Written by Gary
Stocks mixed as tech shares struggle for direction (SPY +0.4%). Small caps suffer in negative territory.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The S&P 500 is up 0.42% while the IPC gains 0.25%. The Bovespa is off 0.13%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Fraternities blamed for campus coronavirus outbreaks as universities struggle to keep students in classUniversities across the country have reported growing Covid-19 cases in fraternity houses, threatening their surrounding communities and plans to bring students back to campus. | |
Nikola shares plunge more than 10% amid dispute over short seller’s fraud allegationsNikola is brushing off allegations of fraud from a short seller. | |
Major wildfires tear through California, Oregon and Washington as death toll risesDozens of major wildfires are burning through the U.S. West Coast, destroying hundreds of homes and wiping out entire neighborhoods in two towns in Oregon. | |
You might be able to rent a Peloton bike one day, CEO John Foley saysPeloton CEO John Foley hinted at customers being able to rent Peloton bikes and treadmills one day, and also being able to buy a used version. | |
Dr. Scott Gottlieb blames early virus testing failures for making March lockdown the only choice“We had to assume it was spreading everywhere because we had no testing. That’s going to be looked back at as the key missing element here,” the former FDA chief told CNBC on Friday. | |
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. | |
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. | |
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. | |
Coronavirus live updates: Greek life blamed for virus spread as universities become the latest hotspotsThe coronavirus has infected more than 28.2 million people around the world so far, killing at least 910,100 people. | |
‘Tenet’ looks for a foothold in U.S. this weekend, ‘Mulan’ arrives in China amid controversy“Tenet” and “Mulan” were meant to represent a return to normal. However, neither film has quite embodied that hope. | |
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. | |
Petition To Prosecute Pelosi Draws Thousands Of SignaturesPetition To Prosecute Pelosi Draws Thousands Of Signatures Tyler Durden Fri, 09/11/2020 – 11:55 Authored by Steve Watson via Summit News, A petition to prosecute Nancy Pelosi for violating Covid-19 regulations by visiting a hair salon in San Fransisco has attracted thousands of signatures in just 24 hours. | |
Beirut Residents Warned Toxic Smoke Has Settled Over City Following New Port FireBeirut Residents Warned Toxic Smoke Has Settled Over City Following New Port Fire Tyler Durden Fri, 09/11/2020 – 11:40 Coming a little over a month after the deadly Aug.4 ammonium nitrate blast which destroyed Beirut’s busy port and leveled entire neighborhoods in the surrounding downtown area, Thursday’s fire reportedly centered on an oil and tire storage depot at the same location sent residents panicking as they thought they were in for a repeat of the earlier blast which left over 190 dead and more than 6,000 injured. As of early Friday, Lebanese military and firefighting units have put out the blaze, but health organizations are now warning that the black smoke which thickly settled over the city is likely toxic. | |
Quant Who Correctly Predicted Last Week’s Rout Says Selling Isn’t OverQuant Who Correctly Predicted Last Week’s Rout Says Selling Isn’t Over Tyler Durden Fri, 09/11/2020 – 11:20 Back on August 18, a little-followed quant at JPMorgan, Peng Cheng, came out with what may have been the most prophetic (and timely) market analysis in recent months, when he – unlike his “strategist” peers at major banks were trivially hiking their S&P year-end price target to keep in lockstep with the market – urged clients to take cover as he voiced concern about the near-term future of technology stocks, thanks to a combination of factors from a worsening market concentration and factor crowding, to the potential for improving Presidential polls for President Trump, rising rates (a 20 bps increase in the month of August) and increasing US-China tensions. œWith the long-end of the curve already threatening a confluence of threshold signals for yields to break higher, continued price weakness has the potential to trigger another flow of momentum based selling pressure,” Cheng wrote on the last Friday of August, adding that “Rising rate risk and factor crowding, the potential for improving presidential polls for President Trump, and increasing U.S.-China tensions provide reasons for investors to consider hedging near-to-intermediate term risk.” He was dead on, because what followed just a few days later – in no small part as dealers t … | |
How Long Will It Take For The Airline Industry To Recover?How Long Will It Take For The Airline Industry To Recover? Tyler Durden Fri, 09/11/2020 – 11:05 Authored by Mike Shedlock via MishTalk, Estimates vary widely from 4 to 9 years depending on the source. | |
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 and targeted’, say MPsThe scheme should be targeted to avoid mass unemployment, the Treasury Select Committee says. | |
Goverment’s clout in Indian equities is slippingGoverment’s clout in Indian equities is slippingThe market cap of PSUs shrank by 3% annually over the past decade even as the country’s market cap increased by 8%. | |
California fire becomes deadliest of year, 10 deadCalifornia fire becomes deadliest of year, 10 deadThe terrible toll of California’s wildfires became more evident as a mother confirmed her 16-year-old son was among those killed when an inferno tore through several hamlets in the foothills of the Sierra Nevada this week. | |
Moody’s revises Airtel ratings outlook to ‘stable’Moody’s revises Airtel ratings outlook to ‘stable’The global ratings agency said Airtel’s core India mobile business has benefited from a combination of reduced competition, steady 4G customer adds and tariff hikes taken last December. | |
August 2020 CPI: Year-over-Year Inflation Rate Grows to 1.3%Written by Steven Hansen According to the BLS, the Consumer Price Index (CPI-U) year-over-year inflation rate was 1.3 % year-over-year (up from the reported 1.0 % last month). The year-over-year core inflation (excludes energy and food) rate worsened from 1.6 % to 1.7 %. | |
NewsWatch: Deepfakes could further complicate social media’s job during election seasonA fledgling, fast-evolving technology threatens the best efforts of social media’s biggest companies to tamp down disinformation during political season. Need proof? Seeing and hearing is disbelieving. | |
CityWatch: As months of closures wear on, New York City yoga studios move online “or shut their doors permanentlyWhile the Paycheck Protection Program was a shot in the arm for struggling studios, more aid is needed to prevent further closures. | |
Mark Hulbert: Do you really need $8 million saved up for retirement?Figuring out what you need |
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