THE DAILY NEWS

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Re: THE DAILY NEWS

Post by thelivyjr » Mon Oct 26, 2020 1:40 p

THE NEW YORK POST

"Kamala Harris blasted for praising BLM as ‘essential’ and ‘brilliant’ amid violence"


By Eileen AJ Connelly

September 26, 2020 | 3:30pm

Kamala Harris praised the “brilliance” and “impact” of Black Lives Matters protests, deeming them “necessary” in comments that led some on social media to slam her as “insane.”

“Nothing that we have achieved that has been about progress, in particular around civil rights, has come without a fight, and so I always am going to interpret these protests as an essential component of evolution in our country — as an essential component or mark of a real democracy,” the California senator said during an interview held as part of the NAACP’s national convention Friday, which was held virtually because of the coronavirus pandemic.

Protests were “necessary,” the Democratic candidate for Vice President said, as “the people’s voices must be heard, and it is often the people who must speak to get their government to do what it is supposed to do, but may not do naturally unless the people speak loudly — and obviously peacefully.”


Harris also praised the “brilliance” and “impact” of Black Lives Matter, without criticizing the ongoing violence at rallies held in the organization’s name in cities across the country, nor the shooting of two police officers in Louisville.

“I actually believe that ‘Black Lives Matter’ has been the most significant agent for change within the criminal justice system,” the former California Attorney General said.

Critics slammed her support for the group, whose co-founder described herself as a “trained Marxist” in 2015.

Many suggested she was supporting riots, violence and intimidation.

GOP operative Arthur Schwartz posted a clip of the interview video with the comment, “Unmoved by the violence in our streets and the brutal attacks on our police officers, Kamala Harris says the ‘protests’ are essential for our ‘evolution’ as a country.”

Others on Twitter slammed Harris as “insane,” and said she should ask the business owners whose shops have been destroyed if they “feel evolved.”

‘I’d like to publicly thank Kamala Harris for telling Americans that the protests (aka riots) need to continue … and hold her personally responsible for the violence and the medical bills … and yes, the deaths, too,” tweeted Christian author Daniel Bobinski.

“I lay this at the feet of Congressional Democrats,” he added.

Voters should remember her comments “when you see cities on fire and people attacked,” tweeted Robby Starbuck, a Cuban-American director and producer.

https://nypost.com/2020/09/26/kamala-ha ... -violence/

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Re: THE DAILY NEWS

Post by thelivyjr » Mon Oct 26, 2020 1:40 p

RIGZONE

"Dark Monday Hits Oil Market"


by Andreas Exarheas, Rigzone Staff

Monday, October 26, 2020

It’s a dark Monday in the oil market.

That’s what Rystad Energy’s head of oil markets Bjornar Tonhaugen said in a statement sent to Rigzone on Monday, adding that traders are “finally” pricing in Covid-19’s second wave as the pandemic’s infections break daily records in many countries across the globe.

“The latest infection numbers from the U.S. and France, among other nations, are rising by wide margins and restrictions and lockdowns are reinstated globally,” Tonhaugen said in the statement.


“We have long warned that a ‘second wave’ of strict coronavirus restriction measures could be re-imposed, and it’s now happening for real,” he added.

Tonhaugen noted that the curfew announced in Spain and the partial lockdown in Italy threatens to reduce the countries’ 600,000 barrel per day (bpd) and 650,000 bpd road fuel demand, as well as further cut the countries’ flight count.

“Moreover, the U.S. Covid-case count has risen to a new record just one week before the elections, creating further uncertainty,” Tonhaugen said.

“Tighter Covid-19 restrictions could come should there be a change of power,” he added.

In the statement, Tonhaugen highlighted that waiting for a vaccine sometime next year won’t save oil demand in the near term and warned that the market is “increasingly scared”.

The price of Brent Crude oil dropped below $41 per barrel on Monday.

The price of West Texas Intermediate oil dropped below $39 per barrel.

Globally, as of October 26, 10.15am CET, there have been 42,745,212 confirmed cases of Covid-19, with 1,150,961 deaths, according to the latest figures from the World Health Organization (WHO).

The number of global cases has increased consecutively week on week since September 14, WHO figures show.

Global deaths increased by 7.47 percent last week but fell by 7.33 percent in the week before, WHO data outlines.

To contact the author, email andreas.exarheas@rigzone.com

https://www.rigzone.com/news/dark_monda ... 7-article/

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Re: THE DAILY NEWS

Post by thelivyjr » Mon Oct 26, 2020 1:40 p

REUTERS Bonds News

"TREASURIES - Yield curve flatter on coronavirus, stimulus concerns"


By Ross Kerber

October 26, 20202:29 PM

Oct 26 (Reuters) - Longer-term U.S. Treasury yields fell on Monday as investors sold stocks amid a fast-rising case count in the COVID-19 pandemic and as stimulus talks in Washington dragged on.

The benchmark 10-year yield was down 4.3 basis points in afternoon trading at 0.7977%, well below its four-month high reached on Friday.

New coronavirus infections touched record levels in the United States recently, with El Paso, Texas, asking citizens to stay at home for the next two weeks, while in Europe, Italy and Spain imposed new restrictions.

Equity markets fell and the Dow was on track for its worst day in more than seven weeks.

Traders worry additional lockdowns will slow economies, a story the U.S. Treasury market seemed to ignore for much of October, said Jim Barnes, director of fixed income for Bryn Mawr Trust.

In addition. investors had hoped for a stimulus deal between Republicans and Democrats that would prop up prices, but that seemed little closer as of Monday.

"The market has been having a hard time looking beyond the short-term disagreements" in Washington, Barnes said.

Jim Vogel, interest rate strategist for FHN Financial, said another factor in Monday's trading was the difficulty of predicting which party will control the U.S. Senate after the Nov. 3 elections.

"There's enough uncertainty with regards to how the Senate elections come out, it's easier to wait rather than sell Treasuries on the expectation of a certain outcome," Vogel said.

Democratic control, coupled with a predicted win for the party's presidential candidate Joe Biden, is generally expected to send markets higher on the expectation of an end to Washington gridlock, he said.

In a research note on Monday analysts for top asset manager BlackRock Inc wrote they had downgraded U.S. Treasuries and upgraded their inflation-linked counterparts ahead of the election, citing a growing likelihood of fiscal expansion that would occur should Democrats win both the White House and the U.S. Senate.

"This electoral outcome would bring forward the market pricing of the higher inflation regime that we were already reflecting in our strategic asset views," BlackRock
wrote.

A closely watched part of the U.S. Treasury yield curve, measuring the gap between yields on two- and 10-year Treasury notes seen as an indicator of economic expectations, was at 65 basis points, about 4 basis points lower than Friday's close.

The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down less than a basis point at 0.1494% in afternoon trading.

https://www.reuters.com/article/usa-bon ... SL1N2HH1MP

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Re: THE DAILY NEWS

Post by thelivyjr » Mon Oct 26, 2020 1:40 p

REUTERS

"Stocks slide on surging COVID-19 cases, stimulus doubts; dollar rises"


By Rodrigo Campos

October 26, 2020

NEW YORK (Reuters) - Stocks across the globe posted their biggest decline in a month on Monday as surging coronavirus cases in Europe and the United States clouded the world economic outlook, giving the U.S. dollar a safe-haven boost.

The United States, Russia and France set new daily records for coronavirus infections as a resurgence of the virus swelled across parts of the Northern Hemisphere, forcing some countries to impose new curbs.

The spreading pandemic, along with lack of progress on a U.S. stimulus package and caution ahead of the Nov. 3 U.S. presidential election, dragged down the MSCI world equity index.

“It’s almost entirely COVID-related."

"We thought all along that the most important factor for the market, good or bad, is COVID and it’s bad (today) because cases are rising,” said Christopher Grisanti, chief equity strategist at Mai Capital Management in Cleveland.

“The administration has come out and said it does not want to slow down the economy, yet as cases rise they may not have a choice."

"So the administration is in a difficult position.”

The Dow Jones Industrial Average fell 650.19 points, or 2.29%, to 27,685.38, the S&P 500 lost 64.42 points, or 1.86%, to 3,400.97 and the Nasdaq Composite dropped 189.35 points, or 1.64%, to 11,358.94.

The pan-European STOXX 600 index lost 1.81% and MSCI's gauge of stocks across the globe shed 1.52%.

MSCI’s gauge of stocks globally hit a record high in September and brushed against it earlier this month.

Emerging market stocks lost 0.51%.

Japan's Nikkei futures fell 0.57%.

Sentiment was also hit by a survey showing German business morale fell in October for the first time in six months.

As markets increasingly price in the likelihood of a Democratic president and Congress which would likely result in a rise in government spending and borrowing, U.S. 10-year Treasury yields hit their highest since early June last week at 0.872%.

“We have raised the probability of a Democratic sweep, already our base case, from 40% to just over 50% and have increased our expectation of (Democratic presidential candidate) Joe Biden to win from 65% to 75%,” NatWest Markets analysts said.

“We see steeper U.S. yield curves and a weaker USD as likely to prevail in our base case.”

Benchmark 10-year notes last rose 11/32 in price to yield 0.8044%, from 0.841% late on Friday.

BlackRock Inc, the world's largest asset manager, on Monday downgraded U.S. Treasuries and upgraded their inflation-linked peers ahead of the U.S. election.

Despite encouraging news about a COVID-19 vaccine out of Oxford, surging coronavirus cases sent investors to the safety of the dollar.

“Skittish investors are scooping up the greenback as virus cases accelerate around the world, stimulus talks in Washington remain in limbo, and trepidation is on the rise ahead of America’s presidential election,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

The dollar index rose 0.286%, with the euro down 0.45% to $1.1806.

The Japanese yen weakened 0.09% versus the greenback at 104.84 per dollar, while sterling was last trading at $1.3021, down 0.15% on the day.

In commodity markets, spot gold added 0.1% to $1,902.02 an ounce.

Silver fell 1.16% to $24.29.

Oil prices extended last week’s losses.

OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus infections rise worldwide, and OPEC and its allies would “stay the course” in balancing the market.

U.S. crude fell 3.21% to $38.57 per barrel and Brent was at $40.46, down 3.14% on the day.

Reporting by Rodrigo Campos; additional reporting by Lewis Krauskopf and Gertrude Chavez-Dreyfuss in New York, Ross Gerber in Boston, Medha Singh in Bengaluru, and Tom Arnold in London; Editing by Mark Heinrich and Sandra Maler

https://www.reuters.com/article/global- ... SL1N2HH2BU

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Re: THE DAILY NEWS

Post by thelivyjr » Mon Oct 26, 2020 1:40 p

CNN

"Stocks tumble as Covid-19 cases surge and stimulus is nowhere to be found"


By Anneken Tappe, CNN Business

Updated 4:43 PM ET, Mon October 26, 2020

New York (CNN Business)Wall Street took a dive on Monday as coronavirus, Washington intransigence and earnings weighed on the market.

All of this is creating a cocktail of uncertainty that the market doesn't like one bit.


US stocks sold off all day, from the opening to the closing bell, and the selloff just gathered pace during the trading session.

The Dow closed down 650 points, or 2.3%, after falling as many as 965 points at its low point.

All Dow stocks closed in the red except Apple, which eked out a .01% gain.

It was the Dow's worst day since September 3.

The S&P 500 -- the broadest measure of the US stock market -- closed down 1.9%, making it the index's worst day since late September.

The tech-heavy Nasdaq Composite, which had briefly bounced back from its lows in the morning, finished down 1.6%.

Energy, industrials and financials stocks are the among the worst performers of the day.

Those sectors that are more sensitive to the economy and the pace of the recovery felt more pain Monday, said said Eric Freedman, CIO at US Bank.

But there were losses across all sectors.

What's the deal with this selloff?

There's a lot for investors to grapple with: The election is only eight days away, Congress hasn't reached a deal on a new stimulus package and the first look at how the economy fared in the third quarter will be reported on Thursday.

Big Tech companies will report earnings this week as well, including Microsoft, Apple, Google, Facebook and Twitter.

While earnings will inject volatility in the tech sector, "on a more macro level, ongoing US stalemate over US fiscal stimulus and the rapidly spreading Covid-19 is going to determine the direction for the wider markets," said Fawad Razaqzada, market analyst at Think Markets, in a note.

The ever-slimming chance of a new stimulus package before next week's election isn't a new factor for the market.

And yet it has been a big driver of the action over the past weeks, even as nothing has really changed as a result of recent negotiations.

So what changed?

"I think the big difference this time around [is]...there's been a tremendous amount of hope baked into the market for quite a while, and we saw some things over this weekend that hit those assumptions hard," Brad McMillan, CIO of Commonwealth Financial Network, told CNN Business.

On Sunday the US hit a new record for average daily coronavirus cases.

And the passing of the weekend dimmed hopes of a new stimulus deal, which is unlikely to get the needed votes in the Senate as Election Day approaches.

Absent economic stimulus, the US recession could "double dip" -- a second wave of uncertainty and strife as coronavirus cases soar and businesses are forced to shut their doors.

The prospects of having to lock down again are scary for economists and investors alike.


In Europe, the virus is spreading so quickly again that governments have brought back various restrictions.

European markets finished in the red across the board.

How we got here

It's been a roller coaster year for stocks.

The three major indexes have rallied back -- helped by hopes over government spending -- after an ugly September, when tech stocks led a plunge nearly into correction territory.

The S&P is still about 5% above its late-September low, for example, even with Monday's selloff.

McMillan said Monday's downturn isn't investors selling out of sheer panic, but rather a healthy repricing that more accurately reflects the state of the many situations afoot.

"There's still a fair bit of cushion in prices even after today's selloff," he added.

https://www.cnn.com/2020/10/26/investin ... index.html

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Re: THE DAILY NEWS

Post by thelivyjr » Tue Oct 27, 2020 1:40 p

REUTERS

"Oil rises 2% on U.S. Gulf shutdowns, outlook weak"


By Laura Sanicola

October 26, 2020

NEW YORK (Reuters) - Crude settled higher on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains.

Companies including BP, Chevron, Shell and Equinor ASA evacuated rigs or closed facilities.

So far producers have shut 16%, or 294,000 barrels per day (bpd) of oil output due to Zeta, which weakened to a tropical storm on Tuesday from a hurricane on Monday, the U.S. National Hurricane Center (NHC) said.

Brent crude closed up 75 cents, or 1.9%, at $41.21 per barrel by 1:22 EDT (1722 GMT).

U.S. oil gained $1.01 cents, or 2.6%, to $39.57.

Both contracts fell more than 3% on Monday.

The storm-induced bump in prices may be short-lived, however, with demand expected to weaken anew with coronavirus cases rising.

“We have a lot of weakness...no vaccine, no stimulus, and the very real possibility of a contested election in a couple days, and a stock market that won’t react positively to that,” said Bob Yawger, director of energy futures at Mizuho.

Libya’s production should rebound to 1 million bpd in coming weeks, complicating efforts by other OPEC members and allies to restrict output.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are planning to increase production by 2 million bpd from January after record output cuts this year.

That would cut overall reductions to 7.7 million bpd - still an enormous amount by the standards of major oil producers, but it may not be enough to offset weak demand.

Russian President Vladimir Putin, speaking last Thursday, did not rule out extending the cuts for longer.

“As the virus continues to spread, the odds of additional OPEC + production tends to diminish in helping to provide some balance to the market,” said Jim Ritterbusch, president of Ritterbusch and Associates.

The latest weekly U.S. oil inventory figures, due later on Tuesday and on Wednesday, are expected to show rising supplies.

Analysts polled by Reuters expect crude stocks to rise by about 1.1 million barrels.

Additional reporting by Alex Lawler, Aaron Sheldrick and Sonali Paul; Editing by David Gregorio, Marguerita Choy and Jason Neely

https://uk.reuters.com/article/global-o ... KL1N2HI07M

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Re: THE DAILY NEWS

Post by thelivyjr » Tue Oct 27, 2020 1:40 p

CNBC

"10-year Treasury yield falls for a third straight day amid market volatility"


Yun Li @YunLi626, Sam Meredith @smeredith19

Published Tue, Oct 27 20205:40 AM EDT Updated Tue, Oct 27 20209:44 AM EDT

Treasury yields fell on Tuesday as investors flocked to safe bonds amid heightened volatility on Wall Street ahead of Election Day.

The yield on the benchmark 10-year Treasury note dipped to 0.791%, falling for a third straight session.

The 10-year rate dropped nearly 4 basis points on Monday amid a big sell-off in equities.

The yield on the 30-year Treasury bond was also down at 1.575%.

Yields move inversely to prices.

The decline came when market participants are increasingly concerned about the economic impact of an upsurge in coronavirus cases.

A wave of new Covid-19 infections around the world has prompted some countries to impose fresh restrictions as winter looms.

To date, more than 43.5 million people have contracted Covid-19 worldwide, with 1.16 million related deaths, according to data compiled by Johns Hopkins University.

On the data front, demand for durable goods surged more than expected in September with new orders rose 1.9% for the month, compared to the 0.4% expectation from a Dow Jones economists survey.

Consumer confidence for October, the Richmond Fed manufacturing survey for October and third-quarter housing vacancies are all scheduled to be released at 10:00 a.m., with Dallas Fed services to follow slightly later in the session.

The U.S. Treasury will auction $30 billion of 119-day bills, $30 billion of 42-day bills, and $54 billion of 2-year notes on Tuesday.

https://www.cnbc.com/2020/10/27/us-bond ... focus.html

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Re: THE DAILY NEWS

Post by thelivyjr » Tue Oct 27, 2020 1:40 p

CNBC

"Dow futures fall 150 points as Wall Street grapples with rising Covid-19 cases, earnings"


Fred Imbert @foimbert

Published Tue, Oct 27 20206:00 PM EDT

U.S. stock futures fell on Tuesday night following a mixed session in which traders weighed a recent uptick in coronavirus infections.

Dow Jones Industrial Average futures traded 115 points lower, or 0.4%.

S&P 500 slid 0.5% and Nasdaq 100 futures dipped 0.3%.

The Dow fell more than 200 points during regular trading and the S&P 500 slipped 0.3%.

The Nasdaq Composite, meanwhile, advanced 0.6%.

Tuesday’s divergent market action came as names that would benefit from people staying at home — such as Amazon and Zoom Video — rose broadly while stocks dependent on the economy reopening declined.

Daily U.S. coronavirus cases have risen by a record average of 69,967 over the past week, data compiled by Johns Hopkins University showed.

Meanwhile, coronavirus-related hospitalizations are up 5% or more in 36 states, according to data from the Covid Tracking Project.

This uptick has led some countries to reinstate certain lockdown measures.

In the U.S., the state of Illinois has ordered Chicago to shut down indoor dining.

“Uncertainty about COVID-19-related mobility restrictions and US politics mean we should expect volatility to remain elevated for the balance of the year,” said Mark Haefele, chief investment officer for global wealth management at UBS, in a note.

“However, we continue to see upside over the medium term.”

“With ten vaccine candidates in late-stage trials globally, our central scenario is that restrictions can start to be lifted by 2Q21, helping corporate earnings recover to pre-pandemic highs by around the end of 2021,” he said.

Earnings

Wall Street also pored through the latest batch of corporate earnings for the previous quarter, including those of tech giant Microsoft.

Microsoft reported better-than-expected earnings and revenue for the previous quarter as sales from its cloud business grew sharply.

However, the stock dipped 0.3% in after-hours trading.

“Redmond is continuing to see strength in the field as more enterprises move to the cloud,” Wedbush analyst Dan Ives said in a note.

“This is a stark contrast to the earnings debacle we saw from mature software stalwart SAP earlier this week which highlights the clear winners and losers in this cloud shift with MSFT leading the way.”

First Solar also posted quarterly numbers that beat analyst expectations, sending its shares up about 10% after the bell.

Boeing, General Electric, UPS and Fiat Chrysler are among the companies set to report Wednesday before the bell.

https://www.cnbc.com/2020/10/27/stock-m ... -news.html

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Re: THE DAILY NEWS

Post by thelivyjr » Wed Oct 28, 2020 1:40 p

SME

"Durable Goods Orders Rise on Transportation"


By Bill Koenig Senior Editor, SME Media

October 27, 2020

Durable goods orders increased in September on transportation equipment, the U.S. Commerce Department said today.

Orders rose 1.9 percent to $237.1 billion, the department said in a monthly report.

That was up from an adjusted $232.7 billion the month before.

September marked the fifth consecutive monthly increase as makers of durable goods have recovered from plant shutdowns earlier this year stemming from the novel coronavirus (COVID-19).

The transportation equipment category posted a gain of 4.1 percent to $76.8 billion in September.

The sector has had increases four of the five past months.

Within transportation, orders for motorized vehicles and parts rose 1.5 percent to $62.4 billion.

Orders for commercial aircraft totaled $1.8 billion after having been in negative territory in previous months due to canceled orders.

Defense aircraft orders slid 46 percent to $2.14 billion.

The auto industry resumed production in May following COVID-19 factory shutdowns.

Demand hasn’t reached pre-pandemic levels but automakers have worked at relatively stable levels.

Aerospace has been more volatile.

Demand for commercial airline flights remains down because of COVID-19.

Forecasts vary concerning when that will change.

Excluding transportation, durable goods orders gained 0.8 percent in September.

Excluding defense, orders increased 3.4 percent.

Among other durable goods categories, orders for primary metals gained 4 percent to $19.3 billion.

Orders for fabricated metal products rose 1.2 percent to $30.8 billion.

Orders for machinery declined 0.3 percent to $31.2 billion.

The report is based on a survey of about 3,100 companies.

https://www.sme.org/technologies/articl ... portation/

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Re: THE DAILY NEWS

Post by thelivyjr » Wed Oct 28, 2020 1:40 p

CNBC

"Dow sinks more than 900 points for its worst drop since June amid rising virus cases globally"


Fred Imbert @foimbert

Published Tue, Oct 27 2020

U.S. stocks fell sharply on Wednesday amid concerns over the latest increase in coronavirus infections and its potential impact on the global economy.

The Dow Jones Industrial Average dropped 943.24 points, or 3.4%, to 26,519.95, posting its fourth straight negative session.


The S&P 500 slid 3.5%, or 119.65 points, to 3,271.03, while the Nasdaq Composite fell 3.7%, or 426.48 points, to 11,004.87.

The Dow and the S&P 500 both suffered their worst day since June 11.

The U.S. indexes took their cues from the European market benchmarks.

The German Dax index fell 4.2% to its lowest level since late May.

The French CAC 40 slid 3.4%.

The FTSE 100 in London closed 2.6% lower.

U.S. coronavirus cases have risen by a record daily average of 71,832 over the past week, data compiled by Johns Hopkins University showed.

Meanwhile, coronavirus-related hospitalizations are up 5% or more in three dozen states, according to data from the Covid Tracking Project.

Cases are also rising sharply across Europe.

The recent uptick in Covid cases has led some countries to reinstate certain social distancing measures.

In the U.S., the state of Illinois has ordered Chicago to shut down indoor dining.

In Europe, German officials agreed to a four-week partial lockdown, while the French government imposed new nationwide restrictions until Dec. 1.

“I think there’s going to be a call for lockdowns the likes of which we’ve seen in Chicago,” CNBC’s Jim Cramer said Wednesday.

“The lockdowns without the stimulus equals what we’re seeing.”

“It’s a shame because, had there been stimulus, we’d then be focusing on earnings and the earnings are actually pretty darn good,” he said.

Stocks that would be hurt the most by lockdowns or a slowdown in the economy reopening led the declines on Wednesday.

Shares of United Airlines fell 4.6%.

Royal Caribbean shares lost 7.4%, while Norwegian Cruise Line and Carnival dropped 9.1% and 10.6%, respectively.

The Cboe Volatility Index, known on Wall Street as the market’s “fear gauge,” jumped above 40 and hit its highest level since June 15.

“Investors’ hopes that the Covid pandemic would not force further stringent mitigations measures and/or potential wholesale lockdowns that would push global economies back into ‘low-consumption mode’ appear to be coming under challenge,” said Yousef Abbasi, global market strategist at StoneX.

“Avoiding these stringent measures has been a major tenant of the bullish thesis, particularly for those looking to value stocks and for a steeper yield-curve.”

The 30-stock Dow has fallen 6.4% this week so far, on pace for its biggest weekly drop since March.

The S&P 500 is down 5.6% in this period, also headed for its worst week since March.

The tech-heavy Nasdaq has dropped 4.7% this week.

Earnings season continues

Wall Street also pored through the latest batch of corporate earnings for the previous quarter, including those of tech giant Microsoft.

Microsoft reported better-than-expected earnings and revenue for the previous quarter as sales from its cloud business grew sharply.

However, the stock dropped 5% on light revenue guidance.

Boeing reported a quarterly loss that’s narrower than expected, but the company said it plans to cut thousands of additional jobs through 2021 as it adjusts to the long-term drop in air travel demand.

Boeing shares dropped 4.6%.

Shares of General Electric gained 4.5% Wednesday after the company reported stronger than forecast revenues and a surprise adjusted profit for the third quarter.

First Solar also posted quarterly numbers that beat analyst expectations, sending its shares up more than 13%.

“Broadly speaking, earnings season is coming in better than expected,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors.

“The one thing is there have been some underlying concerns when you delve into some of the reports.”

“Also, not a lot of companies are giving solid guidance."

"That would have been something more reassuring to investors,” Horneman said.

— CNBC’s Yun Li contributed reporting.

https://www.cnbc.com/2020/10/27/stock-m ... -news.html

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