Dow rose 126, advancers over decliners 3-2 & NAZ went up 11. The MLP index crawled up to 129 & the REIT index advanced 5 to the 359s. Junk bond funds climbed higher & Treasuries were purchased as lawmakers in DC debate a new stimulus bill (more below). Oil climbed over 41 & gold jumped 24 to 2010, another record.
AMJ (Alerian MLP Index tracking fund)
Chinese state media slams U.S. as a ‘rogue country’ for its planned ‘smash and grab’ of TikTok
Treasury yields fall as lawmakers remain divided over new virus relief deal
Nike (NKE), a Dow stock, after disclosing a rare Money-losing qtr in Jun, announced layoffs that will eliminate at least 500 jobs at the world headquarters in Oregon. Kim Lupo, a VP sent to 3 local officials, Lupo wrote that NKE "will be permanently reducing its workforce by at least 500 employees at its World Headquarters." The letter informs the officials that the "expected date" to begin the layoffs will be Oct 1 & will include "members of NIKE's corporate leadership team and some corresponding executive assistants." The company added that 192 of the laid-off employees will come from one of 3 childcare centers. The number of layoffs worldwide will be higher than the 500 near Beaverton losing their jobs. Those cuts will result in termination costs of $200-250M. Like many other corps, NKE has suffered during the coronavirus pandemic. Total revenue was down 38% to $6.3B from $10.2B a year ago. The stock fell 1,06,
If you would like to learn more about NKE, link on this link:
club.ino.com/trend/analysis/stock/NKE?a_aid=CD3289&a_bid=6ae5b6f7
There is plenty of excitement coming out of DC. All eyes are watching for a new stimulus package, but that needs a lot more work. US-China relations continue to be touchy, but traders are not worried, Maybe that's because they are buying gold which is trading above 2K. At the same time, NAZ, led by sexy tech stocks, is also at a new record & the bulls are hoping to push NAZ above 11K shortly.
Dow Jones Industrials
u
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 41.03 | +0.02 | +0.1% |
| GC=F | Gold | 1,999.20 | +12.90 | +0.7% |
Chinese state media labeled the US a “rogue country” & dubbed the potential sale of social media firm TikTok to (Microsoft (MSFT), a Dow stock, as “theft,” adding that Beijing could retaliate if a deal is sealed. MSFT announced plans on Sun to acquire TikTok’s business in certain markets— the US, Canada, Australia & New Zealand.
Pres Trump said that buying only part of the app will be
“complicated”— but he still gave MSFT CEO Satya Nadella the go
ahead. Trump added that some “key money” would have to be paid to the
Treasury Dept for making the deal possible. Hu Xijin,
the outspoken editor-in-chief of the state-backed Global Times, called
the move an “open robbery” & said “President Trump is turning the once
great America into a rogue country.” TikTok
has been under fire from the US which has accused the Chinese-owned
app of collecting data on Americans & sending it to the Chinese
gov. TikTok has repeatedly denied this. The Trump administration first threatened to ban TikTok. On Sun before MSFT announced its intention to acquire TikTok, Secretary of State Mike Pompeo said that Trump will take action “in the coming days” on the app. China Daily, another state-backed publication, highlighted these
comments as being “tantamount to inviting potential US purchasers to
participate in an officially sanctioned ‘steal’ of Chinese technology.”
Chinese state media slams U.S. as a ‘rogue country’ for its planned ‘smash and grab’ of TikTok
Treasury yields fell as investors awaited for details over the next stimulus deal with top lawmakers remaining divided. The yield on the benchmark 10-Year note dipped 2 basis points to 0.539% & the yield on the 30-Year bond also fell to 1.211%. Yields move inversely to prices. US lawmakers have been discussing a new round of fiscal stimulus as
the coronavirus pandemic continues to take a toll on the economy.
Policymakers in Congress seemed to agree that a 2nd round of
stimulus checks is needed, but have not yet reached a deal over the
details, including on how much dependents should get. The Senate is set to leave on a break Fri, when the key Jul jobs report is released. About
1.26M new jobs are expected, well below the 4.8M added
in Jun & the unemployment rate is expected to fall to 10.6% from
11.1%.
Treasury yields fall as lawmakers remain divided over new virus relief deal
Nike (NKE), a Dow stock, after disclosing a rare Money-losing qtr in Jun, announced layoffs that will eliminate at least 500 jobs at the world headquarters in Oregon. Kim Lupo, a VP sent to 3 local officials, Lupo wrote that NKE "will be permanently reducing its workforce by at least 500 employees at its World Headquarters." The letter informs the officials that the "expected date" to begin the layoffs will be Oct 1 & will include "members of NIKE's corporate leadership team and some corresponding executive assistants." The company added that 192 of the laid-off employees will come from one of 3 childcare centers. The number of layoffs worldwide will be higher than the 500 near Beaverton losing their jobs. Those cuts will result in termination costs of $200-250M. Like many other corps, NKE has suffered during the coronavirus pandemic. Total revenue was down 38% to $6.3B from $10.2B a year ago. The stock fell 1,06,
If you would like to learn more about NKE, link on this link:
club.ino.com/trend/analysis/stock/NKE?a_aid=CD3289&a_bid=6ae5b6f7
Nike eyes massive layoffs at company’s world headquarters
There is plenty of excitement coming out of DC. All eyes are watching for a new stimulus package, but that needs a lot more work. US-China relations continue to be touchy, but traders are not worried, Maybe that's because they are buying gold which is trading above 2K. At the same time, NAZ, led by sexy tech stocks, is also at a new record & the bulls are hoping to push NAZ above 11K shortly.
Dow Jones Industrials
u
No comments:
Post a Comment