Written by Gary
Tesla shares downshift further, market-cap losses past $50 billion (SPY +0.05% flat). Stocks making the biggest moves in the premarket: Nike, General Mills, J&J, KKR, KB Home.
Here is the current market situation from CNN Money | |
 | European markets are sharply higher today with shares in London leading the region. The FTSE 100 is up 2.06% while France’s CAC 40 is up 1.39% and Germany’s DAX is up 1.25%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Johnson & Johnson enters late-stage trial testing its coronavirus vaccineJ&J is the fourth drugmaker backed by the Trump’s administration’s Covid-19 vaccine program Operation Warp Speed to enter late-stage testing. |
| ‘Collateral damage’: Germany has limited its coronavirus death toll, but it hasn’t escaped criticismGermany has been praised for its tackling of the coronavirus pandemic but it’s been accused of ignoring other areas of business and society that have suffered. |
| Walmart looks to hire 20,000 workers to help pack and ship holiday orders this yearThe big-box retailer joined other retailers in saying it will extend the length of Black Friday specials. |
| Nike shares soar 13% as online sales jump 82%, retailer sees rebound in ChinaParents were seen stocking up on sneakers for their kids this back-to-school season, and Nike’s business finally started to pick back up overseas amid the coronavirus pandemic. |
| 5 things to know before the stock market opens WednesdayDow futures pointed to a gain at Wednesday’s open, one day after the 30-stock benchmark broke a three-session losing streak. |
| Sweden’s high coronavirus death toll could be linked to mild flu seasons, chief scientist saysSweden’s chief epidemiologist has partly blamed the country’s high coronavirus death toll on mild flu outbreaks in recent winters. |
| Macy’s CEO sees its stores providing an advantage during holiday shopping season“We’ve all got A, B, CÂ ” we call it the 2020 options because whatever comes our way, we have to have flexibility,” Macy’s chief executive Jeff Gennette told CNBC’s Jim Cramer. |
| Stitch Fix shares plummet after personal styling service swings to a lossThe online personal styling service rebounded from supply chain challenges earlier during the coronavirus pandemic. |
| Norwegian CEO sees lower 2021 bookings, hopes for an ‘OK’ year, as cruises try to resume despite coronavirusShares of the three major cruise companies that are traded in the U.S., Norwegian, Royal Caribbean and Carnival Corp., are down at least 50% from Jan. 1. However, all three have outpaced broader market gains since their lows in mid-March. |
| Trump says U.S. will remain open as UK imposes coronavirus restrictions: ‘We’re not going to be doing that’“The U.K. just shut down again. They just announced that they’re going to do a shutdown, and we’re not going to be doing that,” President Donald Trump told Fox 2 Detroit during an interview. |
| U.S. health officials struggled to get public to cooperate with coronavirus contact tracing, new CDC study says“The relatively low participation and cooperation with contact tracing suggests a lack of community support and engagement with contact tracing. This, coupled with delays in testing results, are contributing to ongoing transmission,” the authors said. |
| Delta will delay decision to furlough pilots until November, union saysDelta will delay the decision to furlough pilots until November in an effort to give time to push for more federal aid and negotiate cost-cutting measures with the pilots’ union. |
| Hong Kong Disneyland set to reopen for a second time while California parks remain shutteredDisney’s Hong Kong-based theme park will finally be permitted to reopen this Friday, but Disney’s California parks remain closed. |
| Over-Promise, Under-Deliver: Brussels, Banks, & Battery DayOver-Promise, Under-Deliver: Brussels, Banks, & Battery Day Tyler Durden Wed, 09/23/2020 – 08:35 Authored by Bill Blain via MorningPorridge.com, œI would worry less about the gods and more about the fury of a patient man. As the market sort of rallies on the back of Fed Head Jerome Powell suggesting the lack of US stimulus might be a problem, thereby anticipating a new stimulus will come ” for that is the way markets think. Meanwhile, there are a number of themes discernible amongst the noise that is the Market this morning… Follow the money: Ragnar acts ¦. The Norwegians are pivoting their $1.15 trillion pension fund away from European stocks towards US equites. The FT says the Nogs are going to cut Europe from 33% to 26.5% while raising US allocations to 48%. œBetter represents the distribution of value creation said the Minister of Finance. It makes sense: US stocks represent some 65.5% of global market cap. Europe? Not so much. Yet Europe was 50% of Norway’s equity allocation as recently as 2012. |
| Gold & Silver Slammed As USD Surges Above Key Technical LevelGold & Silver Slammed As USD Surges Above Key Technical Level Tyler Durden Wed, 09/23/2020 – 08:20 The dollar continues to extend its recent gains, reaching near 2-month highs… |
| Futures Extend Rebound As Nike Soars, Tesla Tumbles; Powell On Deck For 2nd DayFutures Extend Rebound As Nike Soars, Tesla Tumbles; Powell On Deck For 2nd Day Tyler Durden Wed, 09/23/2020 – 08:09 S&P futures and global stocks rose on Wednesday for the second day as Tuesday’s global rebound extended after the recent correction, ahead of data that would throw light on the pace of an economic recovery from a coronavirus-driven recession. Investors also waited for a second speech from Fed Chair Jerome Powell who will appear before the House Select Subcommittee on the coronavirus to discuss the central bank’s response. The dollar extended its impressive Tuesday gains while 10Y yields were fractionally higher. |
| Johnson & Johnson Project Becomes 4th US COVID-19 Vaccine To Enter ‘Phase 3’ TrialsJohnson & Johnson Project Becomes 4th US COVID-19 Vaccine To Enter ‘Phase 3’ Trials Tyler Durden Wed, 09/23/2020 – 07:24 Update (0800ET): In a tweet that will undoubtedly rankle Bill Gates and everyone who has slammed President Trump for interfering with the FDA’s approval process, Trump congratulated JNJ for its latest accomplishment, and urged the FDA to act quickly.
* * * As worries about vaccine makers’ credibility intensify, Johnson & Johnson announced Wednesday morning that it would become the fourth US vaccine project to enter ‘Phase 3’ trials. Johnson & Johnson has officially started dosing the first of the 60,000 volunteers it has recruited/will recruit for … |
| Sunak weighs up new worker pay subsidy schemeOptions to replace the furlough scheme are understood to include a German-style wage top-up system. |
| Does BlackRock have the world’s toughest rules on romance?It’s not just the workplace flings, BlackRock wants to know who you are dating outside the office too. |
| Brexit letter warns of 7,000-truck queues in KentExporters to the EU face two-day delays to trade after transition period ends, a cabinet minister warns. |
| 31 farmer bodies in Punjab call for lockdown31 farmer bodies in Punjab call for lockdownA decision in this regard was taken at a meeting of 31 farmer organisations held at Moga in which it was decided to make the occasion historic by not taking the support of any political party, farmer leaders said. |
| UP reports 5,234 fresh COVID-19 casesUP reports 5,234 fresh COVID-19 casesThe total number of people discharged after treatment crossed the 3 lakh-mark in the state. Total infection tally stands at 3,69,686, with a death toll of 5,299. |
| Pharma would outstrip FMCG in next 2 yrs by huge marginPharma would outstrip FMCG in next 2 yrs by huge margin ‘Money flows will come to Asia and India will capture quite a large slice of that.’ |
| Outside the Box: Trump’s trade policy failed the workers he promised to helpOn trade, it’s time to accept that Trump’s approach hasn’t worked, and workers are paying the price. |
| The Conversation: Everything you need to know about what it would take for the FDA to approve a COVID-19 vaccineYou’ve probably been wondering how the Food and Drug Administration will decide if a COVID-19 vaccine is safe and effective. |
| : The cost of racial inequality is $16 trillion, new Citi report saysThe cost to the U.S. economy of not closing racial gaps on wages, education, housing and investment runs to $16 trillion, according to a new estimate that frames a pivotal social justice issue in economic terms. |
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