17Sep2020 Market Close: DOW Snaps 4-session Win Streak But Rises Off Session Lows, Down 0.5%, Closing Down 130 Points, Nasdaq Has Worst Day In 5 Sessions, Closing Down 0.8%, WTI Settled Higher By 2.0% At 41.03

Texas pushes forward with business reopenings as coronavirus cases, hospitalizations slide, Gov. Abbott says

The announcement marks the first time the governor has forged ahead with reopening businesses since allowing a number of them to reopen at limited capacity in May.

The 2020 Emmys will be an awards show like no other: ‘How could it possibly go wrong?’

As the first major entertainment industry awards ceremony to be conducted since the coronavirus pandemic began, all eyes will be on host Jimmy Kimmel and the team at ABC on Sunday night.

Airline CEOs meet with White House in last-minute plea for more coronavirus aid

U.S. airline CEOs met with a top White House official to plead for billions in more aid as the current round is set to expire.

House Democrats question findings of Kodak’s internal review in wake of botched pharma deal

“Our Committees plan to vigorously pursue our ongoing investigation into this matter, and we expect full cooperation from Kodak and the Administration,” Reps. Clyburn, Waters and Maloney said in a joint statement.

Hurricane Sally moves northeast as Florida, Alabama neighborhoods reckon with destruction

Hurricane Sally hit the coast of Alabama as slow-moving Category 2 storm and tore through the Florida Panhandle, causing massive flooding and damage.

New York City delays in-person learning for middle and high school students until October

It’s the second time Mayor Bill de Blasio has pushed back reopening classrooms for in-person instruction for this school year.

Moderna says it will begin developing a vaccine for seasonal flu

Moderna noted that vaccines generally reduce people’s risk of getting influenza by 40% to 60% compared with people who aren’t inoculated.Â

Rent the Runway overhauls subscription plan as pandemic reshapes business

Rent the Runway is getting rid of its unlimited rental option as consumers change what they wear and how they shop in the midst of the pandemic.

Why GNC filed for bankruptcy protection despite vitamin sales boom

The vitamin and dietary supplement market in the U.S. is worth almost $50 billion, according to the Nutrition Business Journal. Brick-and-mortar retailers like GNC, The Vitamin Shoppe and Vitamin World have faced an onslaught of competition from big-box retailers like Walmart and Target, grocery stores like Kroger and Whole Foods and e-commerce giants like Amazon.

Moderna expects to know if its coronavirus vaccine works by November, CEO says

Moderna could have enough Covid-19 vaccine data by October, but that’s unlikely, CEOÂ Stephane Bancel said Thursday.

Ford’s making its electric F-150 a serious work truck in bid to set it apart from Tesla and GM pickups

A Ford executive said it was important to the company to retain the work reputation of the F-150 and its larger siblings, collectively known as Ford’s F-Series, for the electric version.

Ford launches new ‘Built American’ ad campaign ahead of heated U.S. presidential election

The automaker on Thursday touted its American jobs and recent investments of about $1.5 billion as it launched a new ad campaign called “Built for America.”

LVMH, Tiffany wrangle over court dates after acquisition turns sour

LVMH on Thursday tried to block an attempt by Tiffany to fast-track legal proceedings in the United States to force the French luxury group to honour an acquisition deal agreed last year.

“Sell All The Things!” – Tech Wrecked, Dollar Dumped, & SNOW Flaked

“Sell All The Things!” – Tech Wrecked, Dollar Dumped, & SNOW Flaked Tyler Durden Thu, 09/17/2020 – 16:00

Since Powell dropped his statement yesterday – explaining what The Fed hopes will happen but not how it will make it happen – investors have switched into sell-all-the-things mode with the dollar, stocks, bonds, and gold all lower…

The Repo Panic: One Year Later

The Repo Panic: One Year Later Tyler Durden Thu, 09/17/2020 – 15:45

By Scott Skyrm of Curvative Securities,

Let’s set the stage. After 7 years of zero percent interest rates, the Fed started draining liquidity from the market in December 2015 by tightening rates 25 basis points.

Over the next four years, the Fed continued to tighten and launched QE runoff, letting the SOMA portfolio shrink, effectively putting more Treasurys back into the market. At the same time, the Treasury was issuing a massive about of debt. The landscape was set.

Just when the Fed was draining liquidity, more Treasurys were coming into the market via QE runoff and new issuance.

On Monday and Tuesday, September 16 and 17, GC Repo rates spiked higher, trading as high as 8.00% on Monday and 9.25% on Tuesday.

Ex-JPMorgan Trader Sentenced To 8 Months In Prison For FX Bid-Rigging

Ex-JPMorgan Trader Sentenced To 8 Months In Prison For FX Bid-Rigging Tyler Durden Thu, 09/17/2020 – 15:25

Two years after former HSBC head of currency trading, Mark Johnson, became the first person to be convicted in a global crackdown of currency rigging and was sentenced to two years in a U.S. prison, moments ago a former JPMorgan trader became the second person to be sentenced to eight months in prison for his role in a foreign-exchange bid-rigging scheme.

Bloomberg reports that Akshay Aiyer was sentenced Wednesday by Manhattan District Judge John Koeltl. Last November, Aiyer was found guilty of conspiring with traders at other banks in chat rooms, on telephone calls and at social gatherings to coordinate bids and fix prices of African, European and Middle Eastern currencies while leading customers to believe they were competing with each other.

In 2017, Johnson was convicted of front-running a $3.5 billion client order, but as Bloomberg reminds us, a U.K. court declined to extradite Johnson’s underling, Stuart Scott, and three British traders accused of similar conduct were acquitted by a jury in New York in 2018. U.K. investigators dropped a criminal probe into individual traders after determining they didn’t have enough evidence.

Even though Aiyer’s sentence was lower than that sought by prosecutors, the conviction was a victory for the g …

Saudis Scold OPEC+ Laggards For Trying To “Outsmart The Market”

Saudis Scold OPEC+ Laggards For Trying To “Outsmart The Market” Tyler Durden Thu, 09/17/2020 – 15:11

Authored by Tsvetana Paraskova via OilPrice.com,

The OPEC+ group will allow non-compliant members to take until the end of the year to compensate for their overproduction, Saudi Arabia’s Prince Abdulaziz bin Salman said on Thursday as he slammed laggards in compliance for trying to œoutsmart the market.

‘Nearly two-thirds’ of adults back in the workplace, says ONS

Some 62% reported commuting to work last week, according to the Office for National Statistics.

Rising virus rates threaten economy, warns Bank

Bank of England says a no-deal Brexit is another risk as it keeps interest rates at historic low.

Lionel Messi wins nine-year fight to trademark his surname

The European Union’s highest court rules in favour of the footballer after a nine-year legal battle.

Mistry family sends notice to Tata Sons Board

Mistry family sends notice to Tata Sons BoardThe notice has sought an explanation from the board members, particularly the independent directors whether the oppressive action that causes prejudice to a minority shareholder was with their concurrence.

How Covid exposed India’s data inadequacies?

How Covid exposed India’s data inadequacies?The Indian administration doesn’t have data on how many migrant workers lost their lives during the crisis. There is no record of the number of healthcare staff that have died fighting the coronavirus.

LS passes two agri sector bills amid protests

LS passes two agri sector bills amid protestsThe Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill and the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill were passed by voice vote as the Congress, DMK and Revolutionary Socialist Party members staged a walkout.

: Dave & Buster’s stock plunges 26% on bankruptcy fears, but analysts say it’s investor ‘overreaction’

Truist Securities says investors have a ‘buying opportunity’

Bond Report: U.S. Treasury yields tick lower following Fed dovish update, humdrum data

U.S. Treasury yields fell Thursday after the Federal Reserve underlined its commitment to keeping interest rates near zero for the next few years and after a round of lackluster economic data

Therese Poletti’s Tech Tales: IPO like it’s 1999: Market hitting dot-com-boom levels as Snowflake and other cloud-software stocks keep popping

As the importance of cloud software has grown in the global pandemic, cloud-software companies have become the most stark example of initial public offerings reaching dot-com-boom levels ” and beyond.