Written by Gary
US stock futures rise as tech stocks try to rebound again (SPY +0.7%). Stocks making the biggest moves in the premarket: Peloton, Oracle, Chewy, eBay.
Here is the current market situation from CNN Money | |
 | European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.40% while France’s CAC 40 is up 0.14% and Germany’s DAX is up 0.01%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Drugmaker AbbVie pressures reluctant employees to return to work, raising safety questionsEven if employees have demonstrated an ability to do their jobs from home, the company expects them to report to the office to foster creativity and innovation under its phased-in return-to-work plan. |
| Coronavirus live updates: Israel reportedly heads for second nationwide lockdown; Heathrow reports 81.5% drop in travelersThe coronavirus has infected more than 28.2 million people around the world so far, killing at least 910,100 people. |
| K-Pop band BTS to become multimillion-dollar shareholders in their music label, in latest industry shiftThe move is a reminder of just how much the music industry has changed with the advent of streaming and social media, which have allowed artists to control more of their own revenue, NBC News reports. |
| Google cloud to power state-of-art SoFi stadium as it continues to fight Microsoft and Amazon for market shareGoogle hopes these sorts of sports deals will help it gain traction against Amazon and Microsoft. |
| Peloton crushes estimates as sales surge 172%, expects strong demand to continue into 2021Peloton’s fiscal fourth-quarter sales surged 172% to $607.1 million, the company announced Thursday, as its high-tech stationary bike and treadmill became two of the hottest commodities for people looking to work out at home during the coronavirus pandemic.A |
| As states lift restaurant restrictions, CDC report links dining out to increased Covid-19 riskPeople who tested positive for Covid-19 were more than twice as likely to report eating or drinking at a bar or restaurant in the past two weeks. |
| Stanford Medical faculty lambaste former colleague and Trump coronavirus advisor Dr. Scott Atlas78 Stanford Medicine academics and doctors signed a letter to warn the public about controversial views shared by Dr. Scott Atlas, an advisor to President Trump on the pandemic. |
| Scores of wildfires scorch the U.S. West Coast, killing at least nineDozens of extreme, wind-driven wildfires burned through forests and towns in U.S. West Coast states on Thursday, destroying hundreds of homes, killing at least nine people and forcing hundreds of thousands to flee, authorities said. |
| Trump says everyone knew the coronavirus was airborne in February: It’s ‘no big thing’“This is stuff that everyone knew. There’s a report that I have here someplace where China said it was airborne earlier than the statements I made. People knew it was airborne. This was nothing,” Trump said Thursday. |
| RH CEO expects elevated demand for home decor to carry through 2021“There’s clearly, you know, a consumer shift that’s happening and you know people are holed up at home,” RH CEO Gary Friedman told CNBC’s Jim Cramer. |
| Trump pushes universities to keep students on campus despite rising coronavirus cases, asks Big Ten football to return“It’s much safer for students to live on campus,” President Donald Trump said during a press briefing at the White House. |
| 5 things to know before the stock market opens FridayU.S. stock futures pointed to gains at Friday’s open after early strong advances Thursday turned into steep losses by the close. |
| 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 CEOA Peter Rawlinson told CNBC. |
| Some “Corporate Fear” Is Needed, Blain Urges “A Little Bit Of Good Old Creative Capitalist Destruction”Some “Corporate Fear” Is Needed, Blain Urges “A Little Bit Of Good Old Creative Capitalist Destruction” Tyler Durden Fri, 09/11/2020 – 08:25 Authored by Bill Blain via MorningPorridge.com, One believes things because one has been conditioned to believe them. � Today is the anniversary of 9/11. Please find some time to trade with my former colleagues at BGC/Aurel-Mint who hold their charity day today in memory of the firm’s losses in NY that shocking day in 2001.A This morning we wake to the news the UK has staged something of an economic recovery ” but as predicted it’s proving remarkably sticky reopening the economy. A All eyes are still on the tech market ” where the bounce proved the ailing cat isn’t in particularly good health. I shall stick my neck out and say the correction still has a way to go. Next week ” beware.A Yesterday I wrote about complexity and how the pandemic, bubbles, repressed returns, years of monetary distortion and the evolving political economy have changed the dynamics of markets. A One of the factors causing confusion is the increasing speed of change ” it’s happening too quickly for us to fully comprehend.A < … |
| Futures Rebound In Shaky Markets With Stocks On Pace For 2nd Weekly DropFutures Rebound In Shaky Markets With Stocks On Pace For 2nd Weekly Drop Tyler Durden Fri, 09/11/2020 – 08:07 After yesterday’s surprise intraday reversal lower – the third such lurch following last Friday’s and Tuesday’s drubbing – which may or may not have been sparked by a pair of sell programs late in the morning, US equity futures levitated sluggishly in the week’s final session while European shares struggled for momentum on Friday as concerns about extra monetary stimulus and overnight falls in U.S. big tech shares kept investors on edge. The dollar continued its decline while Treasury yields rose. |
| UK Strikes Historic Free Trade Deal With Japan As Brussels Threatens To Abandon TalksUK Strikes Historic Free Trade Deal With Japan As Brussels Threatens To Abandon Talks Tyler Durden Fri, 09/11/2020 – 07:18 After a solid nine-month stretch that was blissfully devoid of major Brexit-related news as the global COVID-19 pandemic raged on, we declared last night that Brexit talks “suddenly matter again” as the drop in the pound was blamed – incorrectly, as Bloomberg later determined – forA triggering yesterday’s intraday declines in US markets. |
| Watch: NFL Opener ‘Racial Unity’ Moment Sees Stadium Erupt In BoosWatch: NFL Opener ‘Racial Unity’ Moment Sees Stadium Erupt In Boos Tyler Durden Fri, 09/11/2020 – 06:58 Who would have thought that sports fans just want to watch… sports? Thursday night’s return of the NFL which saw the Kansas City Chiefs hostA the Houston Texans began with anA End Racism � message of unity (words which were also emblazoned at the end of the field). As Mediaite details, things went downhill despite the special display: “The Kansas City Chiefs hosted the Houston Texans Thursday evening for the NFL’s opening game of the 2020 season, and intended to provide a show of unity by locking arms with their teammates and opponents before the game ” but the solemnity of the moment was ruined by fans booing in the stands.”
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| UK economy continues recovery in JulyThe economy expanded by 6.6%, but the country’s growth remains far below pre-pandemic levels. |
| UK signs first major post-Brexit trade deal with JapanSymbolic trade deal will cover 99% of UK exports to Japan but boost economy by just 0.07%. |
| Furlough ‘must be extended’ to avoid mass unemployment, say MPsThe scheme should be targeted at helping struggling industries, the Treasury Select Committee says. |
| B’desh gives permission for hilsa export to IndiaB’desh gives permission for hilsa export to IndiaThe hilsa that will come from Bangladesh will vary between 800 and 1,200 grams. The wholesale rate of hilsa will be around Rs 800-1,400 per kg depending upon the size, � said Maqsood, who is also the secretary of Howrah Wholesale Fish Market. |
| Route Mobile IPO subscribed 73x in late biddingRoute Mobile IPO subscribed 73x in late biddingThe IPO, which is being sold at Rs 345-350 per share, is seeking a valuation of 29 times PE on FY20 basis (fully diluted). Analysts are positive on the issue and believe the IPO can offer listing pop as well as long-term gains. |
| What does Ambani eke out his new investors?What does Ambani eke out his new investors?That $20 billion fund-raising spree has already met the refining and petrochemicals czar’s goal of making his flagship Reliance Industries Ltd. net-debt-free, giving it enviable financial strength just as the coronavirus pandemic is taking a toll on most other balance sheets. |
| Rail Week Ending 05 September 2020 – Improvement This Week Mostly Due To Holiday MismatchWritten by Steven Hansen Week 36 of 2020 shows same week total rail traffic (from same week one year ago) grew according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is recovering from a coronavirus pandemic.
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| Outside the Box: To fix problems with credit reporting, we need a better government watchdog, not Biden’s idea of new public credit bureauThe credit reporting industry has problems, but a government-owned credit agency won’t solve them. |
| No-Nonsense College: As colleges opt for hybrid and online-only classes, parents and students look for a cheaper Plan BNearly a third of those surveyed said they were more likely to attend an online-only college rather than a traditional four-year college or university. |
| Metals Stocks: Gold pulls back on Friday but heads for weekly gain amid rocky stock marketGold futures fall early Friday but head for weekly gain in turbulent stretch of trading for global equities. |
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