Friendly monetary policy from the Federal Reserve cannot "offset a severe COVID second wave," said Dennis DeBusschere, macro research analyst with Evercore ISI, in a note. "With TX, AZ, CA new cases and hospitalizations increasing and investors concerned that recent protest will fuel a wave of infections, the risk of persistently weak economic and earnings growth has increased. S&P fair value estimates are falling as a result.
Overall coronavirus cases in the U.S. topped 2 million, according to the latest figures from Johns Hopkins University. Traders also sold oil futures contracts amid worries the global economic reopening will get sidetracked. West Texas Intermediate futures dropped 8.2% to settle at $36.34 per barrel. In turn, traditionally safer assets such as bonds and gold rose. The 10-year Treasury note yield dropped to 0.66% and hit its lowest level in more than a week . Gold futures jumped 1.1% to $1,739.80 per ounce.
The fall came as a no surprise to me and many others. The 'recovery' rally was a well organized Wall Street Madoff Ponzi scam. It fooled no one outside the US.
Sarah Eisen needs to bring more optimism or the market falls apart
Don't tell tweety asshole
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