Dow sank 538 to session lows, decliners over advancers 8-1 & NAZ tumbled 198. The MLP index fell 6+ to 131 & the REIT index dropped 3+ to 339. Junk bond funds drifted lower & Treasuries rose in price. Oil fell to 38 & gold was off 6 to 1763.
AMJ (Alerian MLP Index tracking fund)
The US saw a daily record of nearly 40K new coronavirus cases as a surge of infections continues to spread, surpassing an earlier peak in Apr following the initial outbreak. Data from Johns Hopkins University showed 40K confirmed Covid-19 cases were reported yesterday, topping the previous high of 36K. Several states saw record daily highs, including Alabama, Texas, Idaho & Nevada. The surge in new infections is placing hospitals in California & Texas under growing pressure from an inundation of patients. California Gov Gavin Newsom warned that a potential influx of coronavirus-related hospitalizations could affect reopening plans. Coronavirus-related hospitalizations in the state increased 32% in the past 14 days, with more than 4200 in hospitals, he said. In Texas, Gov Greg Abbott issued an exec order requiring hospitals in several counties to halt nonessential surgeries to increase capacity for coronavirus patients. "We've reached a point where a routine elective case -- something as trivial as a hernia -- has to be treated like an emergency because of the complications associated with delays," said Todd Rosengart, a cardiothoracic surgeon, chairman of surgery at Baylor College of Medicine. Abbott also announced a pause to the next steps to reopen Texas. But he said he wouldn't clamp down where the state had relaxed restrictions. In New York, the situation appeared to be improving. Gov Andrew Cuomo said the total number of coronavirus-related hospitalizations stood at 996, the first time the tally has dropped below 1K since mid-Mar. Today, VP Mike Pence plans to host a briefing with members of the coronavirus task force at the Health & Human Services Department. It will be the first such briefing in nearly 2 months. The director of the Centers for Disease Control & Prevention (CDC) has warned that the coronavirus outbreak isn't over & that "greater than 90% of the American public hasn't experienced this virus yet." The CDC estimates that only about 1 in every 10 Covid-19 cases in the US has been identified and that most Americans are still susceptible to the virus.
Microsoft (MSFT), a Dow stock, will permanently close its 83 Microsoft Store retail locations. It will instead focus on its online store at Microsoft.com, where customers can go for support, sales, training & more. Its retail team members will help on the website instead of in store. A spokesperson said that all employees will have the opportunity to stay with MSFT. “Our sales have grown online as our product portfolio has evolved to largely digital offerings, and our talented team has proven success serving customers beyond any physical location,” VP David Porter said. “We are grateful to our Microsoft Store customers and we look forward to continuing to serve them online and with our retail sales team at Microsoft corporate locations.” The stock fell 3.37.
If you would like to learn more about MSFT, click on this link.
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft is permanently closing its retail stores
Americans turned slightly more cautious about how quickly the economy will recover from the coronavirus in late Jun as confidence in DC's policies fell to the lowest level during the Trump presidency, according to a closely followed survey of consumer sentiment. The final results of the consumer-sentiment survey in Jun slipped to 78.1 from an initial 78.9, the University of Michigan said. Consumers don't think the economy can get much worse, but they are unsure how long it will take for the US to return to normal. The reopening of the economy helped buoy spirits in May & early Jun, but a recent rise in cases, especially in the South, could end up being a setback. The South was the first region to reopen. Consumer sentiment barely rose in the South in Jun, whereas it soared in the Northeast “with residents apparently expecting the later and more gradual reopening to produce at worst a negligible increase in infections,” said Richard Curtin, the chief economist of the sentiment survey. Consumers also expressed more pessimism over DC's ability to help. Confidence in DC's economic policies fell to the lowest level since Pres Trump took office in 2017. The cautious optimism about an economy recovery last month could soon give way to more unease if a new explosion in coronavirus cases is not brought under control. The disease is spreading more rapidly in the South & parts of the West even as it slows in the harder hit Northeast. Most economists predict a choppy recovery & uneven growth as the nation searches for ways to allow businesses, schools & other entities to safely reopen. Unemployment is likely to remain high for at least the next year.
Consumer sentiment slips in late June as confidence in U.S. economic policies slumps to Trump-era low
Gloom is spreading among investors. The recovery is going to be slow & uneven in what is hoped to be a fairly short but deep depression. Over the short term the tough going is going to be painful for the economy & the Dow is in the red for Jun.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 38.15 | -0.57 | -1.5% |
| GC=F | Gold | 1,755.70 | -14.90 | -0.8% |
The US saw a daily record of nearly 40K new coronavirus cases as a surge of infections continues to spread, surpassing an earlier peak in Apr following the initial outbreak. Data from Johns Hopkins University showed 40K confirmed Covid-19 cases were reported yesterday, topping the previous high of 36K. Several states saw record daily highs, including Alabama, Texas, Idaho & Nevada. The surge in new infections is placing hospitals in California & Texas under growing pressure from an inundation of patients. California Gov Gavin Newsom warned that a potential influx of coronavirus-related hospitalizations could affect reopening plans. Coronavirus-related hospitalizations in the state increased 32% in the past 14 days, with more than 4200 in hospitals, he said. In Texas, Gov Greg Abbott issued an exec order requiring hospitals in several counties to halt nonessential surgeries to increase capacity for coronavirus patients. "We've reached a point where a routine elective case -- something as trivial as a hernia -- has to be treated like an emergency because of the complications associated with delays," said Todd Rosengart, a cardiothoracic surgeon, chairman of surgery at Baylor College of Medicine. Abbott also announced a pause to the next steps to reopen Texas. But he said he wouldn't clamp down where the state had relaxed restrictions. In New York, the situation appeared to be improving. Gov Andrew Cuomo said the total number of coronavirus-related hospitalizations stood at 996, the first time the tally has dropped below 1K since mid-Mar. Today, VP Mike Pence plans to host a briefing with members of the coronavirus task force at the Health & Human Services Department. It will be the first such briefing in nearly 2 months. The director of the Centers for Disease Control & Prevention (CDC) has warned that the coronavirus outbreak isn't over & that "greater than 90% of the American public hasn't experienced this virus yet." The CDC estimates that only about 1 in every 10 Covid-19 cases in the US has been identified and that most Americans are still susceptible to the virus.
Coronavirus rips through several states, setting record for new cases in one day
Microsoft (MSFT), a Dow stock, will permanently close its 83 Microsoft Store retail locations. It will instead focus on its online store at Microsoft.com, where customers can go for support, sales, training & more. Its retail team members will help on the website instead of in store. A spokesperson said that all employees will have the opportunity to stay with MSFT. “Our sales have grown online as our product portfolio has evolved to largely digital offerings, and our talented team has proven success serving customers beyond any physical location,” VP David Porter said. “We are grateful to our Microsoft Store customers and we look forward to continuing to serve them online and with our retail sales team at Microsoft corporate locations.” The stock fell 3.37.
If you would like to learn more about MSFT, click on this link.
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft is permanently closing its retail stores
Americans turned slightly more cautious about how quickly the economy will recover from the coronavirus in late Jun as confidence in DC's policies fell to the lowest level during the Trump presidency, according to a closely followed survey of consumer sentiment. The final results of the consumer-sentiment survey in Jun slipped to 78.1 from an initial 78.9, the University of Michigan said. Consumers don't think the economy can get much worse, but they are unsure how long it will take for the US to return to normal. The reopening of the economy helped buoy spirits in May & early Jun, but a recent rise in cases, especially in the South, could end up being a setback. The South was the first region to reopen. Consumer sentiment barely rose in the South in Jun, whereas it soared in the Northeast “with residents apparently expecting the later and more gradual reopening to produce at worst a negligible increase in infections,” said Richard Curtin, the chief economist of the sentiment survey. Consumers also expressed more pessimism over DC's ability to help. Confidence in DC's economic policies fell to the lowest level since Pres Trump took office in 2017. The cautious optimism about an economy recovery last month could soon give way to more unease if a new explosion in coronavirus cases is not brought under control. The disease is spreading more rapidly in the South & parts of the West even as it slows in the harder hit Northeast. Most economists predict a choppy recovery & uneven growth as the nation searches for ways to allow businesses, schools & other entities to safely reopen. Unemployment is likely to remain high for at least the next year.
Consumer sentiment slips in late June as confidence in U.S. economic policies slumps to Trump-era low
Gloom is spreading among investors. The recovery is going to be slow & uneven in what is hoped to be a fairly short but deep depression. Over the short term the tough going is going to be painful for the economy & the Dow is in the red for Jun.
Dow Jones Industrials
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