Written by Gary
Stock indexes flip in and out of positive territory, reflecting a market that is struggling to find its footing (SPY +0.5%). Stocks making the biggest moves midday: Nikola, Penn National, Darden, Goldman.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed today. The IPC is up 0.83% while the S&P 500 gains 0.50%. The Bovespa is off 0.15%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Target to hire 130,000 holiday workers, in line with last year, but jobs will focus on online ordersThe retailer is rethinking its approach to roles for workers over the holidays as it keeps up with customers’ new shopping habits during the coronavirus pandemic. |
| Pandemic slashes sales at Olive Garden’s Times Square location by 94%The coronavirus pandemic has hit Olive Garden’s Times Square location hard, leading it to miss out on $300,000 in sales every week. |
| Dogs that are trained to sniff out the coronavirus are being deployed at Helsinki AirportDogs that have been trained to detect the coronavirus have started working at Helsinki airport this week in a pilot project. |
| Retailers have started paying rent again but are still fighting with their landlordsThe percentage of rent payers almost doubled to 65% from June to July, according to a study by the National Retail Federation and investment bank PJ Solomon. |
| United to offer Hawaii-bound passengers coronavirus tests, a possible blueprint for flights abroadThe tests could help travelers avoid quarantine requirements. |
| Olive Garden parent’s quarterly revenue falls by 28% as pandemic weighs on salesDarden Restaurants reported that its revenue fell by more than 28% in its fiscal first quarter. |
| President Trump and siblings sued by niece Mary Trump, who claims they swindled her out of millions of dollarsThe lawsuit comes on the heels of a best-selling tell-all book by Mary Trump that was scathingly critical of her uncle, the president. |
| Top financial advisor: 7 life and money lessons every young adult needs to knowJohn D. Spooner, a financial advisor at Morgan Stanley and author of œNo One Ever Told Us That: Money and Life Lessons for Young Adults,” shares the top lessons he’s learned through decades of experience in the investment business. |
| Should front-line medical workers get the coronavirus vaccine first? Not necessarilyFrontline health workers might seem like the obvious choice to get the vaccine first. But that might not necessarily be the right thing to do, bio-ethicists say. |
| Singapore is committed to containing coronavirus pandemic even as daily cases fall, politician saysEarly in the year, Singapore was a poster child for its efficient handling of the spread of the virus. But that success was threatened after an outbreak among foreign migrant workers residing in dormitories, who primarily hail from India and Bangladesh. |
| Nike earnings beat doesn’t mean rebound for unloved apparel stocks, traders sayNike’s slam-dunk quarter simply renders it a winner in an otherwise challenged group, two traders say. |
| Michael Jordan and Bubba Wallace’s new NASCAR team could be the sport’s ‘Tiger Woods’ momentMichael Jordan announced he’s joining Bubba Wallace and Denny Hamlin to field a single-car NASCAR team starting in the 2021 season. |
| Trump’s coronavirus vaccine czar says he’s 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 said he plans to use them as part of his retirement. |
| UK Reports Record Daily COVID-19 Cases; NY Hospitalizations Top 500 For 1st Time In A Month: Live UpdatesUK Reports Record Daily COVID-19 Cases; NY Hospitalizations Top 500 For 1st Time In A Month: Live Updates Tyler Durden Thu, 09/24/2020 – 12:41 Summary: UK breaks record for most new daily cases Spain reports 3,471 new cases New York sees hospitalizations north of 500 Trump vetos vaccine restrictions China says mass vaccinations to take up to 2 years France introduces more curbs Israel lockdown intensifies FDA delivers emergency authorization Moscow reports 1,050 new cases Indonesia suffers 2nd straight record * * * Update (1215ET): With the UK government ramping up testing in keeping with BoJo’s promise to take more steps to combat a turnaround in infection rates, the UK has just reported its largest-ever daily tally. 6,634 new cases were reported, the most in a single day since the pandemic began. 40 new deaths were also reported. Despite this new peak, epidemiologists told Sky News that realistically, these numbers are nowhere near ‘the peak’ reached in the spring, when as many as 100k people may have been infected per day. |
| Should We Declare The Gold Bull Run Dead?Should We Declare The Gold Bull Run Dead? Tyler Durden Thu, 09/24/2020 – 12:35 Authored by Michael Maharrey via SchiffGold.com, Gold had another precipitous drop on Wednesday (Sept. 23), falling through the support level at $1,900 to a 2-month low. That has led some to ask ” is the gold bull dead? The concern is understandable but I think it’s too early to declare last rites. |
| Prominent Hong Kong Activist Joshua Wong Arrested For Breaking ‘National Security’ LawProminent Hong Kong Activist Joshua Wong Arrested For Breaking ‘National Security’ Law Tyler Durden Thu, 09/24/2020 – 12:15 In the latest Hong Kong crackdown on a major dissident figure over actions dating back to the 2019 pro-democracy protests, Hong Kong student-protest leader Joshua Wong has been arrested again on Thursday in what he says is the third case against him related to his activism. |
| Amid The Rout, Morgan Stanley Explains Why There’s No Panic Selling (Yet)Amid The Rout, Morgan Stanley Explains Why There’s No Panic Selling (Yet) Tyler Durden Thu, 09/24/2020 – 11:55 By Morgan Stanley’s Rob Cronin, Ross Montgomery, Mathieu Renault Post September expiry, clients appear well hedged into year-end and bar US election/covid headline agitation there is no clear SX5E technical that can drive spot in either direction near-term. The net futures short has rebuilt to levels last seen in June, ownership of downside is higher than normal and HF gross/net exposure is concentrated in market segments where drawdowns are low. HF P&L volatility is extremely low and returns are, in aggregate, mid-single digits now (vs. -8% at its worst). Breakouts on the upside, flow wise, have so far been met with stern resistance and the new SX5E composition makes sharp breakouts more difficult. There is some evidence (in cash & options) that the focus is shifting to single names. Since the start of August, clients have re-hedged, increasing their net short in SX5E futures by -$13bn, taking the total net to -$19bn (vs. YTD trough of -$50bn). About $2bn more of the long book was left to expire in Sep roll vs. the short book, but the rest was flow. There isn’t a lot of longs to unwind ” the client long book is $51bn (vs. 5Y average of $74bn) and except for the a drop to $42bn post the Mar20 expiry, this is the j … |
| Rishi Sunak defends emergency jobs schemeWages will be topped up for six months, but chancellor says it is “impossible ” to say how many jobs will be saved. |
| Rishi Sunak: VAT cut to be extended for hospitality sectorThe chancellor has announced that a VAT cut to 5% across hospitality and tourism will be extended. |
| Coronavirus: What help are self-employed getting from government?What is being done for the five million self-employed people in the UK facing a sudden loss of income? |
| COVID-19: J&K reports 1,104 new casesCOVID-19: J&K reports 1,104 new casesThis takes the total tally in the union territory to 68,614, including 48,079 recoveries and 1,084 deaths. Active cases stand at 19,451. |
| Punjab CM plans to counter new farm-sector lawsPunjab CM plans to counter new farm-sector lawsThe CM has put his legal team on the job and it is expected that opposition Shiromani Akali Dal (SAD) and Aam Aadmi Party (AAP) in Punjab will support the Congress government in this battle against the BJP’s move to rush farm bills through Parliament, said people aware of the matter. |
| India hits out at Pak for raising Kashmir issueIndia hits out at Pak for raising Kashmir issueThe MEA said Pakistan has no locus standi to comment on internal affairs of India, asserting that the Union territories of Jammu and Kashmir and Ladakh have been and will remain an integral part of the country. |
| : Double-dip? That’s one bank’s forecast as eurozone PMIs disappointDutch bank ABN Amro says that, after the nearly stagnant level of eurozone composite PMI data in August, the eurozone economy may contract as early as the fourth quarter. |
| Market Snapshot: Dow clambers higher in choppy Thursday action with technology shares powering upStock indexes flip in and out of positive territory Thursday, reflecting a market that is struggling to find its footing amid signs of softening economic data and a raft of uncertainties ahead. |
| Key Words: Whole Foods founder says ‘we’re getting fat’ ” making the coronavirus worseJohn Mackey talks health, Amazon and the federal minimum wage in a New York Times interview |
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