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Archive for the ‘Morning Briefing’ Category

Another day, another market Put: this time it’s remdesivir

Let's count the Puts that are keeping any Bad News Bear from biting this market. Of course, first and foremost there's the Federal Reserve Put (or Powell Put for lovers of alliteration). The Fed has told investors they can expect the current near 0% interest regime to continue into or through 2021--along with a continuation […]

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In context today’s new claims for unemployment number is bad news

These days you can't read an economic report, especially a jobs report, without a calendar. Today's report on initial claims for unemployment -- a weekly number for the week ended July 4--showed that new claims for unemployment continued their slow drop. The total of 1.31 million for the week in regular state unemployment programs was […]

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Inflection point for stocks approaches

Today what I'm calling "re-opening dependent" stock fell again. At least in the early going. Toward the end of session--like yesterday--these stocks and stocks in general rallied. Which in and of itself tells us something important about this market. First, the 2 p.m. story. Amusement park operator Six Flags (SIX) was off o.16 as of […]

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Today markets forget China rally and return to coronavirus recession worries with UAL announcement

United Airlines Holdings (UAL) has warned employees that it has seen a sharp drop in bookings in the last few weeks. Bookings at United's Newark hub were at 16% of July 2019 levels as of July 1. That rate is roughly half of the level a few weeks ago when it looked like air travel […]

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China powers “risk on” rally

Chinese stocks are burning up the track--and that has led the way to a shift toward "risk on" assets across global markts. Today alone the Shanghai Composite Index was up 5.71% as of noon New York Time. This continued as streak that has seen the CSI 300 Index gain 14% in five days. (The index […]

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This is as good as the economy gets–for a while

The U.S economy added 4.8 million jobs last month in June. And the official unemployment rate fell to 11.1%. That's the good news. Unfortunately, the gains in jobs and the drop in unemployment are based on data from a survey that measured conditions in the week ended June 12. That was at the height of […]

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Pfizer good news on coronavirus vaccine moves stocks ahead

Just in case you were wondering if the market is counting on a coronavirus vaccine in the nearer term, wonder no longer. (Expectations, for the moment, look to a vaccine by January, if I can judge by comments I'm seeing.) News from Pfizer (PFE) and partner BioNtech that an early stage vaccine candidate had passed […]

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Royal Dutch Shell to take $15 to $22 billion second quarter write down

It's a measure of how dire things are in the oil sector that Royal Dutch Shell (RDS-A) has announced a write down of between $15 billion and $22 billion for the second quarter. The write down is larger than the $17.5 billion write down that BP (BP) took in June or the $15 billion that […]

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Fed announces names of its first direct corporate bond purchases

This strikes me as a bad idea. What could possibly go wrong? The U.S. central bank made $207 million in purchases on June 16, the first day of direct buying. The Federal Reserve bought bonds issued by, among other companies, AT&T (T), UnitedHealth Group (UNH), and Walmart (WMT). About 21% of corporate bond purchases were […]

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Turns out re-opening is easy; staying re-opened is hard

With Texas setting a one-day high for new coronavirus cases on Wednesday at 6,584 Governor Greg Abbott reversed a pledge that that going “backward” and closing down businesses was “the last thing we want to do.” Effective today bars must close (although they can remain open fr takeout), and restaurants, which had been operating at […]

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