20Oct2020 Pre-Market Commentary: Wall Street Set To Open Higher, DOW Up Almost 100 Points, Nasdaq Up 0.2%, WTI At 40.80, Investors Optimistic A Stimulus Deal Can Be Reached

Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.06%, while the DAX is leading the CAC 40 lower. They are down 0.76% and 0.13% respectively.

OPEC+ Is On The Brink Of A Crisis

The OPEC+ member countries are on the brink of a financial crisis if the latest assessments of the International Monetary Fund (IMF) are accurate. The IMF has presented a very bleak outlook for an economic recovery in the Middle East and Central Asia, predicting a 4.1% contraction for the region. The main driving factor behind this bearish outlook is the IMFs forecast that oil prices will remain in the $40 to $50 range in 2021. An extension of the current low oil price environment for another year would badly hurt oil and gas exporting countries,

The $4.2 Trillion Trend Taking Over Wall Street

The Companies Beating Amazon At Its Own GameTheres a new $4.2 trillion trend taking over wall street, and its very bad news for tech giants like Amazon. The worlds e-commerce monolith may seem untouchable, but it’s now lost market share to at least two companies as this trend takes off, and now a third company is set to repeat the play. Now, theres a third specialized e-commerce ecosystem that seems poised to do it again. The first two were diapers.com and Chewy Inc (NYSE:CHWY). They both exploded on the

OPEC Meeting Ends Without Firm Decision On Output Cuts

OPEC said on Monday that it would not shirk its responsibilities to the market as fears about the next Covid-19 wave push down prices. Oil prices sank on Monday over disappointing economic data out of China, fears of this resurgence of coronavirus cases, additional lockdown measures in Europe, and the looming threat that OPEC could turn on the taps in January as originally planned. But sources inside member countries, according to Reuters, said that this planned output increase could be reversed should the need arise. To assuage the fears present

Iran To Import North Korean missiles In 25-Year Military Deal With China

Following the end on the 18th of October of the 13-year United Nations embargo on Iran buying or selling weapons, the roll-out of the military component of the 25-year deal between China and Iran will begin in November, as exclusively revealed by Oil Price.com. After a series of meetings in China on the 9th and 10th of October between Irans Foreign Minister, Mohammad Zarif, and his China counterpart, Wang Yi, this military component may now also feature the deployment in Iran of North Korean weaponry and technology, in exchange for

U.S. Renewable Energy Consumption Hits Record

Renewable energy consumption in the United States continued to rise for the fourth year in a row in 2019, with wind energy and wood and waste energy each accounting for 24 percent of all renewable energy used in America, the Energy Information Administration (EIA) said on Monday. Last year, U.S. consumption of renewable energy reached a record 11.5 quadrillion British thermal units (Btu), or 11 percent of total U.S. energy consumption, the EIA has estimated. Of the renewable energy used, wind energyalmost exclusively used to produce electricityaccounted

Biden’s $2 Trillion Energy Plan Could Crush Natural Gas

While Joe Biden has been busy speaking out of both sides of his mouth about what his position on fracking would be, if elected, another revelation has come to light: regardless of his position on fracking,his $2 trillion clean energy plan could be devastating to natural gas.AsBloomberg points outin a recent article, natural gas is not only a crucial part of the nation’s energy supply, but it directly effects votes in the swing state of Pennsylvania, where Biden is seeking to turn the state that leaned Trump in 2016.Biden’s

Coronavirus likely to become as ‘endemic’ as the flu and a vaccine might not be able to stop it, top UK scientist says

A vaccine is not likely to eradicate the Covid virus, the U.K.’s chief scientific advisor said.

From air fryers to spin bikes: Lowe’s bets on new categories this holiday season

Lowe’s has a broader mix of merchandise this holiday season, from air fryers to bedding and toys.

Procter & Gamble beats estimates as sales jump 9%, raises forecast amid strong demand

Procter & Gamble now expects sales growth of 3% to 4% during fiscal 2021, up from its prior forecast of 1% to 3%.

Coronavirus ‘circuit breakers’ and ‘firebreaks:’ What are they and do they work?

The term “circuit breaker” has become common parlance in the U.K. in recent weeks, as the country searches for a way to curb the second wave of the coronavirus in a short, sharp way.

Shoppers plan to visit fewer stores than ever this holiday season, survey says

Holiday shoppers want to visit fewer stores and finish their gift list in record time this year, a new survey from Deloitte found.

The sustainable sneaker start-up Allbirds wants to take over your closet

Allbirds is venturing further into the clothing category, debuting four new items Tuesday: A T-shirt made out of discarded crab shells, a wool cardigan, a wool jumper and a wool puffer jacket.

Dr. Scott Gottlieb: U.S. about ‘a week away from a rapid acceleration’ of coronavirus cases

œWe can look to happier days, but these are going to be some tough months ahead, the former FDA chief told CNBC on Monday evening.

UK taps Open Orphan to explore vaccine trials that infect volunteers with coronavirus

The Covid-19 human challenge study model could potentially speed up the development of a vaccine. But bioethicists warn about potential harms.

Scenes from 5 of the best autumn road trips around the world

Pandemic travel restrictions have limited many travelers to staycations. But there are still plenty of opportunities for adventure on the road.

5 things to know before the stock market opens Tuesday

Dow futures bounced Tuesday, one day after the 30-stock average saw a late-session acceleration of its losses.

Amazon and two other consumer discretionary stocks to watch after 2020 rally

The consumer discretionary sector is the second-best performer in 2020. Here’s what to do, according to two analysts.

Biden’s tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies show

While Americans earning less than $400,000 would, on average, receive tax cuts under Biden’s plan, the highest earners would face double-digit increases in their official tax rates, according to nonpartisan analyses.

Airline shares buck market selloff after TSA screenings topped 1 million, a 7-month high

U.S. airline stocks rose Monday after airport screenings topped 1 million in a single day.

DoJ Finally Files Sweeping Antitrust Lawsuit Against Google

DoJ Finally Files Sweeping Antitrust Lawsuit Against Google Tyler Durden Tue, 10/20/2020 – 08:16

Update (0825ET): The Google news has rattled the market, as investors contemplate the prospect of the DoJ, partnered with the state AGs, launching historic lawsuits against more Big Tech firms, thereby pulling the rug out from under the market.

Futures Rebound On Stimulus Optimism Ahead Of “Do Or Die” Deadline

Futures Rebound On Stimulus Optimism Ahead Of “Do Or Die” Deadline Tyler Durden Tue, 10/20/2020 – 08:09

If futures are higher, it’s due to stimulus optimism; if futures are lower, then stimulus fears dominate etc, you know the drill by now… so by that logic with Eminis trading 0.7% higher this morning, optimism is apparently on the rise again after yesterday’s rout, even as we approach today’s deal ultimatum, or “do-or-die” moment as Bloomberg called it, for Nancy Pelosi and Steven Mnuchin to clinch a pre-election virus relief deal. Late on Monday, the two were said to narrow their differences after a 53-minute telephone conversation on Monday where they “continued to narrow their differences” about the coronavirus aid package, and will talk again today but still remain at odds over the scope of aid. In any case, the good news is that after today the farce may finally be over at least until after the election. Treasury yields rose and the dollar slipped, while oil and gold fluctuated. The Aussie slid after an RBA official suggested short-term rates may fall below zero.

Watch: Google Whistleblower Tells Veritas Search Engine Is “Skewing Results” To Benefit Democrats

Watch: Google Whistleblower Tells Veritas Search Engine Is “Skewing Results” To Benefit Democrats Tyler Durden Tue, 10/20/2020 – 07:54

Authored by Steve Watson via Summit News,

A person who claims to be a program manager at Google Cloud has told investigative journalists with Project Veritas that the search engine is intentionally manipulating results in order to benefit the Democrats and to hinder President Trump’s campaign.

Crime Pays: Goldman Strikes $2BN Deal With DoJ To Avoid All Charges Tied To 1MDB

Crime Pays: Goldman Strikes $2BN Deal With DoJ To Avoid All Charges Tied To 1MDB Tyler Durden Tue, 10/20/2020 – 07:30

Goldman Sachs is reportedly on the cusp of settling one of the biggest criminal cases involving a Wall Street bank since the financial crisis: According to a Bloomberg News report published late Monday evening, the Vampire Squid has reached a tentative agreement with the DoJ to pay more than $2 billion in penalties – a figure that BBG noted is “broadly in line with analysts expectations” – and – here’s the key bit – allows the bank to avoid all criminal penalties.

That last bit is especially important, because, as we’ve chronicled over the past few years, many of the bank’s top executives appeared to have been personally involved with the deal, which was initially brought in by Tim Leissner, formerly the bank’s top man in Southeast Asia, before he was suspended over the deal, before agreeing to cooperate with the Feds against his former employer (where he reportedly told authorities about the endemic “culture of corruption” at play within the bank).

Working lunch rules raise hopes for pubs and restaurants

Trade body UK Hospitality said it was asking the government for clarification.

UK job losses ‘could be larger than forecast’

The unemployment rate could rise above current predictions, a Bank of England policymaker warns.

Exxon clarifies Trump phone call: ‘It never happened’

The oil giant distances itself from the President’s “hypothetical” funds-for-contracts phone call.

These 9 indicators show signs of economic recovery ahead of festive season

The recovery in GST e-way bills, electricity, petrol and diesel in September provides a meaningful signal of a broader economic revival, ICRA said.

HUL Q2 profit rises 9%; Rs 14 per share dividend announced

Its revenue from sales of products came in at Rs 11,510 crore, up 15.19 per cent from Rs 10,223 crore a year ago.

What made Xelpmoc Design a 6-bagger in 5 months

Xelpmoc Design and Tech is focused on building next generation technology, especially in the artificial intelligence and machine learning space, with a keen interest in natural language processing & data analytics.

: Race has played a large role in Uber and Lyft’s fight to preserve their business models

As Election Day nears, California voters are being bombarded with ads featuring smiling Black and brown faces championing Proposition 22, the initiative by Uber Technologies Inc., Lyft Inc. and other gig companies that seeks to exempt them from a state law requiring them to treat drivers and delivery workers as employees.

Earnings Watch: Tesla and Netflix put their big 2020 gains on the line this week

Two of 2020’s hottest companies will try to keep their momentum alive as earnings reporting season kicks into high gear this week.

: IBM stock slips after another revenue decline, no outlook

International Business Machines Corp. revenue continued to decline in the third quarter, according to a Monday report, and shares sank in after-hours trading following the earnings report.