Written by Gary
Stocks erased early gains, the Dow lost steam after being up more than 170 points (SPY -0.7%). Stocks turn negative as tech shares fall again.
Here is the current market situation from CNN Money | |
 | North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.96% while U.S.’s S&P 500 is off 0.76% and Mexico’s IPC is lower by 0.22%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Fauci tells Congress ‘it might take some time’ before the public gets a coronavirus vaccineFauci also said there’s “growing optimism” that scientists will find one or more safe and effective vaccines by the end of the year or early 2021. |
| Southwest Airlines CEO ‘hopeful’ on more government aid but hesitant to cut capacity without itSouthwest Airlines CEO Gary Kelly says he’s ‘hopeful’ the government will provide the industry with billions more in aid but says there are limits to cutting capacity without it. |
| Nike’s online business is booming ” ‘digital is here to stay,’ CEO saysNike is proving during the pandemic that its big bets in digital are paying off, as consumers are turning to its website and app in record numbers to shop for sneakers and workout apparel. |
| 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. |
| Walmart looks to hire 20,000 workers to help pack and ship holiday orders this yearThe big-box retailer also joined other retailers in saying it will extend the length of Black Friday specials. |
| Watch live: Top U.S. health officials testify before senators on the coronavirus pandemicThe hearing comes one day after the U.S. Covid-19 death toll surpassed 200,000, more than any other country in the world and the 11th highest national death toll when adjusted for population, according to data compiled by Johns Hopkins University. |
| 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. |
| New York attorney general opposes Eric Trump efforts to delay subpoena until after presidential electionThe New York attorney general’s office is probing whether the Trump Organization misstated the value of properties. They want to interview Eric Trump. |
| Volunteers in the UK will reportedly be exposed to the coronavirus to speed up vaccine developmentLondon is set to host the first human coronavirus “challenge trials,” where volunteers are deliberately exposed to Covid-19 in order to test whether vaccines work, according to a report in the Financial Times. |
| VW unveils new global ID.4 electric SUV; U.S. production starts in 2022The vehicle will be targeted at mainstream buyers, starting at $39,995 when it arrives in U.S. showrooms early next year. |
| AstraZeneca coronavirus vaccine trials remains on hold in the U.S., HHS chief Azar saysAstraZeneca’s late-stage coronavirus vaccine trials in the U.S. remains on hold as federal investigators seek “answers to important questions,” HHS Secretary Alex Azar told CNBC. |
| ‘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. |
| Jeff Bezos’ Blue Origin is looking to hire a developer of habitable space stationsBlue Origin is looking to hire an “Orbital Habitat Formulation Lead,” according to a job posting earlier this week. |
| For Volatility Traders, November Election Will Be A Career “Maker Or Breaker”For Volatility Traders, November Election Will Be A Career “Maker Or Breaker” Tyler Durden Wed, 09/23/2020 – 12:06 Uncertainty surrounding the election was already maxing out amid armies of lawyers on both sides of the aisle preparing to argue over every ‘hanging chad’ they can find with a “never concede” precedent being discussed. And then the sad passing of RBG turned the risk up to ’11’ as stimulus hopes fade amid SCOTUS nominations. The rising uncertainty can be seen clearly in the VIX term structure which has ‘humped’ more and more over the last month… |
| The Future Promise Of Value Versus The Allure Of GrowthThe Future Promise Of Value Versus The Allure Of Growth Tyler Durden Wed, 09/23/2020 – 11:45 Authored by Michael Lebowitz and Jack Scott via RealInvestmentAdvice.com, Many investors, especially those with limited investment experience, are declaring that value investing is dead. If one’s investment experience runs over the last ten years, who can blame them? Since 2010, growth stocks have outperformed value stocks, on average, by 6.11% a year. If one’s experience runs deeper, and/or they appreciate history, they may have a different perspective. Over the last 100 years, including the last ten, value has outperformed growth by 3.19% a year. So, is value dead or does value offer incredible opportunities versus growth? All value and growth data in this article comes from Kenneth French and Dartmouth University. In particular, we use the HML factor from the Data tab. What are Value and Growth? Value stocks can be defined in many different ways. The basic premise, however, is the inclusion of stocks trading at a low price relative to t … |
| Tesla Systems Reportedly Suffer ‘Complete Network Outage’Tesla Systems Reportedly Suffer ‘Complete Network Outage’ Tyler Durden Wed, 09/23/2020 – 11:32 Update (1145ET): Elektrek just tweeted that the functionality started to return to some Teslas at around 11:35.
Others are still experiencing issues. * * * Tesla’s global network has inexplicably crashed, according to Elektrek, which cited users around the world being unable to access their cars via their mobile apps.
According to |
| It Will Take Up To 59 Years For The Fed To Hit Its Inflation TargetIt Will Take Up To 59 Years For The Fed To Hit Its Inflation Target Tyler Durden Wed, 09/23/2020 – 11:23 Two days before Powell unveiled Flexible Average Inflation Targeting (FAIT) as the Fed’s new monetary doctrine on August 27, some analysts were already pricing it in and analyzing how long it would take for the Fed to hit its “target” using conservative assumptions, with BofA concluding that “it would take 42 years to reach the price level target if core PCE remained at 2.1% yoy” but just 2 years if core PCE rocketed to 4.0% (good luck hitting 4% inflation). And while analysts had no choice but to make sweeping assumptions before AIT was unveiled, they have to do the same now as well after AIT became official, simply because the Fed refused to provide key details about the program it is now operating under, and as Bank of America writes in a post-mortem on FAIT, “The Fed will seek to average 2% inflation over time but specifics around the time frame for averaging and the extent of inflation overshoot were light.” Still, one can model some scenarios using simple assumptions. These clearly show just how difficult the Fed’s new inflation objective could be to achieve as the following analysis from BofA’s Claudio Irigoyen shows, using a few scenarios for average 2% headline PCE assuming a non-flexible average inflation target.< … |
| Coronavirus: Autumn Budget to be scrapped this yearThe Treasury says “now is not the right time to outline long-term plans”. |
| Pressure mounts over replacement for furloughThe chancellor will give an update on Thursday about “protecting jobs” as wage subsidy nears its end. |
| McDonald’s and Pret ‘not included’ in new table service rulesThe government has clarified new guidelines designed to slow the spread of coronavirus. |
| 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. |
| COVID-19: Delhi reports 3,714 new casesCOVID-19: Delhi reports 3,714 new casesThis takes the total number of cases to 2,56,789 including 2,20,866 recoveries & 5,087 deaths. Number of active cases stands at 30,836. |
| 9 key changes in ITR-1, ITR-2 for FY 2019-209 key changes in ITR-1, ITR-2 for FY 2019-20The Income-tax Department has made several changes in the ITR forms applicable for tax filing for FY 2019-20. Here are the key changes introduced in ITR-1 and ITR-2 which should be kept in mind while filing the return for the assessment year 2020-21. |
| : Italy and Germany have fewer COVID-19 cases as U.K. is ‘freedom-loving’, Boris Johnson saysU.K. Prime Minister Boris Johnson has suggested that the U.K. has a worse infection rate than Italy and Germany because it is a œfreedom-loving country. |
| NewsWatch: This ‘stunning and shocking’ chart has one Wall Street strategist worried about the stock market’s next moveSome of us are old enough to remember the maniacal buying fervor that pushed tech stocks, many of them long since dead, to mind-bending valuations back in the heady dot-com bubble days of 1999. Are we seeing some similar action today? |
| The U.S. behaved like a ‘gangster’ to ‘rob’ TikTok from China and Beijing has ‘no reason’ to approve the deal: Chinese mediaAn agreement on the ownership of TikTok’s U.S. operations approved by Washington last weekend is a œdirty and underhanded trick based on œbullying and extortion, state-owned English language newspaper China Daily wrote in an editorial on Wednesday. |
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:
