Written by Gary
Shares in the US and Europe fall sharply but supermarkets and food delivery firms buck the trend (SPY – 1.1%). Stocks finish with losses but well off session lows in turbulent session.
The Market in Perspective
Per Mike Swanson explaining “Here Is Why The Stock Market Has Been Falling”
The S&P 500 and Nasdaq both closed below their 50-day moving averages last week and had follow through selling this Monday. A lot of people are giving explanations linked to the news or worries over politics to explain them, but when today’s action is put into context with the action this month – and in the past few months – it makes logical sense.
Here are the headlines moving the markets. | |
CDC says it erroneously posted guidance that said coronavirus spreads through air and travels beyond 6 feet“A draft version of proposed changes to these recommendations was posted in error to the agency’s official website,” the CDC said. | |
Primetime Emmy awards show ratings drop to all-time lowIn early estimates from Nielsen Monday, it appears the 72nd Annual Primetime Emmy Awards saw the lowest viewership in the Television Academy’s history, drawing only 5.1 million total viewers. | |
Nikola shares open at lowest price since its public debut after company founder Trevor Milton resignsStephen Girsky, a former vice chairman ofA General MotorsA and a member of Nikola’s board, has been appointed chairman of the board, effective immediately. | |
Trump’s coronavirus vaccine czar says U.S. could immunize ‘most susceptible’ Americans by DecemberThe U.S. could also immunize “most of the elderly” and health-care workers in January 2021,A said Dr. Moncef Slaoui, who is leading the Trump administration’s Operation Warp Speed, said. | |
Movie theater stocks tank after yet another disappointing weekend at the domestic box officeOn Monday, shares of AMC, Marcus, Cineworld and Cinemark sank after yet another disappointing weekend at the domestic box office. | |
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 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. | |
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. | |
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. | |
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.” | |
‘Bad’ Banks, Bader Ginsburg, And Limey Lockdowns Slam Stocks & Silver, USD Soars‘Bad’ Banks, Bader Ginsburg, And Limey Lockdowns Slam Stocks & Silver, USD Soars Tyler Durden Mon, 09/21/2020 – 16:00 RBG’s death ramps up election, and thus stimulus, uncertainty to ’11’; blowback from the FinCEN leaks on the world’s biggest banks did nothing to comfort investors; and the resurgence of COVID across various European nations (and increasing chatter of lockdowns) was the cherry on the top of today’s derisking. Thanks to the magic of post-EU close dip-buying, Nasdaq – rather shockingly – managed to get back to green (up 2% in 70 minutes on nothing)!!!!! | |
Furious Mayors Of New York, Seattle And Portland Respond To Trump’s “Anarchy” DesignationFurious Mayors Of New York, Seattle And Portland Respond To Trump’s “Anarchy” Designation Tyler Durden Mon, 09/21/2020 – 15:43 Update (1534ET): Mayors of the three cities targeted by AG Barr’s order have released a joint statement blasting the Trump Administration’s label of “anarchist” cities. The cities’ mayors – Bill de Blasio of New York, Ted Wheeler of Portland and Jenny Durkan of Seattle – rejected the threat as “thoroughly political and unconstitutional.”
Barr accused the mayors of endangering the lives of innocent citizens by treating the vandals and criminals mixed in with the ‘peaceful protesters’ far too gently.
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“Paper Gold No Longer As Important” – BofA Finds Physical Demand Now Key To Gold Prices“Paper Gold No Longer As Important” – BofA Finds Physical Demand Now Key To Gold Prices Tyler Durden Mon, 09/21/2020 – 15:41 On a day where real yields are spiking, seemingly sparking a degrossing in gold futures, we found it rather noptable that BofA’s Global Commodities Research team publish a note highlighting the fact that recent flow data suggests thatA paper gold is no longer as importantA as it used to be. | |
After Botched Rollout, Hollywood-Backed Quibi Reportedly Weighs ‘SPAC’-Backed OfferingAfter Botched Rollout, Hollywood-Backed Quibi Reportedly Weighs ‘SPAC’-Backed Offering Tyler Durden Mon, 09/21/2020 – 15:25 By failing to score even a single hit show, Quibi, the streaming service conceived and run by Jeffrey Katzenberg and Meg Whitman, has managed to squander $2 billion in start-up capitalA in just a couple of quarters. With subscription revenue well below where its founders had hoped, the company is reportedly exploring “strategic” options, including a sale. And in an amusing twist that ties together two of 2020’s business-press punchlines, Quibi is considering raising more money, or going public via a merger with a SPAC – those “blank check” companies that have become so popular this year. It’s just the latest installment in a trend we’re calling “peak SPAC”. | |
GE: Industrial giant will stop building coal-fired power plantsIn a dramatic reversal, one of the world’s biggest makers of coal-fired plants will exit the market. | |
Airbus looks to the future with hydrogen planesThe aerospace giant said its hydrogen-fuelled passenger planes could be in service by 2035. | |
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. | |
ByteDance can’t control TikTok-Oracle deal: TrumpByteDance can’t control TikTok-Oracle deal: Trump Shortly after Trump’s comments, Hu Xijin, editor-in-chief of the China state-affiliated Global Times, tweeted that Beijing would likely reject the deal because the agreement would endanger China’s national security, interests and dignity. � | |
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. | |
Market Extra: Investors debate whether currencies can replace role of bonds in a zero interest-rate worldInvestors are debating whether to engage more actively in currency trading as government bonds offer scanty yields, raising doubts over their ability to act as safe-havens. | |
Key Words: Ellen DeGeneres says being known as the ‘be kind’ lady is ‘tricky’ in her embattled show’s season premiereThe daytime talk show host addressed her toxic workplace controversy in the opening monologue | |
Market Extra: Why the Dow is diving: Ginsburg replacement battle amplifies election jittersStocks are supposed to climb a wall of worry, � according to a Wall Street clichA . That wasn’t the case on Monday. |
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