Written by Gary
US stock market equities end lower as tech bounce runs out of steam (SPY -1.7%). Choppy session, but lower volume than yesterday’s session.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | A 102-carat ‘perfect’ diamond could become the most expensive jewel ever sold to online bidder at Sotheby’sThe stone, a 102.39-carat D Colour Flawless Oval Diamond, could fetch $10 million to $30 million. Only seven flawless white diamonds of more than 100 carats have ever been sold at auction. |
| WHO calls delay in AstraZeneca coronavirus vaccine trial a ‘wake-up call’WHO Chief Scientist Dr. Soumya Swaminathan said Thursday there’s no need to be “overly discouraged” by the news, adding that “these things happen.” |
| Deadly wildfires worsen across California, Oregon and WashingtonWildfires fueled by extreme heat and high wind spread further across California, Oregon and Washington, destroying hundreds of homes and killing at least seven people. |
| China bars media coverage of Disney’s ‘Mulan’ after Xinjiang backlashNo reason was given, but sources told Reuters they believed it was because of the overseas backlash over the film’s links to Xinjiang. |
| Op-ed: The coronavirus pandemic underscores the need to bring drug manufacturing back to U.S.Dr. Stephen M. Hahn is the commissioner of the Food and Drug Administration and Dr. Anand Shah is deputy commissioner for medical & scientific affairs at the FDA. |
| Why cheese has become so popular in the U.S.The dairy industry has had some hard times, but Americans are buying ever greater quantities of cheese. Even processed cheese products, like American cheese slices, have seen a boost in sales since the coronavirus pandemic. |
| Coronavirus live updates: FDA chief won’t overrule scientists on vaccine; AstraZeneca delay ‘wake-up call’The coronavirus has infected more than 27.8 million people around the world so far, killing at least 904,300 people. |
| Discount retailer Century 21 files for Chapter 11 bankruptcy and is closing all of its 13 storesThe discount department store chain Century 21 has filed for Chapter 11 bankruptcy protection and is closing all of its remaining 13 stores, it announced Thursday. |
| The NFL will look very different when the Chiefs and Texans kickoff in Kansas CityThis new season will feature some fans in the stands, Tom Brady in Tampa, expanded playoffs and the “Washington Football Team.” |
| Lucid Motors CEO says there’s no conflict in partnership with Amazon to put Alexa in its electric vehicles“I see that natural voice recognition is just perfect for the automobile … and what better than Amazon Alexa? So I don’t see any conflict there at all,” Lucid Motors CEOÂ Peter Rawlinson told CNBC. |
| FDA chief says he has ‘no intention’ of overruling career staff on coronavirus vaccine decisionHahn said any vaccine data released will be discussed publicly by an advisory committee of outside experts and Peter Marks, who runs the FDA division that oversees vaccine approvals, will ultimately make a recommendation. |
| Stocks making the biggest moves midday: RH, Bed Bath & Beyond, Penn National Gaming & moreTake a look at the companies making headlines in midday trading. |
| Electric vehicle start-up Lucid unveils Air sedan to take on TeslaElectric vehicle start-up Lucid is touting its all-electric Air sedan as a more efficient, faster and spacious vehicle than the Tesla Model S, a car the company’s CEO Peter Rawlinson helped bring to market. |
| Brexit Butterflies & Bailout Bill Breakdown Crush Cable, Bust Big-Tech BounceBrexit Butterflies & Bailout Bill Breakdown Crush Cable, Bust Big-Tech Bounce Tyler Durden Thu, 09/10/2020 – 16:01 Cable’s collapse made the headlines today on Brexit concerns – its biggest daily drop in six months (6th daily drop in 7 days)… |
| “Out Of Control” Tesla Vehicles “Accelerate Unexpectedly” China’s National Business Daily Reports“Out Of Control” Tesla Vehicles “Accelerate Unexpectedly” China’s National Business Daily Reports Tyler Durden Thu, 09/10/2020 – 15:45 Just days after an out of control Tesla in China’s Nanchong City left 2 people dead, China’s National Business Daily reported that Tesla vehicles do, in fact, “accelerate unexpectedly” Yicai Global reported in a surprising (and embarrassing) blow to Tesla which has been aggressively expanding in China in recent years. The report says that there have been “four accidents involving ‘out of control'” Tesla’s in China since June alone. It attributed each of these incidents to “unexpected acceleration” of the vehicles. It was not immediately clear why the media in China, which has been especially hospitable to Elon Musk (in order to gain access to the company’s intellectual property according to the cynics) would suddenly turn hostile to the company whose spontaneous acceleration (and combustion) has long been known. Did China get cold feet and decide it has nothing to gain from a strategic Tesla partnership, and will it focus on developing its own native EV sector instead? Back on June 16, a Model 3 owner in Nanchang reported that his car suddenly started gaining speed and reached 127 km/hour from a starting speed … |
| South Dakota Gov. Slams Sturgis ‘Superspreader’ Study: “It’s Fiction, Not Science”South Dakota Gov. Slams Sturgis ‘Superspreader’ Study: “It’s Fiction, Not Science” Tyler Durden Thu, 09/10/2020 – 15:27 Via 21stCenturyWire.com, A new study authored by the Germany-based IZA Institute of Labor Economics says the most recent Sturgis Motorcycle Rally, held every summer in South Dakota, was a œsuperspreading event. |
| Adam Schiff’s Latest Russia ‘Whistleblower’ Investigated By House Intel, Inspector General, & Was Fired From DHS For Surveilling PressAdam Schiff’s Latest Russia ‘Whistleblower’ Investigated By House Intel, Inspector General, & Was Fired From DHS For Surveilling Press Tyler Durden Thu, 09/10/2020 – 15:04 On Wednesday, Rep. Adam Schiff (D-CA) has unveiled a new whistleblower – former DHS intelligence official Brian Murphy, who claims that Trump administration officials at the White House and Department of Homeland Security suppressed intelligence reports that Russia is interfering in the 2020 election, and ‘altered intelligence’ related to comments made by President Trump. |
| Renting: Christmas ‘truce’ for tenants facing evictionThe housing secretary says evictions will not be permitted over the festive period. |
| Citi names Jane Fraser new chief in Wall Street firstScotland-born Jane Fraser is named new chief executive of Citigroup, the first woman to run a big US bank. |
| British Airways owner IAG to cut more flightsBA has also reached the outline of a deal with the Unite union to end a bitter row over pay and job cuts. |
| Buffett bets big on an IPO for first time in 54 yrsBuffett bets big on an IPO for first time in 54 yrsSnowflake Inc., a fast-growing cloud-software and data-warehousing company, filed an amended offering prospectus Tuesday that revealed Berkshire will buy roughly $250 million of Snowflake shares at its IPO price and an additional 4 million shares from another stockholder. |
| Reports of stake sale to Amazon speculative: RILReports of stake sale to Amazon speculative: RILAmazon was an investor in Future Group, whose retail business was acquired by Reliance late last month for Rs 24,713 crore. On September 9, RIL announced the divestment of 1.75 per cent stake in the retail arm to private equity firm Silver Lake Partners for Rs 7,500 crore. |
| Focus on urban jobs: Panel to Finance CommissionFocus on urban jobs: Panel to Finance CommissionIt also suggested that the government tweak the proportion of grants from the divisible pool for local bodies, to 65:35 between rural and urban local bodies in 2024-25 from 67.5:32.5 in 2020-21, or an annual transition of 0.5%. This will help “commit steady and significant public expenditure to urban areas , it said. |
| Market Extra: Citigroup’s stock underperformed by a wide margin during CEO Corbat’s reignThe only way to rate a CEO’s tenure that really matters for investors is to see how the company’s stock performed relative to its peers and the broader market. In that case, investors may be happy to see Citigroup Inc.’s Michael Corbat retire. |
| : Fiscal stimulus prospects at dead end after Senate vote, a top Republican saysHopes for a new coronavirus aid package soon may not be dead yet on Capitol Hill, but they are fading fast. |
| A new investing strategy aims to influence racial justice, from the ground upInvestors don’t have many good options for doing good with their money, but there’s a new strategy to help investors put their dollars to work in municipal budgets and help promote racial and social equity. |
Summary of Economic Releases this Week
Earnings Summary for Today
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