Written by Gary
US Treasury yields slide as stocks renew selloff to begin holiday-shortened week (SPY 2.7%). Nasdaq enters correction territory on valuation fears, hawkish trade talk.
The Market in Perspective
| 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. |
| 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. Countries without Disney+ will get the chance to see the film in theaters. |
| Fauci says a coronavirus vaccine is ‘unlikely’ by U.S. electionInfectious disease experts and scientists have said they worry the vaccine approval process in the U.S. could be polluted by politics, not science. |
| LA Rams ready for kickoff in new, $5 billion high-tech SoFi Stadium ” without fansThe Rams will play in their brand-new, cutting-edge stadium on Sunday, but they won’t play in front of fans just yet. |
| New York Gov. Cuomo says Trump is ‘actively trying to kill New York City’“This is a war on cities. ¦ It is an unsustainable position for the federal government,” New York Gov. Andrew Cuomo said at a news briefing. |
| Irish pubs get the nod to re-open after enduring one of the longest shutdowns in EuropeIreland is one of the last European countries where “wet pubs,” which do not serve food, are still closed. |
| Air purifier that kills 99.9% of the coronavirus sees surge in global demandThe air purifier could provide additional protection in residential spaces where people are less likely to wear masks. |
| New York schools will be issued daily coronavirus report card as students return, Gov. Cuomo says“I think this will give parents confidence, teachers confidence, they’ll know on a day-to-day basis exactly what is happening,” Gov. Andrew Cuomo said. |
| Crude Crushed, Tech Wrecked, Banks Battered; Bonds & Bullion BidCrude Crushed, Tech Wrecked, Banks Battered; Bonds & Bullion Bid Tyler Durden Tue, 09/08/2020 – 16:01 Nasdaq futs are down 11% (correction from their highs last week), and the rest of the majors are down around 5%… |
| Rochester Police Chief Suddenly Resigns Over “Attempt To Destroy My Character”Rochester Police Chief Suddenly Resigns Over “Attempt To Destroy My Character” Tyler Durden Tue, 09/08/2020 – 15:45 Rochester, NY Police Chief La’Ron Singletary said in a surprise announcement on Tuesday that he will be retiring at the age of 40 after less than 18 months on the job, after controversy erupted over the March death of a black man while in police custody. His deputy and the city’s entire command staff joined him in leaving, according to ABC News. |
| House Foreign Affairs Committee Leader Call For “Investigation” Of Navalny PoisoningHouse Foreign Affairs Committee Leader Call For “Investigation” Of Navalny Poisoning Tyler Durden Tue, 09/08/2020 – 15:36 Despite President Trump’s comment on Friday that his administration “had not yet seen proof” that Alexei Navalny, the Putin critic who just emerged from a medically induced coma in a German hospital, had been poisoned – like German Chancellor Angela Merkel alleges – a bipartisan group that includes the leaders of the House Foreign Affairs Committee are pushing the administration to launch an investigation, even going so far as to suggest that more sanctions might be necessary. As to how Washington might go about investigating a crime allegedly committed by a shadowy group of operatives thousands of miles away is another matter left entirely unexplored, apparently. |
| Americans Pay Down Credit Cards For 5th Consecutive Month As Post-Covid Deleveraging ContinuesAmericans Pay Down Credit Cards For 5th Consecutive Month As Post-Covid Deleveraging Continues Tyler Durden Tue, 09/08/2020 – 15:21 After three months of record declines, total US consumer credit posted its first increase in the month of June since the covid crisis, rising by a modest $8.9 billion, a number which has now been revised to $11.4 billion, and in the latest consumer credit report released by the Fed, in July total consumer credit rose again, increasing by $12.9 billion. |
| Coronavirus: Morrisons and Iceland hire thousandsThe supermarkets say the staff are needed as demand for online shopping continues to rise. |
| Uber pledges all-electric fleet by 2040The transportation company says it has a “responsibility” to tackle climate change. |
| 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. |
| Farmer suicides add to India’s virus miseryFarmer suicides add to India’s virus miseryMonths ago, when Prime Minister Narendra Modi imposed one of the world’s strictest lockdowns to prevent the spread of the coronavirus, Singh’s livelihood came crashing down. His 1-acre farm had barely produced enough cotton to cover the cost of growing it, and the lockdown even robbed him of his side job as a bus driver. |
| Oil dives below $40, hits lowest since JuneOil dives below $40, hits lowest since JuneCoronavirus infections are rising in India, Great Britain, Spain and several parts of the United States, where the infection rate has not come under control for months. The rebound in illnesses could weaken the global economic recovery and sap fuel demand. |
| 9 transactions can lead to Kochhars’ undoing9 transactions can lead to Kochhars’ undoingBefore Deepak Kochhar’s arrest on Monday, the federal agency had asked Deepak Kochhar to explain the said nine transactions. |
| July 2020 Consumer Credit Continues To SlowWritten by Steven Hansen Headline consumer credit modestly grew and was within expectations. Our analysis of the unadjusted data shows annual growth slowed and is barely in expansion year-over-year.
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| 05 September 2020 New York Fed Weekly Economic Index (WEI): Index Declined But Remains On A Recovery TrendWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) continues to show an economy that is marginally worse than seen during the Great Recession. However, this index remains on a recovery trend.
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| Apple countersues Epic Games for breach of contractœAlthough Epic portrays itself as a modern corporate Robin Hood, in reality, it is a multibillion-dollar enterprise that simply wants to pay nothing for the tremendous value it derives from the App Store, Apple said in a filing Tuesday. |
| 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 œstand with science in developing a vaccine. |
| Bond Report: U.S. Treasury yields slide as stocks renew selloff to begin holiday-shortened weekU.S. Treasury yields fall Tuesday as U.S. equities extend their torrid selloff last week, bolstering demand for haven assets ahead of a rush of debt issuance. |
Summary of Economic Releases this Week
Earnings Summary for Today
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