Written by Gary
Initial Unemployment Claims improve (SPY +0.2%). US GDP soars by a record 33.1%. Earnings fail to distract from covid woes.
Here is the current market situation from CNN Money | |
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What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The Most Explosive Hydrogen Stocks Of The YearFor decades, the hydrogen sector went through more false dawns than Groundhog Day, repeatedly failing to break the glass ceiling of mass-market appeal mainly due to a host of technical and cost issues. Battery power has mainly been winning the race to replace the internal combustion engine (ICE), with EV companies like Tesla Inc. (NASDAQ:TSLA) hitting the fast lane while hydrogen-powered fuel cell electric vehicles (FCEVs) appeared to have stalled on the start line. That is, until now. For the first time in U.S history, corporate America is fully |
| Weak Oil Demand Set To Keep Crude Tanker Rates LowCrude oil tanker rateswhich fell in September to their lowest since 2003 on the key route from the Arabian Gulf to Asiaare expected to remain low until global oil demand increases, the U.S. Energy Information Administration (EIA) said on Wednesday. Earlier this year, between March and May, crude oil tanker rates spiked as refiners rushed to snap up cheap oil cargoes when prices were in the teens, while demand for floating storage soared amid crashing demand for fuels in the pandemic. In the brief Saudi-Russian price war |
| Is Brazils Oil Boom Immune To COVID?An ongoing global supply glut and the COVID-19 pandemic have had a profound impact on the price of crude oil. Despite recovering after the March 2020 oil price crash, the international Brent benchmark appears to be trapped at around $40 a barrel. This is hampering efforts by many oil-dependent countries to bolster hydrocarbon production as a means of boosting economic growth to mitigate the damage caused by the pandemic. Brazils oil industry, however, is powering along in spite of sharply weaker oil prices, the impact of COVID-19, and the |
| The Green Hydrogen Problem That No One Is Talking AboutGigawatt upon gigawatt of green hydrogen capacity is being planned across Europe, Asia, and Australia. According to proponents of the technology, green hydrogen – the kind produced through electrolysis powered by solar, wind, and other renewable energy sources – is the best way to decarbonize heavy polluter industries. There is much talk about the falling costs of solar and wind and how they will make green hydrogen viable very soon. What nobody seems to want to talk about is water. Electrolysis is the process of breaking down water into its constituent |
| Blackrock, Bezos And Musk Charging Ahead in this $30 Trillion Mega-TrendA massive $250 billion has poured into ESG index funds since August, making ESG an investing megatrend thats soared over 733% in just two years and has had over $30 trillion invested globally.This is Big Capitals new safe haven and some of the largest names in finance and tech from Goldman Sachs, to Elon Musk and Jeff Bezos are investing heavily.ESG is considered a less risky and increasingly lucrative corner of Wall Street.The multi-trillion-dollar reality is that tech and ESG are now inextricably linked.And they are massively |
| The U.S. Army Doubles Down On Battery TechnologyThe U.S. Army is expanding research efforts to solve the current challenges to battery technologies and drive advancements in battery science and energy storage that will become increasingly critical with the use of sophisticated electronics. The U.S. Army has recently awarded a US$7.2 million contract to a battery consortium led by the University of Maryland as part of its latest research campaign on extreme battery technology. The U.S. Army Combat Capabilities Development Commands Army Research Laboratory will work |
| Doctors worry coronavirus pandemic may hit LGBTQ people harder than mostDoctors fear the impact on LGBTQ people could be substantial when considering the social, economic and health risk factors the community already faces. |
| Moderna says it’s preparing global launch of Covid vaccine as it takes in $1.1 billion in depositsModerna is prepping for the global launch of its potential coronavirus vaccine, already taking in $1.1 billion in deposits from governments. |
| Yum Brands quarterly revenue rises 8%, fueled by higher Taco Bell demandYum Brands reported that quarterly revenue rose 8%, fueled by Taco Bell’s return to positive same-store sales growth. |
| United Airlines to begin trial of free passenger Covid tests on London flightsUnited will begin a trial of free passenger Covid tests on U.S.-London flights, an effort to spur international travel without quarantines. |
| Tapestry shares surge after Coach owner’s sales fall less than expected, boosted by China, e-commerceCoach owner Tapestry reported quarterly results that topped estimates, driven by triple-digit e-commerce growth and a rebound in China. |
| Walmart turns four stores into e-commerce laboratories as online sales surgeStore employees will try out faster ways to restock shelves and pick online orders, as the company tries to better align its brick-and-mortar and e-commerce businesses. |
| 5 things to know before the stock market opens on ThursdayU.S. stock futures pointed to a muted open on Thursday morning as the market struggled to recover from its worst day in months. |
| Akamai sees doubling in malicious internet traffic as remote world’s bad actors boom, tooYour whole life has moved online due to coronavirus, and that goes for hackers, too, according to a warning from Akamai Technologies CEO Tom Leighton. |
| Ford blows away earnings expectations as consumers buy up trucks during pandemicFord blew away Wall Street expectations as well as the company’s forecast earnings for the third quarter on stronger-than-expected demand during the coronavirus pandemic. |
| Germany, France announce new Covid restrictions as outbreaks surge across Europe“We must act, and now, to avoid an acute national health emergency,” German Chancellor Angela Merkel said. |
| Dr. Anthony Fauci says U.S. is in a ‘bad position’ as daily coronavirus cases hit record highs“We should have been way down in baseline and daily cases, and we’re not,” he added. |
| Bed Bath & Beyond plans to scale back coupons in bid to boost profitsSoon, you might not be seeing as many Bed Bath & Beyond coupons showing up in your mailbox. |
| Covid cases, hospitalizations continue to surge as U.S. reaches ‘critical point’ in pandemicAdm. Brett Giroir acknowledged that increased testing alone cannot explain the surge in cases, even as President Donald Trump attributes the surge to testing alone and continues to downplay the outbreak. |
| 1.7 Million Without Power As Zeta Batters Gulf CoastÂ1.7 Million Without Power As Zeta Batters Gulf Coast Tyler Durden Thu, 10/29/2020 – 08:45 Zeta made landfall Wednesday afternoon in Louisiana as a powerful Category 2 hurricane, weakened into a tropical storm as it batters the Southeast US Thursday morning. According to power outage.us, by 0553 ET Thursday, more than 1.7 million customers were without power across four states. Georgia 708k, Louisiana 508k, Alabama 273k, and Mississippi 231k. |
| Pandemic Emergency Jobless Claims Soar To Record HighPandemic Emergency Jobless Claims Soar To Record High Tyler Durden Thu, 10/29/2020 – 08:39 With California’s fraudulent data issues ‘fixed’, initial jobless claims data is at least a little cleaner and printed a better than expected 751k – that’s the best level since pre-lockdown. Reminder, however, that this is still around 4x the pre-lockdown normal. |
| US GDP Soars By A Record 33.1% In Q3, Smashing ExpectationsUS GDP Soars By A Record 33.1% In Q3, Smashing Expectations Tyler Durden Thu, 10/29/2020 – 08:36 What goes down, must come up, and one quarter after US GDP collapsed by a record 31.4% annualized, moments ago the BEA reported that in Q3 the US economy rebounded by a similarly record high 33.1%, the biggest annualized increase in history. |
| 3 Killed, 1 Decapitated, In 2nd Gruesome Terror Attack To Rattle France In 2 Weeks3 Killed, 1 Decapitated, In 2nd Gruesome Terror Attack To Rattle France In 2 Weeks Tyler Durden Thu, 10/29/2020 – 08:30 Update (0835ET): As more details pour in from the French media, it’s looking increasingly obvious that locals should have been better prepared for the attack, as several local priests are saying that they were warned about the possibility of an attack days ago. The timing, they say, is intended to coincide with the Catholic All Saint’s Day holiday on Nov. 1. Some in terror circles are making a connection between the Day of the Dead and killing non-believers. Also, according to eyewitness reports, the attack unfolded inside the church, during morning services, in full view of the priest and clergy. At least two of the three victims were killed inside the church. Priests said they received threats in the days before the attack. “We had been warned for two or three days that there might be some additional attacks with the approach of All Saints’ Day, since some made a link with the Christian feast of the dead and the fact of increasing the number of dead.” Nice’s mayor called for a national response to the attack…
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| Covid: 1,700 employers planned redundancies in SeptemberRedundancies on the rise again after August lull, according to BBC Freedom of Information Request |
| Hornby: Model train maker steams ahead in lockdownThe company says sales are up 33% as more people take up hobbies during the pandemic. |
| LVMH and Tiffany kiss and make up over takeover disputeThe French luxury brand will pay less to buy the US jeweller, ending a bitter dispute over the deal. |
| How ‘one nation, one gold price’ could soon become a realityGold is an imported commodity and, therefore, the import price is the same across the country. But jewellery associations in different parts of the country fix different board rates, leading to multiple prices. |
| Analysts upbeat on this Rakesh Jhunjhunwala favourite, see up to 19% upside in stockICICI Securities reiterated its ‘add’ rating on the stock and raised target price to Rs 1,350 from Rs 1,250 as it expects profitability to return to normal levels in FY22 once revenue growth and product mix normalise. |
| 2 Robinhood stock bets that went horribly wrong in Sept qtr‹While retail investors scrambled to buy these stocks, foreign investors chose to smartly cut their exposure in the last quarter. |
| Rail Week Ending 24 October 2020 – Modest Improvement ContinuesWritten by Steven Hansen Week 43 of 2020 shows same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is slowly recovering from the coronavirus pandemic.
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| Economic Report: GDP soars by record 33.1% annual pace in third quarter, but coronavirus resurgence threatens U.S. economic recoveryAn unshackled U.S. economy soared by a record 33.1% annual pace in the third quarter as it began to recover from the coronavirus epidemic, but the historic rebound in the summer has already tapered off and a fresh viral outbreak threatens to further choke off growth. |
| Earnings Results: GrubHub orders keep piling up ” but so do its lossesGrubHub Inc. shares rose in the extended session Wednesday after the online food-ordering platform reported increased revenue that beat estimates as the pandemic continued to bolster its business, even though it posted a wider loss than expected. |
| : Tupperware sales in North America jump 42% as consumers increasingly eat at homeTupperware shares soared a whopping 33% in Wednesday trading after better-than-expected earnings. |
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