MARKETWATCH - The Fed
"Dallas Fed’s Kaplan bemoans lack of mask wearing in Texas and elsewhere"
By Greg Robb
Published: June 25, 2020 at 11:25 a.m. ET
The strength of any U.S. economic recovery from the coronavirus is going to depend just as much on “basic” preventative steps like wearing a mask as government funding, and so far the “jury is still out” on how the U.S. is doing, said Dallas Fed President Robert Kaplan on Thursday.
“The government can aid the unemployed workers and provide funds for cash-strapped states and local governments, but this isn’t going to be a substitute for basic things like people in the United States wearing masks."
"I mean broadly wearing masks and that is not happening in the U.S.,” Kaplan said during a virtual panel on central banking and the COVID 19 pandemic sponsored by the Bretton Woods Committee.
There has been some confusion and mixed messages about the need for masks in the U.S., and mask wearing has been “uneven” in Texas, he added.
“We’ve had a resurgence in a whole range of states and that means consumers are going to be reluctant to engage,” he said.
Indeed, the U.S. counted 34,700 new confirmed cases on Wednesday, according to the Associated Press, the highest level since a late April peak number of 36,400.
While New York and neighboring states have succeeded in flattening their infection curve, 29 states are still seeing increasing cases over the last 14 days, according to a New York Times tracker.
The outbreaks have threatened to impede efforts to restart businesses that have been shut down to prevent a more severe outbreak of the pathogen.
Bringing back small businesses and other firms that rely on consumer spending “won’t happen to the extent it would have unless we really are disciplined here in our health-care protocols,” he said.
In Texas, which began lifting its shutdowns on May 1, infections are skyrocketing.
Hospitalizations as a result of the coronavirus have doubled and new cases have tripled in two weeks, according to the AP.
Some other states like North Carolina, Louisiana and Kansas are holding off of plans to reopen their economies.
https://www.marketwatch.com/story/dalla ... cle_inline
THE DAILY NEWS
Re: THE DAILY NEWS
"Hawkins: Small group responsible for Albany violence - Police chief says Thursday that they know who perpetrators are"
Steve Hughes. Albany, New York Times Union
June 25, 2020 | Updated: June 26, 2020 8:40 a.m.
ALBANY —A small group of violent criminals took advantage of the COVID-19 pandemic and its impact on law enforcement to unleash an unprecedented level of gun violence in Albany, Police Chief Eric Hawkins said Thursday.
"We had three months where we were not able to operate as we usually would and it wasn't anyone's fault."
"It simply was not safe to operate as usual," Hawkins told reporters at police headquarters during a news conference with Mayor Kathy Sheehan.
"So we had a number of individuals in this community who seized an opportunity to engage in this sort of violence and we have identified them."
Sheehan and Hawkins spoke after five people were shot, two fatally, on Wednesday.
An elderly woman was in critical conditions after being struck in the neck in a drive-by shooting on Quail Street.
A man was also injured in that shooting and a 16-year-old was injured in a separate shooting on Clinton Street.
Since June 18, 25 people have been shot in the city.
During the news conference, they promised residents would see more officers on the street after Hawkins requested assistance Wednesday from the State Police and Albany County Sheriff's Department.
But their big focus is on intervention and other steps the city has previously used to tamp down and prevent the cycle of retaliatory shootings, they said.
Sheehan said officials will be focusing their attention on "those individuals who are committing this violence and the groups that they are affiliated with."
She said the city will fill '"gaps" that were not being filled.
She said that due to the COVID-19 pandemic, interventions to stop violence, such as visits with people on probation, could not happen.
She also called on community and religious leaders in the city to do what they can to help the city as it heads in to the summer.
"We need everybody to be coming together to utilize whatever resources they have at their disposal to ensure we’re engaging young people and keeping people engaged this summer," she said.
"This is not something any one entity can deal with or do on their own."
Sixty people have been shot so far this year in the city and eight have been killed, including four within the last week.
The city had four homicides in 2019.
A series of feuds over drugs, social media slights, and perceived disrespect is driving a cycle of violence where groups are retaliating against each other, Hawkins said.
The department was making progress in their investigations and moving toward arresting those involved, he said.
"We have an idea of what some of the underlying issues are and right now we are in the enforcement mode," Hawkins said.
"I think it's important for our community to know that what we are seeing right now ....is a very small group of individuals who are responsible for a very large percentage of the violence that we're seeing in our community."
"The violence that we're seeing is appalling, it's unacceptable and it will not be tolerated."
On Thursday, police also identified both of Wednesday's homicide victims but no arrests have been made yet.
In Wednesday's first homicide, surveillance video reviewed by the Times Union shows Nyjawuan Thomas, 21 of Troy, driving a U-Haul pickup truck down South Pearl Street, being pursued by a black Jeep.
Thomas tried to turn east on to Morton Avenue but hit a van, crashing in to a light pole outside the Albany County office building .
The Jeep managed to make the right turn on to Morton Avenue and as Thomas ran from the crashed truck, his killer fired, striking him in the back.
Thomas fell to the sidewalk, lying halfway in the road.
A passerby stopped to check on Thomas but the Jeep turned back on to South Pearl Street, pulled up alongside Thomas and his killer fired several more times before speeding off.
In the second fatal shooting, police said Eddie Richardson, 23, was shot near Second Avenue and Grandview Terrace.
He was taken to Albany Medical Hospital where he died.
Police also said they arrested a man who allegedly fired several shots Wednesday evening but didn't injure any one.
Kareem Alston, 32, was charged with two counts of criminal possession of weapon and reckless endangerment after he fired several shots at people near Ontario and Third streets.
Sheehan and Hawkins were not the only city officials in the region attempting to calm residents' fears on Thursday.
In Troy, Mayor Patrick Madden and Police Chief Brian Owens issued a statement after a series of shootings and stabbings in the city, asking for residents' help in solving the crimes.
“Additional patrols and resources, including our (Rensselaer) county, state and federal partners, are being deployed to investigate recent violent incidents in our city, but additional help from the community is critical for successful investigations," Owens said.
Written By Steve Hughes
Steve is the Times Union's morning cop reporter. He's previously reported for papers in Atlantic City, New Jersey, Utica and Cortland. Originally from Syracuse, he's a 2010 graduate from SUNY Geneseo.
Reach him at 518-454-5438
https://www.timesunion.com/news/article ... ief&stn=nf
Steve Hughes. Albany, New York Times Union
June 25, 2020 | Updated: June 26, 2020 8:40 a.m.
ALBANY —A small group of violent criminals took advantage of the COVID-19 pandemic and its impact on law enforcement to unleash an unprecedented level of gun violence in Albany, Police Chief Eric Hawkins said Thursday.
"We had three months where we were not able to operate as we usually would and it wasn't anyone's fault."
"It simply was not safe to operate as usual," Hawkins told reporters at police headquarters during a news conference with Mayor Kathy Sheehan.
"So we had a number of individuals in this community who seized an opportunity to engage in this sort of violence and we have identified them."
Sheehan and Hawkins spoke after five people were shot, two fatally, on Wednesday.
An elderly woman was in critical conditions after being struck in the neck in a drive-by shooting on Quail Street.
A man was also injured in that shooting and a 16-year-old was injured in a separate shooting on Clinton Street.
Since June 18, 25 people have been shot in the city.
During the news conference, they promised residents would see more officers on the street after Hawkins requested assistance Wednesday from the State Police and Albany County Sheriff's Department.
But their big focus is on intervention and other steps the city has previously used to tamp down and prevent the cycle of retaliatory shootings, they said.
Sheehan said officials will be focusing their attention on "those individuals who are committing this violence and the groups that they are affiliated with."
She said the city will fill '"gaps" that were not being filled.
She said that due to the COVID-19 pandemic, interventions to stop violence, such as visits with people on probation, could not happen.
She also called on community and religious leaders in the city to do what they can to help the city as it heads in to the summer.
"We need everybody to be coming together to utilize whatever resources they have at their disposal to ensure we’re engaging young people and keeping people engaged this summer," she said.
"This is not something any one entity can deal with or do on their own."
Sixty people have been shot so far this year in the city and eight have been killed, including four within the last week.
The city had four homicides in 2019.
A series of feuds over drugs, social media slights, and perceived disrespect is driving a cycle of violence where groups are retaliating against each other, Hawkins said.
The department was making progress in their investigations and moving toward arresting those involved, he said.
"We have an idea of what some of the underlying issues are and right now we are in the enforcement mode," Hawkins said.
"I think it's important for our community to know that what we are seeing right now ....is a very small group of individuals who are responsible for a very large percentage of the violence that we're seeing in our community."
"The violence that we're seeing is appalling, it's unacceptable and it will not be tolerated."
On Thursday, police also identified both of Wednesday's homicide victims but no arrests have been made yet.
In Wednesday's first homicide, surveillance video reviewed by the Times Union shows Nyjawuan Thomas, 21 of Troy, driving a U-Haul pickup truck down South Pearl Street, being pursued by a black Jeep.
Thomas tried to turn east on to Morton Avenue but hit a van, crashing in to a light pole outside the Albany County office building .
The Jeep managed to make the right turn on to Morton Avenue and as Thomas ran from the crashed truck, his killer fired, striking him in the back.
Thomas fell to the sidewalk, lying halfway in the road.
A passerby stopped to check on Thomas but the Jeep turned back on to South Pearl Street, pulled up alongside Thomas and his killer fired several more times before speeding off.
In the second fatal shooting, police said Eddie Richardson, 23, was shot near Second Avenue and Grandview Terrace.
He was taken to Albany Medical Hospital where he died.
Police also said they arrested a man who allegedly fired several shots Wednesday evening but didn't injure any one.
Kareem Alston, 32, was charged with two counts of criminal possession of weapon and reckless endangerment after he fired several shots at people near Ontario and Third streets.
Sheehan and Hawkins were not the only city officials in the region attempting to calm residents' fears on Thursday.
In Troy, Mayor Patrick Madden and Police Chief Brian Owens issued a statement after a series of shootings and stabbings in the city, asking for residents' help in solving the crimes.
“Additional patrols and resources, including our (Rensselaer) county, state and federal partners, are being deployed to investigate recent violent incidents in our city, but additional help from the community is critical for successful investigations," Owens said.
Written By Steve Hughes
Steve is the Times Union's morning cop reporter. He's previously reported for papers in Atlantic City, New Jersey, Utica and Cortland. Originally from Syracuse, he's a 2010 graduate from SUNY Geneseo.
Reach him at 518-454-5438
https://www.timesunion.com/news/article ... ief&stn=nf
Re: THE DAILY NEWS
MARKETWATCH
"Oil prices decline, with U.S. prices down over 3% for the week as spread of coronavirus looks to hurt demand recovery"
By Myra P. Saefong and Mark DeCambre
Published: June 26, 2020 at 3:13 p.m. ET
Oil futures declined on Friday, as a record rise in U.S. coronavirus cases and growing infections in parts of the world pointed to long-term challenges for a recovery in crude-oil demand, pulling U.S. prices down by more than 3% for the week.
“The oil demand recovery story was dealt a blow this week after the U.S. registered the biggest-ever jump in coronavirus cases, suggesting many states may have to visit regional lockdowns soon,” wrote Edward Moya, senior market analyst at Oanda, in a Friday research note.
U.S. states, including Arizona, Texas, South Carolina and Florida, saw confirmed cases rise by more than 30% over the past week, according to a Wall Street Journal analysis of data aggregated by Johns Hopkins University.
West Texas Intermediate crude for August fell 23 cents, or 0.6%, to settle at $38.49 a barrel on the New York Mercantile Exchange, following a 1.9% gain on Thursday.
Global benchmark Brent oil for August delivery shed 3 cents, or 0.07%, to end at $41.02 a barrel on ICE Futures Europe, after a 1.8% advance in the previous session.
For the week, WTI saw a 3.4% decline, while Brent lost 2.8%, based on the most-active contract settlements last Friday, according to Dow Jones Market Data.
Data from Baker Hughes Friday showed little change in the weekly U.S. oil-rig count, which fell by just 1 to stand at 188.
The number of active U.S. oil rigs has not seen an increase since the week ended March 13.
Helping to provide some support for prices was a report from Reuters, using satellite data, pointing to a pick up in traffic in China, Europe and the U.S., that could be upbeat for energy uptake.
However, that contrast with a survey of economists by Reuters that indicates expectations for a deeper global recession than earlier estimates, which could ultimately prove a headwind for oil prices in the future.
In a note dated Thursday, Bethany Beckett, assistant economist at Capital Economics, said “given that we now expect China GDP growth to return to its pre-virus path by end-2020, domestic oil demand is likely to recover in tandem.”
The picture outside of China, however, is “much less rosy,” she wrote.
In the U.S., “we expect that the rapid rebound so far in gasoline demand will soon run out of steam and that it will only rise gradually thereafter.”
“All told, it is clear that the near-term outlook for oil prices is fairly gloomy,” said Beckett.
Capital Economics stuck to its price forecasts for Brent and WTI to reach just $45 a barrel by the end of this year.
On Nymex Friday, July gasoline fell 3.4% to $1.1533 a gallon, losing 9.3% for the week, and July heating oil fell 1.7% to $1.1363 a gallon, ending 6.2% lower for the week.
On its expiration day, July natural gas gave up earlier losses to settle at $1.495 per million British thermal units, up 0.9%.
Prices lost over 7% on Thursday after U.S. government data revealed a bigger-than-expected climb in domestic supplies for the week ended June 19.
Prices were down more than 10% from last Friday’s finish.
August natural gas, the new front-month contract, fell 0.1% to $1.544.
https://www.marketwatch.com/story/oil-p ... latestnews
"Oil prices decline, with U.S. prices down over 3% for the week as spread of coronavirus looks to hurt demand recovery"
By Myra P. Saefong and Mark DeCambre
Published: June 26, 2020 at 3:13 p.m. ET
Oil futures declined on Friday, as a record rise in U.S. coronavirus cases and growing infections in parts of the world pointed to long-term challenges for a recovery in crude-oil demand, pulling U.S. prices down by more than 3% for the week.
“The oil demand recovery story was dealt a blow this week after the U.S. registered the biggest-ever jump in coronavirus cases, suggesting many states may have to visit regional lockdowns soon,” wrote Edward Moya, senior market analyst at Oanda, in a Friday research note.
U.S. states, including Arizona, Texas, South Carolina and Florida, saw confirmed cases rise by more than 30% over the past week, according to a Wall Street Journal analysis of data aggregated by Johns Hopkins University.
West Texas Intermediate crude for August fell 23 cents, or 0.6%, to settle at $38.49 a barrel on the New York Mercantile Exchange, following a 1.9% gain on Thursday.
Global benchmark Brent oil for August delivery shed 3 cents, or 0.07%, to end at $41.02 a barrel on ICE Futures Europe, after a 1.8% advance in the previous session.
For the week, WTI saw a 3.4% decline, while Brent lost 2.8%, based on the most-active contract settlements last Friday, according to Dow Jones Market Data.
Data from Baker Hughes Friday showed little change in the weekly U.S. oil-rig count, which fell by just 1 to stand at 188.
The number of active U.S. oil rigs has not seen an increase since the week ended March 13.
Helping to provide some support for prices was a report from Reuters, using satellite data, pointing to a pick up in traffic in China, Europe and the U.S., that could be upbeat for energy uptake.
However, that contrast with a survey of economists by Reuters that indicates expectations for a deeper global recession than earlier estimates, which could ultimately prove a headwind for oil prices in the future.
In a note dated Thursday, Bethany Beckett, assistant economist at Capital Economics, said “given that we now expect China GDP growth to return to its pre-virus path by end-2020, domestic oil demand is likely to recover in tandem.”
The picture outside of China, however, is “much less rosy,” she wrote.
In the U.S., “we expect that the rapid rebound so far in gasoline demand will soon run out of steam and that it will only rise gradually thereafter.”
“All told, it is clear that the near-term outlook for oil prices is fairly gloomy,” said Beckett.
Capital Economics stuck to its price forecasts for Brent and WTI to reach just $45 a barrel by the end of this year.
On Nymex Friday, July gasoline fell 3.4% to $1.1533 a gallon, losing 9.3% for the week, and July heating oil fell 1.7% to $1.1363 a gallon, ending 6.2% lower for the week.
On its expiration day, July natural gas gave up earlier losses to settle at $1.495 per million British thermal units, up 0.9%.
Prices lost over 7% on Thursday after U.S. government data revealed a bigger-than-expected climb in domestic supplies for the week ended June 19.
Prices were down more than 10% from last Friday’s finish.
August natural gas, the new front-month contract, fell 0.1% to $1.544.
https://www.marketwatch.com/story/oil-p ... latestnews
Re: THE DAILY NEWS
MARKETWATCH Bond Report
"10-year Treasury yield lingers near two-week low ahead of consumer data"
By Sunny Oh
Published: June 26, 2020 at 8:28 a.m. ET
U.S. Treasury yields struggled for direction Friday, but remained on pace to cap a weekly slide, ahead of several updates on consumers financial health.
What are Treasurys doing?
The 10-year Treasury note yield edged 0.3 basis point lower to 0.671%.
The 2-year note rate fell 0.6 basis point to 0.178%, while the 30-year bond yield was down 0.4 basis point to 1.413%.
All three maturities stand around their two-week low.
What’s driving Treasurys?
Safe haven inflows into the bond-market helped to pin Treasury yields to the bottom end of their recent trading range.
The market grappling with a second day of record rises in new U.S. COVID-19 cases concentrated across in southern and western states, with some governors halting business reopening plans.
So far, risk assets have mostly shrugged off those concerns thanks to the unprecedented level of support for the economy from fiscal and monetary policymakers.
In U.S. economic data, investors will see personal income, consumer spending and inflation numbers for May amid hopes that household spending will support the U.S. economic rebound.
And the University of Michigan’s consumer sentiment index for June is due at 10 a.m. ET.
But analysts say the official data releases are backward-looking, and many investors are looking more closely at real-time datasets tracking, for example, visits to retail and restaurants, to gauge if the re-acceleration of COVID-19 cases will weigh on economic activity.
The Federal Reserve’s balance sheet declined by $12.4 billion to $7.08 trillion as of June. 24, compared with the week prior.
While the central bank’s holdings of government bonds and mortgage-backed debt increased by more than $52.8 billion over that period, the growth was offset by a sharp drop in usage of the Fed’s dollar liquidity swaps.
What did market participants’ say?
“Case counts and closures will once again be the primary drivers of price action in the Treasury market as the weekend approaches."
"It’s not an especially compelling trading environment, but nonetheless the one facing investors as the fallout from the pandemic continues to present the most relevant uncertainty for the balance of the year,” said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets.
https://www.marketwatch.com/story/10-ye ... od=markets
"10-year Treasury yield lingers near two-week low ahead of consumer data"
By Sunny Oh
Published: June 26, 2020 at 8:28 a.m. ET
U.S. Treasury yields struggled for direction Friday, but remained on pace to cap a weekly slide, ahead of several updates on consumers financial health.
What are Treasurys doing?
The 10-year Treasury note yield edged 0.3 basis point lower to 0.671%.
The 2-year note rate fell 0.6 basis point to 0.178%, while the 30-year bond yield was down 0.4 basis point to 1.413%.
All three maturities stand around their two-week low.
What’s driving Treasurys?
Safe haven inflows into the bond-market helped to pin Treasury yields to the bottom end of their recent trading range.
The market grappling with a second day of record rises in new U.S. COVID-19 cases concentrated across in southern and western states, with some governors halting business reopening plans.
So far, risk assets have mostly shrugged off those concerns thanks to the unprecedented level of support for the economy from fiscal and monetary policymakers.
In U.S. economic data, investors will see personal income, consumer spending and inflation numbers for May amid hopes that household spending will support the U.S. economic rebound.
And the University of Michigan’s consumer sentiment index for June is due at 10 a.m. ET.
But analysts say the official data releases are backward-looking, and many investors are looking more closely at real-time datasets tracking, for example, visits to retail and restaurants, to gauge if the re-acceleration of COVID-19 cases will weigh on economic activity.
The Federal Reserve’s balance sheet declined by $12.4 billion to $7.08 trillion as of June. 24, compared with the week prior.
While the central bank’s holdings of government bonds and mortgage-backed debt increased by more than $52.8 billion over that period, the growth was offset by a sharp drop in usage of the Fed’s dollar liquidity swaps.
What did market participants’ say?
“Case counts and closures will once again be the primary drivers of price action in the Treasury market as the weekend approaches."
"It’s not an especially compelling trading environment, but nonetheless the one facing investors as the fallout from the pandemic continues to present the most relevant uncertainty for the balance of the year,” said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets.
https://www.marketwatch.com/story/10-ye ... od=markets
Re: THE DAILY NEWS
MARKETWATCH
"Fed balance sheet growth stalls as dollar funding issues ease"
By Sunny Oh
Published: June 25, 2020 at 5:05 p.m. ET
The Federal Reserve's balance sheet declined by $12.4 billion to $7.08 trillion as of June 24, compared with the week prior.
While the central bank's holdings of government bonds and mortgage-backed debt increased by more than $52.8 billion over that period, the growth was offset by a sharp drop in usage of the Fed's dollar liquidity swaps, extended to overseas central banks that need greenbacks to support their banking sectors.
The Fed's liquidity swaps fell by $77.5 billion to $275 billion.
https://www.marketwatch.com/story/fed-b ... cle_inline
"Fed balance sheet growth stalls as dollar funding issues ease"
By Sunny Oh
Published: June 25, 2020 at 5:05 p.m. ET
The Federal Reserve's balance sheet declined by $12.4 billion to $7.08 trillion as of June 24, compared with the week prior.
While the central bank's holdings of government bonds and mortgage-backed debt increased by more than $52.8 billion over that period, the growth was offset by a sharp drop in usage of the Fed's dollar liquidity swaps, extended to overseas central banks that need greenbacks to support their banking sectors.
The Fed's liquidity swaps fell by $77.5 billion to $275 billion.
https://www.marketwatch.com/story/fed-b ... cle_inline
Re: THE DAILY NEWS
MARKETWATCH Market Snapshot
"Dow tumbles 550 points after Texas and Florida close bars again as coronavirus cases spike, while bank stocks sink on stress tests"
By Mark DeCambre and Andrea Riquier
Published: June 26, 2020 at 2:42 p.m. ET
U.S. stock indexes slid to their lowest levels in about two weeks Friday, after Texas and Florida were forced to backtrack on reopening their economies as coronavirus cases rose further and a record number of new cases were reported nationwide.
Meanwhile, investors were also parsing the results of the Federal Reserve’s bank stress tests which resulted in a cap on dividends and stock buybacks.
How are benchmarks performing?
The Dow Jones Industrial Average traded 671 points, or 2.6%, lower at about 25,075; the S&P 500 index retreated 64 points, or 2.1%, to around 3,020, with the S&P’s financial sector sinking 3.8%, while the energy sector was 3.3% lower.
All 11 sectors of the S&P 500 were trading solidly in negative territory on Friday.
Meanwhile, the tech-heavy Nasdaq Composite Index was 206 points lower to reach 9,811, a fall of about 2.1%.
For the week, the Dow was down 2.5% and the S&P 500 was looking at a 2.2% weekly decline, while the Nasdaq was on pace to fall 1.3% for the period.
What’s driving the stock market?
Investors have wrestled with rising daily rates of new U.S. coronavirus cases all week, and that again cast a pall over the stock market on Friday.
U.S. states saw a single-day record rise of 37,000 in infections on Thursday, led by Florida, Texas, California and Arizona, surpassing the 36,188 level from April 24, according to analysis of data from Bloomberg.
That case count “blew out any of the previous records,” said Will Geisdorf, senior research analyst with Sarasota, Fl-based Allegiant Private Advisors.
“I think the markets are looking at that and starting to discount the potential for a V-shaped recovery.”
As evidence continues to mount that consumers are losing confidence, pressure will mount on policymakers to deliver another round of fiscal stimulus, Geisdorf said in an interview.
“That’s what markets need to get out of this period of consolidation and volatility and continue higher."
"We’ve had the best 50-day period in market history."
"Some sort of correction was needed to relieve excessive optimism.”
Governors in Texas and Florida ordered all bars to re-close on Friday, making the states the first to reverse some reopening measures after months of lockdowns.
Texas reported 6,426 new coronavirus cases Thursday, according to Johns Hopkins University data, and Florida reported over 8,900.
Overall, total cases in the U.S. have topped 2.4 million and that increase, notably in southern and western states in the U.S., has also resulted in business reopening plans being halted in North Carolina, Louisiana and Kansas.
However, governors in New York, New Jersey and Connecticut are proceeding with reopening efforts but imposing a 14-day quarantine for visitors from some hard-hit states.
“The market has been threatened by anything that jeopardizes the economic recovery,” Quincy Krosby, chief market strategist at Prudential Financial, told MarketWatch.
“What you are seeing is the market react to the headlines,” she said.
The key for some investors is determining the degree by which the rise in cases results in hospitalizations and deaths, Krosby said.
“It will give us a sense of whether the therapeutic treatments are working,” she said.
Investors are also digesting the results of the Federal Reserve’s annual bank stress tests which requires banks to preserve capital by suspending share repurchases and cap dividend payments in the third quarter based on average net income over the past four quarters.
However, financial institutions got a boost on Thursday after the Federal Deposit Insurance Commission and Office of the Comptroller of the Currency said they are planning to loosen the restrictions imposed by the Volcker rule and allow banks to more easily make large investments into venture capital and similar funds, among other rule rollbacks.
In U.S. economic reports, consumer spending climbed in May to a record 8.2% after tumbling in April, as consumers, representing two-thirds of economic demand, used stimulus checks provided by the government to help Americans deal with job losses during the pandemic.
However, personal incomes sank 4.2% last month, reflecting mass unemployment and receding federal aid.
“Consumer demand will probably look good in June as well, supported by the reopening in the Northeast and a still-elevated savings rate,” wrote Jefferies analyst Aneta Markowska and Thomas Simons.
“However, stimulus payments are now shrinking and dragging down overall income growth,” the wrote.
In other economic reports, the final results of the consumer-sentiment survey in June slipped to 78.1 from an initial 78.9, the University of Michigan said Friday.
Which stocks are in focus?
• Nike Inc. swung to a fourth-quarter loss and total sales dropped 38% despite a jump in online sales.
The quarter’s online sales rose 75% with “strong double-digit increases” across geographies and made up about a third of total revenue for the quarter.
Shares were down 7.1%.
• Amazon.com Inc. announced that it was purchasing self-driving car company Zoox for more than $1 billion, according to reports.
The company’s stock fell about 1%.
• Shares of Gap Inc. surged 18% after the retailer reported that it was teaming up with hip-hop star Kanye West.
• Vaxart Inc. said Friday its oral COVID-19 vaccine has been selected to take part in a nonhuman primate challenge study funded by the U.S. government’s ‘Operation Warp Speed’ program, that aims to accelerate development of a vaccine.
Shares were up nearly 40%.
• Microsoft Corp. said Friday it will close all of its physical store locations, as part of the software and cloud giant’s new approach to retail.
Its stock was down 1.3%.
• Shares of Inovio Pharmaceuticals Inc. tumbled 11% Friday, after a downgrade from Stifel Nicolaus on valuation concerns.
• Facebook Inc. Shares of media giants and Twitter Inc. tumbled more than 7% after Unilever N.V. said it would join in halting advertising on the platforms until hate speech concerns were addressed.
• Albertsons Companies Inc. shares were trading lower on Friday after it priced its initial public offering.
How are other assets performing?
West Texas Intermediate U.S. crude retreated 36 cents, or 0.9%, to $38.36 a barrel on the New York Mercantile Exchange on demand concerns.
In precious metals, gold futures edged $9.70, or 0.6%, higher, to settle at $1,780.30 an ounce.
The 10-year Treasury note yield fell 4 basis points to 0.645% amid inflows into safe-haven assets.
Bond prices move inversely to yields.
The greenback was virtually unchanged against a basket of its major rivals, based on trading in the ICE U.S. Dollar Index.
In global equities, the Stoxx Europe 600 index fell 0.4% to close at 358.32 and London’s FTSE 100 closed up 0.2% at 6,159.30.
In Asian markets, the Japanese Nikkei gained 1.1%, Hong Kong’s Hang Seng lost 0.9%, while South Korea’s Kospi advanced 1.1%.
Markets in China were closed for a holiday.
https://www.marketwatch.com/story/dow-f ... od=markets
"Dow tumbles 550 points after Texas and Florida close bars again as coronavirus cases spike, while bank stocks sink on stress tests"
By Mark DeCambre and Andrea Riquier
Published: June 26, 2020 at 2:42 p.m. ET
U.S. stock indexes slid to their lowest levels in about two weeks Friday, after Texas and Florida were forced to backtrack on reopening their economies as coronavirus cases rose further and a record number of new cases were reported nationwide.
Meanwhile, investors were also parsing the results of the Federal Reserve’s bank stress tests which resulted in a cap on dividends and stock buybacks.
How are benchmarks performing?
The Dow Jones Industrial Average traded 671 points, or 2.6%, lower at about 25,075; the S&P 500 index retreated 64 points, or 2.1%, to around 3,020, with the S&P’s financial sector sinking 3.8%, while the energy sector was 3.3% lower.
All 11 sectors of the S&P 500 were trading solidly in negative territory on Friday.
Meanwhile, the tech-heavy Nasdaq Composite Index was 206 points lower to reach 9,811, a fall of about 2.1%.
For the week, the Dow was down 2.5% and the S&P 500 was looking at a 2.2% weekly decline, while the Nasdaq was on pace to fall 1.3% for the period.
What’s driving the stock market?
Investors have wrestled with rising daily rates of new U.S. coronavirus cases all week, and that again cast a pall over the stock market on Friday.
U.S. states saw a single-day record rise of 37,000 in infections on Thursday, led by Florida, Texas, California and Arizona, surpassing the 36,188 level from April 24, according to analysis of data from Bloomberg.
That case count “blew out any of the previous records,” said Will Geisdorf, senior research analyst with Sarasota, Fl-based Allegiant Private Advisors.
“I think the markets are looking at that and starting to discount the potential for a V-shaped recovery.”
As evidence continues to mount that consumers are losing confidence, pressure will mount on policymakers to deliver another round of fiscal stimulus, Geisdorf said in an interview.
“That’s what markets need to get out of this period of consolidation and volatility and continue higher."
"We’ve had the best 50-day period in market history."
"Some sort of correction was needed to relieve excessive optimism.”
Governors in Texas and Florida ordered all bars to re-close on Friday, making the states the first to reverse some reopening measures after months of lockdowns.
Texas reported 6,426 new coronavirus cases Thursday, according to Johns Hopkins University data, and Florida reported over 8,900.
Overall, total cases in the U.S. have topped 2.4 million and that increase, notably in southern and western states in the U.S., has also resulted in business reopening plans being halted in North Carolina, Louisiana and Kansas.
However, governors in New York, New Jersey and Connecticut are proceeding with reopening efforts but imposing a 14-day quarantine for visitors from some hard-hit states.
“The market has been threatened by anything that jeopardizes the economic recovery,” Quincy Krosby, chief market strategist at Prudential Financial, told MarketWatch.
“What you are seeing is the market react to the headlines,” she said.
The key for some investors is determining the degree by which the rise in cases results in hospitalizations and deaths, Krosby said.
“It will give us a sense of whether the therapeutic treatments are working,” she said.
Investors are also digesting the results of the Federal Reserve’s annual bank stress tests which requires banks to preserve capital by suspending share repurchases and cap dividend payments in the third quarter based on average net income over the past four quarters.
However, financial institutions got a boost on Thursday after the Federal Deposit Insurance Commission and Office of the Comptroller of the Currency said they are planning to loosen the restrictions imposed by the Volcker rule and allow banks to more easily make large investments into venture capital and similar funds, among other rule rollbacks.
In U.S. economic reports, consumer spending climbed in May to a record 8.2% after tumbling in April, as consumers, representing two-thirds of economic demand, used stimulus checks provided by the government to help Americans deal with job losses during the pandemic.
However, personal incomes sank 4.2% last month, reflecting mass unemployment and receding federal aid.
“Consumer demand will probably look good in June as well, supported by the reopening in the Northeast and a still-elevated savings rate,” wrote Jefferies analyst Aneta Markowska and Thomas Simons.
“However, stimulus payments are now shrinking and dragging down overall income growth,” the wrote.
In other economic reports, the final results of the consumer-sentiment survey in June slipped to 78.1 from an initial 78.9, the University of Michigan said Friday.
Which stocks are in focus?
• Nike Inc. swung to a fourth-quarter loss and total sales dropped 38% despite a jump in online sales.
The quarter’s online sales rose 75% with “strong double-digit increases” across geographies and made up about a third of total revenue for the quarter.
Shares were down 7.1%.
• Amazon.com Inc. announced that it was purchasing self-driving car company Zoox for more than $1 billion, according to reports.
The company’s stock fell about 1%.
• Shares of Gap Inc. surged 18% after the retailer reported that it was teaming up with hip-hop star Kanye West.
• Vaxart Inc. said Friday its oral COVID-19 vaccine has been selected to take part in a nonhuman primate challenge study funded by the U.S. government’s ‘Operation Warp Speed’ program, that aims to accelerate development of a vaccine.
Shares were up nearly 40%.
• Microsoft Corp. said Friday it will close all of its physical store locations, as part of the software and cloud giant’s new approach to retail.
Its stock was down 1.3%.
• Shares of Inovio Pharmaceuticals Inc. tumbled 11% Friday, after a downgrade from Stifel Nicolaus on valuation concerns.
• Facebook Inc. Shares of media giants and Twitter Inc. tumbled more than 7% after Unilever N.V. said it would join in halting advertising on the platforms until hate speech concerns were addressed.
• Albertsons Companies Inc. shares were trading lower on Friday after it priced its initial public offering.
How are other assets performing?
West Texas Intermediate U.S. crude retreated 36 cents, or 0.9%, to $38.36 a barrel on the New York Mercantile Exchange on demand concerns.
In precious metals, gold futures edged $9.70, or 0.6%, higher, to settle at $1,780.30 an ounce.
The 10-year Treasury note yield fell 4 basis points to 0.645% amid inflows into safe-haven assets.
Bond prices move inversely to yields.
The greenback was virtually unchanged against a basket of its major rivals, based on trading in the ICE U.S. Dollar Index.
In global equities, the Stoxx Europe 600 index fell 0.4% to close at 358.32 and London’s FTSE 100 closed up 0.2% at 6,159.30.
In Asian markets, the Japanese Nikkei gained 1.1%, Hong Kong’s Hang Seng lost 0.9%, while South Korea’s Kospi advanced 1.1%.
Markets in China were closed for a holiday.
https://www.marketwatch.com/story/dow-f ... od=markets
Re: THE DAILY NEWS
MARKETWATCH
"Consumer spending jumps record 8.2% in May as economy reopens, unemployment benefits surge"
By Jeffry Bartash
Published: June 26, 2020 at 9:49 a.m. ET
The numbers:
Consumer spending leaped a record 8.2% in May to mark the first increase since the coronavirus pandemic drubbed the economy, but fading government stimulus payments, still-high unemployment and a fresh viral outbreak are likely to muzzle similarly large gains in the months ahead.
The increase in spending fell short of the 10% forecast of economists polled by MarketWatch.
The reopening of business activity in May in several states released a barrage of pentup demand as Americans were able to get out and about for the first time in several months.
What also allowed them to spend more were generous unemployment benefits, a federal loan program to encourage small businesses to keep paying workers, and onetime stimulus checks for most families.
Spending is unlikely to continue to increase rapidly as the summer wears on, though.
For one thing, incomes remained depressed with tens of millions of people still out of work.
They sank 4.2% last month, reflecting mass unemployment and receding federal aid after a big flush of financial relief in April.
Another wave of coronavirus cases, what’s more, is causing some states to hit the pause button on reopening their economies and deterring people from leaving their homes.
What Happened:
Americans spent more on a variety of goods and services such as new cars, clothes, recreation and even eating out.
Spending on health care also increased.
The increase in outlays was fueled by massive government financial aid.
Unemployment-compensation payouts, for example, nearly tripled as tens of millions of people lost their jobs.
More employees returning to work after a brief hiatus also led to a small increase in wages and salaries.
The savings rate, after soaring early in the pandemic as Americans hoarded their cash, fell to 23.2% from 32.2%.
Before the pandemic savings averaged around 7% a month.
Inflation barely rose in May, up just 0.1% as expected
The rate of inflation as measured by the PCE price index slipped to 0.5% in the past 12 months from 0.6% in the prior month — well below the Federal Reserve’s 2% target.
The rate of inflation has fallen sharply during the pandemic.
Another measure of inflation that strips out food and energy, known as the core rate, also rose 0.1% last month.
It’s up only 1% in the past year, unchanged from the prior month.
The devastation caused by the coronavirus epidemic has forced many companies to cut prices to try to drum up sales, especially in industries such as travel that have been the hardest hit.
Analysts predict inflation will remain low until the economy recovers despite all the trillions of dollars spent by the government to prop it up.
Big picture:
The economy turned the corner in May after the sharpest and fastest downturn in U.S. history, but further progress in recovering from the pandemic is likely to come much slower.
Millions of Americans remain out of work, businesses are struggling to back to normal and the U.S. simply doesn’t need as many employees with the domestic and global economies mired in a deep slump.
Economists say the government will likely have to provide more money to families and businesses to maintain the recent momentum.
If federal aid dries up, the economy could suffer another setback.
What they are saying?
“Consumer spending sprung back to life in May as the nation reopened."
"But, don’t be fooled, the rebound was only partial and largely supported by April’s massive fiscal stimulus injection,” Gregory Daco and Lydia Boussour of Oxford Economics told clients.
“Consumers are still fearful.”
“The rebound in May spending alongside substantial income support is encouraging, but the outlook now will be guided by how quickly the nation can suppress the recent flare-up in infections,” said senior economist Sal Guatieri of BMO Capital Markets.
Market reaction:
The Dow Jones Industrial Average and S&P 500 were set to open lower in Friday trades.
https://www.marketwatch.com/story/consu ... cle_inline
"Consumer spending jumps record 8.2% in May as economy reopens, unemployment benefits surge"
By Jeffry Bartash
Published: June 26, 2020 at 9:49 a.m. ET
The numbers:
Consumer spending leaped a record 8.2% in May to mark the first increase since the coronavirus pandemic drubbed the economy, but fading government stimulus payments, still-high unemployment and a fresh viral outbreak are likely to muzzle similarly large gains in the months ahead.
The increase in spending fell short of the 10% forecast of economists polled by MarketWatch.
The reopening of business activity in May in several states released a barrage of pentup demand as Americans were able to get out and about for the first time in several months.
What also allowed them to spend more were generous unemployment benefits, a federal loan program to encourage small businesses to keep paying workers, and onetime stimulus checks for most families.
Spending is unlikely to continue to increase rapidly as the summer wears on, though.
For one thing, incomes remained depressed with tens of millions of people still out of work.
They sank 4.2% last month, reflecting mass unemployment and receding federal aid after a big flush of financial relief in April.
Another wave of coronavirus cases, what’s more, is causing some states to hit the pause button on reopening their economies and deterring people from leaving their homes.
What Happened:
Americans spent more on a variety of goods and services such as new cars, clothes, recreation and even eating out.
Spending on health care also increased.
The increase in outlays was fueled by massive government financial aid.
Unemployment-compensation payouts, for example, nearly tripled as tens of millions of people lost their jobs.
More employees returning to work after a brief hiatus also led to a small increase in wages and salaries.
The savings rate, after soaring early in the pandemic as Americans hoarded their cash, fell to 23.2% from 32.2%.
Before the pandemic savings averaged around 7% a month.
Inflation barely rose in May, up just 0.1% as expected
The rate of inflation as measured by the PCE price index slipped to 0.5% in the past 12 months from 0.6% in the prior month — well below the Federal Reserve’s 2% target.
The rate of inflation has fallen sharply during the pandemic.
Another measure of inflation that strips out food and energy, known as the core rate, also rose 0.1% last month.
It’s up only 1% in the past year, unchanged from the prior month.
The devastation caused by the coronavirus epidemic has forced many companies to cut prices to try to drum up sales, especially in industries such as travel that have been the hardest hit.
Analysts predict inflation will remain low until the economy recovers despite all the trillions of dollars spent by the government to prop it up.
Big picture:
The economy turned the corner in May after the sharpest and fastest downturn in U.S. history, but further progress in recovering from the pandemic is likely to come much slower.
Millions of Americans remain out of work, businesses are struggling to back to normal and the U.S. simply doesn’t need as many employees with the domestic and global economies mired in a deep slump.
Economists say the government will likely have to provide more money to families and businesses to maintain the recent momentum.
If federal aid dries up, the economy could suffer another setback.
What they are saying?
“Consumer spending sprung back to life in May as the nation reopened."
"But, don’t be fooled, the rebound was only partial and largely supported by April’s massive fiscal stimulus injection,” Gregory Daco and Lydia Boussour of Oxford Economics told clients.
“Consumers are still fearful.”
“The rebound in May spending alongside substantial income support is encouraging, but the outlook now will be guided by how quickly the nation can suppress the recent flare-up in infections,” said senior economist Sal Guatieri of BMO Capital Markets.
Market reaction:
The Dow Jones Industrial Average and S&P 500 were set to open lower in Friday trades.
https://www.marketwatch.com/story/consu ... cle_inline
Re: THE DAILY NEWS
MARKETWATCH
"Consumer sentiment slips in late June as confidence in U.S. economic policies slumps to Trump-era low"
By Jeffry Bartash
Published: June 26, 2020 at 10:43 a.m. ET
The numbers:
Americans turned slightly more cautious about how quickly the economy will recover from the coronavirus in late June as confidence in Washington’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 June slipped to 78.1 from an initial 78.9, the University of Michigan said Friday.
What happened:
Consumers don’t think the economy can get much worse, but they are unsure how long it will take for the U.S. to return to normal.
The reopening of the economy helped buoy spirits in May and early June, 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 June, 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 Washington’s ability to help.
Confidence in Washington’s economic policies fell to the lowest level since President Trump took office in January 2017.
Big picture:
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 and parts of the West even as it slows in the harder hit Northeast.
Most economists predict a choppy recovery and uneven growth as the nation searches for ways to allow businesses, schools and other entities to safely reopen.
Unemployment is likely to remain high for at least the next year.
What they are saying?
“The report notes that sentiment is more closely tied to the coronavirus,” said chief economist Scott Brown of Raymond James.
“The recent increase in reported cases of COVID-19 should reduce sentiment in July, but you could have probably guessed that already.”
Market reaction:
The Dow Jones Industrial Average and S&P 500 fell in Friday trades.
Stocks have zig-zagged over the past few weeks as the economy reopened but suffered another increase in coronavirus cases.
https://www.marketwatch.com/story/consu ... cle_inline
"Consumer sentiment slips in late June as confidence in U.S. economic policies slumps to Trump-era low"
By Jeffry Bartash
Published: June 26, 2020 at 10:43 a.m. ET
The numbers:
Americans turned slightly more cautious about how quickly the economy will recover from the coronavirus in late June as confidence in Washington’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 June slipped to 78.1 from an initial 78.9, the University of Michigan said Friday.
What happened:
Consumers don’t think the economy can get much worse, but they are unsure how long it will take for the U.S. to return to normal.
The reopening of the economy helped buoy spirits in May and early June, 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 June, 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 Washington’s ability to help.
Confidence in Washington’s economic policies fell to the lowest level since President Trump took office in January 2017.
Big picture:
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 and parts of the West even as it slows in the harder hit Northeast.
Most economists predict a choppy recovery and uneven growth as the nation searches for ways to allow businesses, schools and other entities to safely reopen.
Unemployment is likely to remain high for at least the next year.
What they are saying?
“The report notes that sentiment is more closely tied to the coronavirus,” said chief economist Scott Brown of Raymond James.
“The recent increase in reported cases of COVID-19 should reduce sentiment in July, but you could have probably guessed that already.”
Market reaction:
The Dow Jones Industrial Average and S&P 500 fell in Friday trades.
Stocks have zig-zagged over the past few weeks as the economy reopened but suffered another increase in coronavirus cases.
https://www.marketwatch.com/story/consu ... cle_inline
Re: THE DAILY NEWS
AccuWeather
"Strong thunderstorms to threaten portions of the Northeast through weekend"
Ryan Adamson
26 JUNE 2020
Meteorologists are monitoring the risk for strong to severe thunderstorms in parts of the Northeast on Saturday.
However, there will be several factors that will play a role in determining just how strong and widespread the storms become.
Following a fairly seasonable day with low humidity levels on Friday, conditions will turn unsettled by Friday night.
As warmer and more humid air arrives, an area of showers and thunderstorms is likely to move into the region.
It appears most likely that southern New York and northern Pennsylvania will have the highest risk for these storms to bring impacts.
While the storms on Friday night and early Saturday morning are not expected to be severe, there will be a risk of heavy rain.
The evolution of the threat for severe weather on Saturday afternoon will be dependent on exactly where the storms from Friday night track and how quickly they move away on Saturday morning.
"Saturday's severe weather risk will largely hinge on where a complex of rain and thunderstorms sweeps through the Great Lakes and interior Northeast during Friday night," stated AccuWeather Meteorologist Renee Duff.
"Should this complex of storms dive farther southeast and leave lingering clouds in its wake during Saturday morning, the area at risk for severe thunderstorms later in the day would likely set up farther to the south and east than currently forecast," Duff continued.
If the above scenario winds up coming to fruition, than some of the major cities along the I-95 corridor would be included in the risk zone.
"There should be a couple of thunderstorms erupting later on Saturday afternoon along the I-95 corridor between Boston and Washington," said AccuWeather Senior Meteorologist Carl Babinski.
"There is at least the potential for those to bring strong, potentially damaging wind gusts in excess of 60 mph, some hail and a flooding downpour through early Saturday night," Babinski noted.
While there is some question as to the severity of the storms, a storm does not need to contain damaging wind gusts, hail or flooding to be dangerous.
"Regardless of the severity of the thunderstorms on Saturday, residents are reminded that any thunderstorm can produce potentially deadly lightning strikes, so making sure you seek proper shelter is very important," Duff emphasized.
Showers and thunderstorms are likely to linger into Sunday, but the threat of severe weather will be lower.
http://www.msn.com/en-us/weather/topsto ... &ocid=iehp
"Strong thunderstorms to threaten portions of the Northeast through weekend"
Ryan Adamson
26 JUNE 2020
Meteorologists are monitoring the risk for strong to severe thunderstorms in parts of the Northeast on Saturday.
However, there will be several factors that will play a role in determining just how strong and widespread the storms become.
Following a fairly seasonable day with low humidity levels on Friday, conditions will turn unsettled by Friday night.
As warmer and more humid air arrives, an area of showers and thunderstorms is likely to move into the region.
It appears most likely that southern New York and northern Pennsylvania will have the highest risk for these storms to bring impacts.
While the storms on Friday night and early Saturday morning are not expected to be severe, there will be a risk of heavy rain.
The evolution of the threat for severe weather on Saturday afternoon will be dependent on exactly where the storms from Friday night track and how quickly they move away on Saturday morning.
"Saturday's severe weather risk will largely hinge on where a complex of rain and thunderstorms sweeps through the Great Lakes and interior Northeast during Friday night," stated AccuWeather Meteorologist Renee Duff.
"Should this complex of storms dive farther southeast and leave lingering clouds in its wake during Saturday morning, the area at risk for severe thunderstorms later in the day would likely set up farther to the south and east than currently forecast," Duff continued.
If the above scenario winds up coming to fruition, than some of the major cities along the I-95 corridor would be included in the risk zone.
"There should be a couple of thunderstorms erupting later on Saturday afternoon along the I-95 corridor between Boston and Washington," said AccuWeather Senior Meteorologist Carl Babinski.
"There is at least the potential for those to bring strong, potentially damaging wind gusts in excess of 60 mph, some hail and a flooding downpour through early Saturday night," Babinski noted.
While there is some question as to the severity of the storms, a storm does not need to contain damaging wind gusts, hail or flooding to be dangerous.
"Regardless of the severity of the thunderstorms on Saturday, residents are reminded that any thunderstorm can produce potentially deadly lightning strikes, so making sure you seek proper shelter is very important," Duff emphasized.
Showers and thunderstorms are likely to linger into Sunday, but the threat of severe weather will be lower.
http://www.msn.com/en-us/weather/topsto ... &ocid=iehp
Re: THE DAILY NEWS
"17-year-old charged in homicide, 2 other Albany shootings"
Steve Hughes, Albany, New York Times Union
June 26, 2020 | Updated: June 26, 2020 4:42 p.m.
ALBANY - A city teenager who was involved in a 2019 shooting has been charged in connection with one of Wednesday's homicides, as well as two other violent incidents in the city over the past month.
Police are not identifying the teen due to his age but said the 17-year-old was arrested Thursday with the assistance of Schenectady Police.
Police said the teen was the person who killed Nyjawaun Thomas, 21, of Troy, on Wednesday afternoon.
Thomas was shot and killed around 1:30 p.m. after being chased down South Pearl Street.
Surveillance video shows Thomas crashing a U-Haul pickup truck near the intersection of Morton Avenue and trying to run away before being shot in the back.
The Jeep pulls up alongside Thomas just a few feet from where he was lying in the street and someone fires several more shots at him before the Jeep drives off.
The teen was charged with murder and criminal possession of a weapon.
He was jailed without bail.
Albany Police Chief Eric Hawkins praised the work that went in to making the arrest.
"This individual was involved in a brutal daytime murder that not only took a life but placed other innocent lives in danger," he said in a statement.
Thomas' death was the first of four shootings that day that killed one other man and wounded three other people.
Police said the teen also tried to shoot someone just a day before Thomas' death.
Police said the teen fired several times at a crowd at around 12:45 p.m. on Second Avenue.
No injuries were reported.
He was charged with felony reckless endangerment and criminal possession of a weapon.
On June 8, police said the teen shot two men on Central Avenue near Lexington Avenue.
A 23-year-old was hit in his torso and a 29-year-old was struck in the foot.
The teen was charged with two counts of attempted murder and one count of possession of a weapon in that case.
According to police, the teen was already wanted on a bench warrant for skipping his sentencing for his role in the July 18, 2019 shooting on Third Avenue that wounded a three-year-old.
In that shooting, two men were walking up Third Avenue when two teens jumped out of a car wearing masks, and opened fire.
With one group fleeing and the other pursuing, the men ran up Third toward Elizabeth Street, where one of the bullets hit the side of a day care site, passed through a closet and struck the arm of the sleeping boy
That shooting outraged community members and led to a community forum to address the gun violence committed by young teenagers.
The teen charged in Wednesday's homicide and another defendant, Bahkee Green, were later arrested after being caught wiping down the sedan they used to drive from Arbor Hill to the South End.
The unnamed 17-year-old pleaded guilty on Feb. 18, 2020 to criminal possession of a weapon and faced 10 and a half years at sentencing.
But the teen didn't appear at his April 14 sentencing and on May 22 Judge Andra Ackerman signed a bail revocation order for him to surrender to the county jail.
When the teen didn't, an arrest warrant was issued.
The Albany County District Attorney's office is expected to seek to move the case to criminal court youth part under a provision of the Raise the Age law that allows for extraordinary circumstances.
That would enable the district attorney to prosecute the case in a forum similar to an adult court.
Written By Steve Hughes
Steve is the Times Union's morning cop reporter. He's previously reported for papers in Atlantic City, New Jersey, Utica and Cortland. Originally from Syracuse, he's a 2010 graduate from SUNY Geneseo.
Reach him at 518-454-5438
https://www.timesunion.com/news/article ... ion&stn=nf
Steve Hughes, Albany, New York Times Union
June 26, 2020 | Updated: June 26, 2020 4:42 p.m.
ALBANY - A city teenager who was involved in a 2019 shooting has been charged in connection with one of Wednesday's homicides, as well as two other violent incidents in the city over the past month.
Police are not identifying the teen due to his age but said the 17-year-old was arrested Thursday with the assistance of Schenectady Police.
Police said the teen was the person who killed Nyjawaun Thomas, 21, of Troy, on Wednesday afternoon.
Thomas was shot and killed around 1:30 p.m. after being chased down South Pearl Street.
Surveillance video shows Thomas crashing a U-Haul pickup truck near the intersection of Morton Avenue and trying to run away before being shot in the back.
The Jeep pulls up alongside Thomas just a few feet from where he was lying in the street and someone fires several more shots at him before the Jeep drives off.
The teen was charged with murder and criminal possession of a weapon.
He was jailed without bail.
Albany Police Chief Eric Hawkins praised the work that went in to making the arrest.
"This individual was involved in a brutal daytime murder that not only took a life but placed other innocent lives in danger," he said in a statement.
Thomas' death was the first of four shootings that day that killed one other man and wounded three other people.
Police said the teen also tried to shoot someone just a day before Thomas' death.
Police said the teen fired several times at a crowd at around 12:45 p.m. on Second Avenue.
No injuries were reported.
He was charged with felony reckless endangerment and criminal possession of a weapon.
On June 8, police said the teen shot two men on Central Avenue near Lexington Avenue.
A 23-year-old was hit in his torso and a 29-year-old was struck in the foot.
The teen was charged with two counts of attempted murder and one count of possession of a weapon in that case.
According to police, the teen was already wanted on a bench warrant for skipping his sentencing for his role in the July 18, 2019 shooting on Third Avenue that wounded a three-year-old.
In that shooting, two men were walking up Third Avenue when two teens jumped out of a car wearing masks, and opened fire.
With one group fleeing and the other pursuing, the men ran up Third toward Elizabeth Street, where one of the bullets hit the side of a day care site, passed through a closet and struck the arm of the sleeping boy
That shooting outraged community members and led to a community forum to address the gun violence committed by young teenagers.
The teen charged in Wednesday's homicide and another defendant, Bahkee Green, were later arrested after being caught wiping down the sedan they used to drive from Arbor Hill to the South End.
The unnamed 17-year-old pleaded guilty on Feb. 18, 2020 to criminal possession of a weapon and faced 10 and a half years at sentencing.
But the teen didn't appear at his April 14 sentencing and on May 22 Judge Andra Ackerman signed a bail revocation order for him to surrender to the county jail.
When the teen didn't, an arrest warrant was issued.
The Albany County District Attorney's office is expected to seek to move the case to criminal court youth part under a provision of the Raise the Age law that allows for extraordinary circumstances.
That would enable the district attorney to prosecute the case in a forum similar to an adult court.
Written By Steve Hughes
Steve is the Times Union's morning cop reporter. He's previously reported for papers in Atlantic City, New Jersey, Utica and Cortland. Originally from Syracuse, he's a 2010 graduate from SUNY Geneseo.
Reach him at 518-454-5438
https://www.timesunion.com/news/article ... ion&stn=nf