Dow dropped 66, decliners over advancers 4-3 & NAZ jumped 128. The MLP index added 1+ to the 128s & the REIT index was down 4+ to the 341. Junk bond funds crawled higher & Treasuries were being purchased. Oil was about even, holding above 40, & gold went up 9 to 1819.
AMJ (Alerian MLP Index tracking fund)
Congress returns to DC this week facing a critical deadline to pass another coronavirus aid bill as the pandemic tears thru the US. Lawmakers in the divided Congress will need to quickly decide how to resolve broad differences on the best tools to both blunt an outbreak spreading unabated & lift an economy battered by the health crisis. They will also have to contend with a pres who has repeatedly downplayed the pandemic's severity as it jeopardizes his chances of winning another term in the White House. As negotiations kick off in what could become a bitter process during an election year, Ms of Americans left jobless by the pandemic wait to see whether their incomes will suddenly plunge at the end of the month. After Jul, people receiving unemployment insurance will no longer get an extra $600 per week from the gov — even as the unemployment rate stands higher than it did at any point during the 2008 financial crisis. At the same time, the US struggles to contain a disease that has infected and killed more people nationwide than in any other country, according to data compiled by Johns Hopkins University. As the pandemic rages in Florida, Texas & other states, the country has now reported nearly 3.8M Covid-19 cases & more than 140K deaths. The surge in cases has forced states such as California, the country's largest, to roll back or pause their economic reopening plans. Along with the enhanced jobless benefit, which is credited with boosting consumer spending while businesses are shut down, Congress will need to decide how to iron out differences on policies including liability protections for businesses, aid for state & local gos, direct payments to individuals & rent & mortgage assistance. Senate Majority Leader Mitch McConnell, aims to release an opening offer this week. He & House Minority Leader Kevin McCarthy, R-Calif., are expected to meet with Pres Trump about the developing relief plan today. The pres, who has pushed for both businesses & schools to swiftly reopen, can shape the views of GOP lawmakers in what he supports or opposes.
Congress returns with only days to pass new coronavirus relief as pandemic rages
U.S. air travel falls for first week since April as coronavirus cases spike
General Motors (GM) CEO Mary Barra said she sees a "relatively short-lived recession" due to the coronavirus pandemic with a recovery by early 2021 during an interview. "We are seeing a recovery," Barra said. "We think it's going to be a relatively short-lived recession. But we have a long way to go because we went to a pretty low base." "The new outbreaks do pose potential setbacks, but we're hopeful that the U.S. economy will be back to 90% of pre-pandemic levels early next year," she continued. "There's a lot of uncertainty." GM had to eliminate the 3rd shift at its Wentzville, Missouri, factory because there were not enough workers. Barra said that workers feel safe at GM factories. "At Wentzville, one of the things we do is screen," Barra said. "We are taking the precaution to say that you need to quarantine until we know that you don't have the virus. I've been at 10 plants since we started back up, and I'm continuing to go to plants. When I talk to people, they understand the protocol." The stock fell 62¢.
If you would like to learn more about GM, click on this link:
club.ino.com/trend/analysis/stock/GM?a_aid=CD3289&a_bid=6ae5b6f7
Those guys in DC will decide whether or not to pass another stimulus bill this week as the country is trying to figure out how the handle the increase in coronavirus cases. But tech stocks are in demand while gold is pushing towards a new record in the high 1800s.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 40.23 | -0.36 | -0.9% |
| GC=F | Gold | 1,818.40 | +8.40 | +0.5% |
Congress returns to DC this week facing a critical deadline to pass another coronavirus aid bill as the pandemic tears thru the US. Lawmakers in the divided Congress will need to quickly decide how to resolve broad differences on the best tools to both blunt an outbreak spreading unabated & lift an economy battered by the health crisis. They will also have to contend with a pres who has repeatedly downplayed the pandemic's severity as it jeopardizes his chances of winning another term in the White House. As negotiations kick off in what could become a bitter process during an election year, Ms of Americans left jobless by the pandemic wait to see whether their incomes will suddenly plunge at the end of the month. After Jul, people receiving unemployment insurance will no longer get an extra $600 per week from the gov — even as the unemployment rate stands higher than it did at any point during the 2008 financial crisis. At the same time, the US struggles to contain a disease that has infected and killed more people nationwide than in any other country, according to data compiled by Johns Hopkins University. As the pandemic rages in Florida, Texas & other states, the country has now reported nearly 3.8M Covid-19 cases & more than 140K deaths. The surge in cases has forced states such as California, the country's largest, to roll back or pause their economic reopening plans. Along with the enhanced jobless benefit, which is credited with boosting consumer spending while businesses are shut down, Congress will need to decide how to iron out differences on policies including liability protections for businesses, aid for state & local gos, direct payments to individuals & rent & mortgage assistance. Senate Majority Leader Mitch McConnell, aims to release an opening offer this week. He & House Minority Leader Kevin McCarthy, R-Calif., are expected to meet with Pres Trump about the developing relief plan today. The pres, who has pushed for both businesses & schools to swiftly reopen, can shape the views of GOP lawmakers in what he supports or opposes.
Congress returns with only days to pass new coronavirus relief as pandemic rages
Air travel is easing as coronavirus cases spike in the southern US, according to data released today,
souring airlines' hopes of a summer rebound that would help generate
cash to weather the pandemic. Last week, 4.65M people passed through checkpoints at US airports, according to
the Transportation Security Administration, down more than 4% from a
week earlier & the first weekly percentage drop since Apr. Air
travel is up sharply from more than 5-decade lows hit in Apr, but
airlines are facing softening demand amid new cases, quarantine orders
for arriving travelers in New York & elsewhere & delays in reopening some states to contain the highly contagious virus from spreading. The
peak summer season is always crucial to airline revenue but it is even
more important this year with a grim outlook for corp travel this
fall because of the pandemic. Delta Airline (DAL) last week said it would halve the number of additional flights planned for next month to 500 a day & CEO Ed Bastian warned that some business travel might never return after the pandemic. “Demand
has stalled as the virus has grown, particularly down here in the
South, across the Sun Belt, coupled with the quarantine measures that
are going in place in many of the Northern states,” Bastian said. “Those two factors are causing consumers to pause.” American Airlines (AAL) top execs warned 25K employees last week that their jobs could be at risk when federal aid terms expire on Oct 1. “Our
passenger revenues in June, while we believe are better than others in
the industry, were more than 80% lower than June 2019,” AAL's CEO
Doug Parker & Pres Robert Isom wrote in a memo to employees. “And
with infection rates increasing and several states reestablishing
quarantine restrictions, demand for air travel is slowing again.” Airline execs will provide more detail on demand trends this week.
U.S. air travel falls for first week since April as coronavirus cases spike
General Motors (GM) CEO Mary Barra said she sees a "relatively short-lived recession" due to the coronavirus pandemic with a recovery by early 2021 during an interview. "We are seeing a recovery," Barra said. "We think it's going to be a relatively short-lived recession. But we have a long way to go because we went to a pretty low base." "The new outbreaks do pose potential setbacks, but we're hopeful that the U.S. economy will be back to 90% of pre-pandemic levels early next year," she continued. "There's a lot of uncertainty." GM had to eliminate the 3rd shift at its Wentzville, Missouri, factory because there were not enough workers. Barra said that workers feel safe at GM factories. "At Wentzville, one of the things we do is screen," Barra said. "We are taking the precaution to say that you need to quarantine until we know that you don't have the virus. I've been at 10 plants since we started back up, and I'm continuing to go to plants. When I talk to people, they understand the protocol." The stock fell 62¢.
If you would like to learn more about GM, click on this link:
club.ino.com/trend/analysis/stock/GM?a_aid=CD3289&a_bid=6ae5b6f7
GM's Mary Barra sees 'short-lived' recession, predicts recovery timeline
Those guys in DC will decide whether or not to pass another stimulus bill this week as the country is trying to figure out how the handle the increase in coronavirus cases. But tech stocks are in demand while gold is pushing towards a new record in the high 1800s.
Dow Jones Industrials
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