Written by Gary
Stocks struggle after tech rout, to end week on a low note (SPY -1.3%). Tech stocks are suffering despite little change in the outlook, and the broader market is falling in their wake.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The IPC is higher by 0.04%, while the Bovespa is leading the S&P 500 lower. They are down 1.25% and 1.18% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| These charts show how wildfires are getting larger, more severe in the U.S.Even though the U.S. is halfway through wildfire season, this year is one of the worst in history. Human-caused climate change has made blazes more frequent and intense. |
| WHO says parts of Europe reporting ‘worrying’ rise in coronavirus hospitalizationsHospitalizations have doubled every eight days in the U.K. and parts of France have reported reaching capacity in their intensive-care units, WHO’s Dr. Maria Van Kerkhove said. |
| ‘Pandemic fatigue’ leads to resurgence of coronavirus in Europe where cases surge to fresh records in France and Spain“Pandemic fatigue” has set in across parts of Europe, where the outbreak is on the rise again in some countries that were hailed early on for stamping out massive outbreaks. |
| The list of countries where travelers can go live and work remotely is growingMore nations are inviting travelers to trade their home offices for the chance to live and work abroad during the global pandemic. |
| Coronavirus live updates: U.S., Canada and Mexico extend border closures through OctoberThe coronavirus has infected more than 30.2 million people globally as of Friday, killing at least 946,685 people so far. |
| Moderna expects to make 20 million doses of coronavirus vaccine by 2020 endModerna said on Friday it expects to produce 20 million doses of its experimental coronavirus vaccine by the end of the year. |
| UPS to offer buyouts to some employeesUnited Parcel Service said on Thursday it was offering buyouts to some employees, as Chief Executive Carol Tomà aims to curb costs at the delivery firm. |
| Watch live: The World Health Organization holds a press briefing on the coronavirus pandemicIsrael on Friday entered a second nationwide lockdown, shuttering restaurants, hotels, gyms and more, amid soaring new cases and as the Jewish High Holiday season begins. |
| Moderna trial investigator worries about political pressure in vaccine approval process“My only hope is that Dr. Hahn and the political appointees in the FDA stand up and basically say, ‘No, we cannot have political pressure lead the FDA into making a decision,'” said Dr. Carlos del Rio of Emory University. |
| 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. |
| Texas pushes forward with business reopenings as coronavirus cases, hospitalizations slide, Gov. Abbott saysThe 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. |
| As cities around the world change, one expert stresses the importance of ‘smart mobility’Around the world, technology and new ideas are changing the way urban environments operate. |
| A brewing U.S.-China tech cold war rattles the semiconductor industryAs trade tech tensions mount between the U.S. and China the U.S. semiconductor industry fears a tech cold war is brewing that could disrupt the global supply chain. |
| Stocks Drop To Session Lows After Pelosi Says She Is Sticking To $2.2 Trillion In Stimulus Bill DemandStocks Drop To Session Lows After Pelosi Says She Is Sticking To $2.2 Trillion In Stimulus Bill Demand Tyler Durden Fri, 09/18/2020 – 12:25 A 4th fiscal deal remains far off according to Nancy Pelosi who spoke on Bloomberg TV and said that she is sticking to her demand for at least $2.2 trillion in the next covid relief bill, clarifying that “state and local” is critical and adding that “something is not necessarily better than nothing” on aid, an argument which both millions of people and markets may have an argument with. And speaking of the latter, stocks legged lower, and after staging a modest rebound in the past hour, dropped back under the 50DMA and to session lows following Pelosi’s comments, while QQQs continuing to slide below the 270 critical level. |
| Feds Launch Probe Into Princeton “Based On Its Admitted Racism”Feds Launch Probe Into Princeton “Based On Its Admitted Racism” Tyler Durden Fri, 09/18/2020 – 12:10 Authored by Jezzamine Wolk via Campus Reform, The Department of Education has launched an investigation into Princeton University following a controversial open letter from University President Christopher Eisgruber claiming racism is œembedded in the institution. |
| Michigan Joins Pennsylvania With Mail-In-Ballot ExtensionMichigan Joins Pennsylvania With Mail-In-Ballot Extension Tyler Durden Fri, 09/18/2020 – 11:52 A Michigan judge on ruled on Friday that the state must accept ballots that arrive within two weeks of the election, as long as they are postmarked by November 2nd. The judge also said that the state – which was decided by 10,000 votes in 2016 – cannot restrict who can help voters return an absentee ballot. |
| Kashkari Explains Why He Dissented Against The FOMC’s DecisionKashkari Explains Why He Dissented Against The FOMC’s Decision Tyler Durden Fri, 09/18/2020 – 11:37 While the latest FOMC announcement on Wednesday was generally in line with expectations (even as the market strongly hints that it could have been far stronger in terms of supporting risk assets) there was one notable surprise in that not one but two FOMC voters dissented. This is what we said at the time:
Feeling the urge to explain himself further, Kashkari earlier today published a blog titled “Why I Dissented”, in which he admits he “would have preferred the Committee make a stronger commitment to not raising rates until we were certain to have achieved our dual mandate objectives.” In other words, the Fed – which is buying $120BN in securities each month, including corporate bonds and ETFs and has rates pegged at zero until at least 2023 – wasn’t dovish enough. … |
| UK DIY sales soar but clothing stores fall behindThe amount of retail sales continued to climb in August, but some sectors are still struggling. |
| TikTok and WeChat: US to ban app downloads in 48 hoursThe ban on downloading the apps in the US takes effect on Sunday unless President Trump intervenes. |
| No new 2p or £2 coins to be made for 10 yearsCoin mountains in storage mean The Royal Mint has no plans to produce any more for a decade. |
| 4,127 new cases reported in Delhi4,127 new cases reported in DelhiModerna Inc said on Friday it expects to produce 20 million doses of its experimental coronavirus vaccine by the end of the year. |
| Talks on to bring Russia’s vaccine: GovtTalks on to bring Russia’s vaccine: GovtThe Central Drugs Standard Control Organisation (CDSCO) has informed that it has received information about one COVID-19 vaccine developed and approved in Russia, Minister of State for Health Ashwini Choubey informed the Lok Sabha. |
| Angel Broking gets Rs 55-75 premium in grey mktAngel Broking gets Rs 55-75 premium in grey mktBrokerages dealing with unlisted shares felt the price band was around Rs 25-30 higher than what the grey market was expecting. |
| Preliminary September 2020 Michigan Consumer Sentiment ImprovesWritten by Steven Hansen The preliminary University of Michigan Consumer Sentiment for September came in at 78.9, up from August’s 74.1, and up from July’s final of 72.5.
|
| Fed’s Kashkari says warnings of runaway inflation are just ‘ghost stories’Minneapolis Fed President Neel Kashkari said Friday that warnings of higher inflation are just œghost stories. |
| Market Snapshot: Dow under pressure Friday as tech stocks stumble, dragging down S&P 500, NasdaqU.S. stock indexes were lower Friday, with the indexes trying to avoid slumping for a third week in a row, amid uncertainty about a fresh round of fiscal stimulus from Washington lawmakers and concerns about tensions between the U.S. and China. |
| Coronavirus update: Global case tally tops 30 million, and controversial CDC testing guideline changes were reportedly not made by CDC scientistsThe number of confirmed cases of the coronavirus that causes COVID-19 rose above 30 million on Friday, and the death toll rose above 946,000, with the U.S. death toll edging closer to 200,000, or almost a fifth of the global tally. |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
