Written by Gary
Nikola shares plunge after founder reigns. Oracle and Walmart buck the market’s negative trend (SPY -2.2%). Stocks making the biggest moves midday: Nikola, JPMorgan Chase, Roku, Apple, Delta.
Here is the current market situation from CNN Money | |
 | North and South American markets are sharply lower today with shares in Brazil off the most. The Bovespa is down 3.41% while U.S.’s S&P 500 is off 2.11% and Mexico’s IPC is lower by 1.21%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Nikola shares open at lowest price since its public debut after company founder Trevor Milton resignsStephen Girsky, a former vice chairman of General Motors and a member of Nikola’s board, has been appointed chairman of the board, effective immediately. |
| Biden’s capital gains tax hike could spark a big sell-off in stocks. Here’s what that means for the marketAs part of his $4 trillion tax plan, Biden has proposed increasing the top tax rate for capital gains for the highest earners to 39.6% from the current top rate of 23.8%, the largest real increase in capital gains rates in history. |
| Not trusting the FDA, Black doctors’ group creates panel to vet Covid-19 vaccinesThe committee is meant to safeguard against any unscientific guidance from the Centers for Disease Control and Prevention and the Food and Drug Administration, STAT News reports. |
| Walmart expands fashion focus with new private clothing label for men and womenWith the coronavirus pandemic and recession, Walmart has a new opportunity to grab market share from apparel retailers. |
| ‘Schitt’s Creek’ has record-setting Emmy sweep, while HBO scores big with ‘Watchmen,’ ‘Succession’HBO and Pop TV with the biggest winners of this year’s primetime Emmy Awards. |
| Stocks making the biggest moves midday: Nikola, JPMorgan Chase, Roku, Apple, Delta & moreNikola shares plunge after its founder reigns. Oracle and Walmart buck the market’s negative trend. |
| Watch live: The World Health Organization holds a press briefing on the coronavirus pandemicThe coronavirus has infected more than 31 million people worldwide and killed at least 961,200 people, according to data compiled by Johns Hopkins University. |
| Nikola founder Trevor Milton to voluntarily step down as executive chairman; stock plungesThe announcement comes after short-selling firm Hindenburg Research accused Nikola of fraud. The company pushed back on the accusations, saying there were “dozens” of inaccurate allegations in the report. |
| Coronavirus hit to fashion industry is ‘incredibly concerning,’ British Fashion Council Chairman saysBritish Fashion Council Chairman Stephanie Phair says now is the time for designer businesses to think about how they can “rebuild on better foundations.” |
| Men take more travel risks than women and buy more trip insurance, survey findsA survey from Berkshire Hathaway Travel Protection finds that while men are more likely to take risks when it comes to travel in the age of Covid-19, they’re also more likely to hedge their bets by buying travel insurance. |
| Mark Cuban and Brooklyn Nets’ Wilson Chandler invest in skincare company co-founded by Kobe BryantPersonal care company, Art of Sport, also received investments from Lightspeed Venture Partners, BAM Ventures, Darco Capital, and NBA forward Wilson Chandler. |
| Airbus announces concept designs for zero-emission, hydrogen-powered airplanesThe aircraft could take to the skies in 2035. |
| Scavenger hunts, treats dangling from a tree and Covid-19 maps: Candy makers get creative to save HalloweenCandy companies, including Hershey, say they are hopeful that kids will still trick-or-treat and adults will seek out sweets, even if their Halloween is socially distanced. |
| Pelosi Risks Shutdown After Slashing GOP Farm Aid, Child-Nutrition From BillPelosi Risks Shutdown After Slashing GOP Farm Aid, Child-Nutrition From Bill Tyler Durden Mon, 09/21/2020 – 12:13 House Speaker Nancy Pelosi (D-CA) and House Democrats are risking a federal shutdown as they prepare to release a stopgap government funding bill on Monday which failed to gain the support of the White House or Senate GOP, according to Bloomberg. |
| China Military Releases War Simulation Video Of Attack On US Guam BaseÂChina Military Releases War Simulation Video Of Attack On US Guam Base Tyler Durden Mon, 09/21/2020 – 12:05 Following weeks of multiple Chinese fighter jet incursions over Taiwan, the Chinese air force released a shocking video on Saturday showing bombers conducting a simulated attack “on what appears to be Andersen Air Force Base on the U.S. Pacific island of Guam,” according to Reuters. Taiwanese Foreign Minister Joseph Wu warned Saturday that China was increasing drills and other forms of military pressure with the threat of intervention. Wu said China’s crackdown in Hong Kong is a reminder that “Taiwan might be next”. The short video, titled “The god of war H-6K goes on the attack!,” was posted on the People’s Liberation Army Air Force (PLAAF) Weibo account, comes as the Chinese military carried out the second day of drills near Chinese-claimed Taiwan. |
| US Sanctions Iranian Nuclear Scientists And Venezuela’s Maduro As World Ignores UN ‘Snap-Back’US Sanctions Iranian Nuclear Scientists And Venezuela’s Maduro As World Ignores UN ‘Snap-Back’ Tyler Durden Mon, 09/21/2020 – 11:50 Secretary of State Mike Pompeo has just announced new sanctions on Venezuelan President Nicolas Maduro, along with two Iranian scientists working for the Iranian Defense Ministry who are said to be central to the country’s uranium-enrichment efforts. |
| Trump Attacks Biden Over Opposition To Bin Laden Raid, Soleimani StrikeTrump Attacks Biden Over Opposition To Bin Laden Raid, Soleimani Strike Tyler Durden Mon, 09/21/2020 – 11:35 With the presidential debate just eight days away, President Trump has started hammering Joe Biden over his track record on foreign policy – including Biden’s skepticism over the raid that killed Osama bin Laden, his vote against the Iraq war, and his opposition to the January strike that killed Iranian General Qassem Soleimani, according to The Hill. |
| Global shares fall as lockdown fears hit leisure sectorShares in the US and Europe fall sharply but supermarkets and food delivery firms buck the trend. |
| Premium Bonds issuer slashes chance of winningNS&I has cut the interest rates it pays, reducing the chances for savers in its £1m draw. |
| Microsoft buys Fallout creator Bethesda for $7.5bnXbox’s owner confirms it has bought the game developer ahead of the launch of the new Xbox console. |
| COVID-19: Delhi reports 2,548 new casesCOVID-19: Delhi reports 2,548 new casesThis takes total cases to 2,49,259 including 2,13,304 recoveries and 5,014 deaths. Number of active cases stands at 30,941. |
| India Inc welcomes new labour lawsIndia Inc welcomes new labour lawsThe government introduced three separate labour codes ” on industrial relations, occupational safety and health, and social security — in the Lok Sabha on Saturday, proposing significant changes to make them less rigid for industry, while strengthening the safety net of workers. |
| Why it makes sense to diversify investing style nowWhy it makes sense to diversify investing style nowThe problem starts when we become slightly successful in our style of investing. Due to our ego, we tend to believe our way of investing is the best and others are sub-par. And then, we look for confirmation from the external world. |
| Election: Here’s where Trump and Biden stand on China and other trade issuesHow Donald Trump and Joe Biden compare on dealing with China, trade agreements like the Trans-Pacific Partnership and bolstering U.S. manufacturing. |
| Come back Americans: Calls for urgent U.S.-U.K. air bridge as airlines hit by fresh lockdown fearsBritish Airways-backed study warns that without U.S.-U.K. travel, U.K. economy could have £11 billion hit. |
| Global banks hit by new corruption allegations. Why authorities are unlikely to act this timeThe allegations are based on leaked suspicious activity reports filed by banks and other financial firms with the U.S. Department of Treasury. |
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