Written by Gary
SP 500 stares down its first correction since March as the stock market hits lows (SPY -2.3%). Wall Street retreats as business activity slows, raising fears over the economy and COVIS-19.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | 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. |
| CDC director says more than 90% of Americans remain susceptible to the coronavirusThe comments cast even greater doubt on the feasibility of achieving so-called herd immunity, which is reached when enough of the population has developed immunity against the virus so that it cannot efficiently spread. |
| Fauci tells Congress the U.S. could have enough coronavirus vaccine doses for every American by AprilFauci 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. |
| Trump’s coronavirus vaccine czar says has had ‘enough’ of Democratic calls for his firing over pharma stock holdingsSlaoui admitted in a phone interview with CNBC that he still holds shares in GlaxoSmithKline, where he worked for nearly 30 years and will use as part of his retirement. |
| United turns to interactive Google maps to help travelers unsure of where to go in coronavirus eraUnited launched a Google-backed booking map that let’s travelers filter out destinations by price and activity, such as hiking and culture. |
| 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. |
| 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. |
| AstraZeneca coronavirus vaccine trial remains on hold in the U.S., HHS chief Azar saysAstraZeneca’s late-stage coronavirus vaccine trial in the U.S. remains on hold as federal investigators seek “answers to important questions,” HHS Secretary Alex Azar told CNBC. |
| 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. |
| 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. |
| 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. |
| Dollarnado Slams Stocks, Gold, & Silver As Election Angst SpreadsDollarnado Slams Stocks, Gold, & Silver As Election Angst Spreads Tyler Durden Wed, 09/23/2020 – 16:01 Anxiety over the election (and any thoughts of fiscal stimulus) continues to rise… |
| Trump Says Supreme Court Will Decide The Election, Needs A Ninth JusticeTrump Says Supreme Court Will Decide The Election, Needs A Ninth Justice Tyler Durden Wed, 09/23/2020 – 15:47 Over the weekend, in the aftermath of Ruth Bader GInsburg’s death, we said that the “worst case scenario” for markets – a contested election – had become even more complicated as it now appeared that the US was heading into the most controversial election since Gore vs Bush with a SCOTUS that could end up deadlocked with a 4-4 vote should the election outcome escalate to the Supreme Court. |
| Trump Unveils New Cuba Sanctions (On Alcohol & Tobacco) In “Fight Against Communist Oppression”Trump Unveils New Cuba Sanctions (On Alcohol & Tobacco) In “Fight Against Communist Oppression” Tyler Durden Wed, 09/23/2020 – 15:45 The trade restrictions against Cuba have been prolonged for another year, with President Trump citing “the national interest of the United States” on Wednesday. Specifically the ban on Cuban imports of tobacco and alcohol have been extended, and the tourism industry has been targeted. Trump said at a mid-morning White House event:
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| Airlines Beg To Relax Quarantine Rules, Support Mandatory Testing Instead, In Push To Spur DemandAirlines Beg To Relax Quarantine Rules, Support Mandatory Testing Instead, In Push To Spur Demand Tyler Durden Wed, 09/23/2020 – 15:30 Airlines desperate to jumpstart business are pleading for universal coronavirus testing for departing passengers, according to the International Air Transport Association. They believe that the 100% adoption of rapid antigen tests could be the key to removing quarantines and getting more passengers flying again, according to Bloomberg. Currently, quarantine restrictions are what is “killing” the travel market, according to IATA chief Alexandre de Juniac. |
| Coronavirus: Autumn Budget to be scrapped this year“Now is not the right time to outline long-term plans,” the Treasury says. |
| Sunak to announce new job protection plansThe chancellor will give an update on Thursday about “protecting jobs” as the furlough scheme winds down. |
| Brexit: Lorry drivers will need a permit to enter Kent after transition periodThe government plans to create an internal border to prevent gridlock on the county’s motorways. |
| Johnson & Johnson starts phase 3 vaccine trialJohnson & Johnson starts phase 3 vaccine trialUS drugmaker Johnson & Johnson says the vaccine could be available for use by early 2021 if proven safe, effective. In the next phase J&J will enroll up to 60,000 volunteers across three continents and study safety and efficacy of a single vaccine dose. |
| Union Minister Suresh Angadi dies of CovidUnion Minister Suresh Angadi dies of CovidAngadi was a fourth term Lok Sabha member from Belagavi in Karnataka, winning successively since 2004. He was inducted as a minister of state in the Union Council of ministers in May last year. He is survived by his wife and two daughters. |
| Why passage of labour Bills is a historic milestoneWhy passage of labour Bills is a historic milestoneThe three Bills relate to codes on occupational safety, health and working conditions, industrial relations and social security. Alongside the Wage Bill that was passed earlier, the four codes consolidate the relevant labour laws in the central sector. |
| : Judge says Eric Trump must testify in New York probe prior to electionEric Trump must testify in a New York investigation into his family’s business practices before the November presidential election, a judge ruled Wednesday, rejecting his lawyers’ claims that his œextreme travel schedule on the campaign trail warranted a delay. |
| : GoodRx stock jumps more than 50% after IPO raises over $1 billionPrescription-drug pricing app priced shares well above range in initial public offering to raise at least $1.24 billion, including Silver Lake investment, at a valuation topping $12.6 billion. |
| : New study estimates link between in-person college reopenings and COVID-19 casesThe study suggested that 3,000 cases a day could be linked to campus reopenings. |
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