 to 74 million, with the rest of the units deferred into early 2021.A Sources said Apple would focus on the manufacturing of the cheaper 5G iPhone (6.1-inch OLED, two rear cameras), which accounts for 40% of total orders. The most expensive 5G handset is the 6.7-inch, triple-camera 5G iPhone. NAR’s report offers new insight into how Apple’s growth prospects for the coming “5G … |
| JPMorgan Probing Employees’ Role In PPP Program Abuse, “Illegal” IncidentsJPMorgan Probing Employees’ Role In PPP Program Abuse, “Illegal” Incidents Tyler Durden Tue, 09/08/2020 – 11:45 Last week we discussed the corruption and abuse inherent in the rollout of the Trump administration’s $659 billion taxpayer-funded PPP program, where according to a report authored by House Democrats, more than $1 billion of the money went to applicants that triggered red flags. These included receiving multiple loans – in violation of the program’s rules – or receiving loans despite having been disciplined for a given transgression. $3 billion went to businesses that had been flagged as potentially problematic by the government. Yet while it was easy to blame the administration for rushing to handout hundreds of billions (without which the US economy would still be in a depression), a key question is how and why did the private banks that were gatekeepers for all this capital, allow such abuse to take place. It’s apparently a question Jamie Dimon wants answered too because according to Bloomberg, JPMorgan has identified “instances in which Covid-relief funds were misused by customers and is probing employees’ involvement in the potentially illegal activities.” In a memo sent to staff from the bank’s senior leaders Tu … |
| In The Footsteps Of Rome: Maybe It No Longer Matters Who’s EmperorIn The Footsteps Of Rome: Maybe It No Longer Matters Who’s Emperor Tyler Durden Tue, 09/08/2020 – 11:33 Authored by Charles Hugh Smith via OfTwoMinds blog, Pretense and PR are not reality, and believing the Old Normal will magically be restored with sacrifice-free Federal Reserve printing is not an actual strategy. Quick history quiz: who was the second-to-the-last Emperor of the Western Roman Empire?A How about the third-to-the-last?A Answers: Glycerius, 473-74 A.D. and Julius Nepos, 474-475 A.D. The last emperor was the grandly titled Romulus Augustus, who reigned less than a year until the whole shebang disintegrated in 476 A.D. You get the point: when the momentum of collapse crosses the Event Horizon, it no longer matters who claims the title of Head Snake;A the collapse is beyond the control of any individual or agency. So when I hearA the most important election in history, last chance for democracy, etc.A I hearA blah-blah-blahA because we’re following the footsteps of Rome’s collapse to a T.A As I explained inA How Nations Collapse: DisunityA (8/20/20),A profound disu … |
| Pound continues fall as Brexit fears rear up againThe pound falls against major currencies amid unease that a no-deal Brexit is in sight again. |
| Coronavirus: Morrisons to make thousands of staff permanentThe supermarket is set to outline its hiring plans as demand for online shopping continues. |
| Thomas Cook to be revived as online travel firmThe firm wants to be operating by Christmas to capture the start of the summer booking season. |
| PLA troops carried rods towards Indian postPLA troops carried rods towards Indian postChinese troops carried rods, spears, clubs and sharp weapons in trying to close in on an Indian position in Mukhpari area of Rezang-La ridgeline in eastern Ladakh on Monday evening. |
| Govt to sell 15-20% stake in IRCTC via OFSGovt to sell 15-20% stake in IRCTC via OFSThe government currently holds 87.40 per cent stake in IRCTC. To meet Sebi’s public holding norm, it has to lower its stake in the company to 75 per cent. |
| Piaggio to offer Vespa, Aprilia Scooters on leasePiaggio to offer Vespa, Aprilia Scooters on lease”We see flexible ownership to be a desirable new trend amongst the youth of India and we believe, Vespa and Aprilia would lead it to extend the premium experience to the aspirants,” said Diego Graffi, chairman and managing director, Piaggio India. |
| Coronavirus update: Global case tally tops 27.3 million, and U.S. accounts for a quarter, as 9 drug-company CEOs pledge to ‘stand with science’ in vaccine developmentThe number of confirmed cases of the coronavirus that causes COVID-19 climbed above 27.3 million on Tuesday with the U.S. accounting for about a quarter of that total, as a group of nine drugmakers pledged to stand with science � in developing a vaccine. |
| Tents fit for a wedding reception and artfully constructed wooden bandstands. Welcome to outdoor classrooms during a pandemic ” now for the bad news‘We have several children who are runners and that terrifies us. In a building you can control the situation, but outside you can’t, � says Rosier-Rayburn, a special-education teacher. |
| The Tell: No, this time isn’t different. Trust cyclical stocks, Morgan Stanley argues.There’s no upside in investing in an index. Go for cyclicals, these analysts say. |
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