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Stock Market News For Today August 13, 2021

Stock futures ticked higher on Friday as these major benchmarks seek to end the week on a high note.
The post Stock Market News For Today August 13, 2021 appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Stock Futures Edging Up To Close The Week

The U.S. stock futures were edging up on Friday morning. They are holding near record levels as investors digested a mixed set of economic data and earnings reports. The stock market continues to break new highs. Optimism over both the pace of economic recovery and strength in corporate earnings results. Weekly jobless claims came in at 375,000 last week. That matched estimates and declined for a third straight week. This supports the narrative of a strengthening job market. 

Economic growth is running at the best pace we have seen in decades and that is a tremendous tailwind for earnings,” said Russ Koesterich, portfolio manager of the global allocation fund at BlackRock.

The current quarterly earnings season showed U.S. corporate earnings, revenues, and profit margins expanding at their strongest pace in the past decade. That is since FactSet began tracking these metrics in 2008. Whether the stock market bull run will continue is anybody’s best guess. However, it is also worth pointing out that it will be hard for companies to sustain such momentum indefinitely. The Dow, S&P 500, and Nasdaq futures are all trading in the positive territory, moving 0.11%, 0.05%, and 0.01% higher respectively as of 7:01 a.m. ET.

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Disney’s (DIS) Stock Surging As Theme Parks Returns To Profitability

Walt Disney’s (NYSE: DIS) stock is surging in the pre-market today. This came after Disney reported blowout fiscal third-quarter earnings after the closing bell on Thursday, topping expectations across the board. It’s all good news for DIS stock investors as the company also returned to revenue growth for the first time in five quarters. As Delta variant cases continue to surge, it’s unclear how Disney’s theme parks will be affected. It goes without saying that the resurrection of the theme park industry is essential to Disney’s success. That is because it accounts for the majority of its revenue. Revenue at Disney’s parks, experiences, and products segment jumped 307.6% to $4.3 billion. That increased from $1.06 billion during the same period last year.

DIS STOCK

Also, this was the first quarter that all of Disney’s global theme parks have been open since the start of the pandemic. What’s more surprising was that the company was able to beat the subscriber estimates for its streaming unit, Disney+. The numbers came in at 116 million, beating the estimates of around 114.5 million in its third quarter. Perhaps, the experiment of taking a Marvel title to the streaming platform after going to the theatre worked. 

We ended the third quarter in a strong position, and are pleased with the Company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic,” said CEO Bob Chapek. “We continue to introduce exciting new experiences at our parks and resorts worldwide, along with new guest-centric services, and our direct-to-consumer business is performing very well, with a total of nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of the quarter, and a host of new content coming to the platforms.”  

[Read More] Best Stocks To Buy Now? 5 Autonomous Vehicle Stocks To Watch

Moderna & BioNTech Stocks Are Rebounding Amid A Booster Update

A lot of the attention will be on Moderna (NASDAQ: MRNA) and BioNTech (NASDAQ: BNTX) today as the FDA authorized booster shots for people with weakened immune systems. Studies suggest that a third vaccine shot might help shield patients that are immunocompromised from the highly contagious variant. These vaccine stocks started the week on a strong note. That was amid growing enthusiasm over technology used in their coronavirus vaccines. They seem promising on the potential to help fight other diseases such as cancer and malaria. 

Immunocompromised individuals are vulnerable,” Fauci said Thursday. “It is extremely important for us to move to get those individuals their boosters, and we are now working on that, and we will make that be implemented as quickly as possible. … It is a very high priority.

No Covid vaccine is 100% effective against infection, and we get that. With its already bullish sales projections, adding a third booster could help already strong sales for these vaccine stocks. Today, you might invest in these vaccine stocks for its COVID-19 treatment. But what’s really exciting are the vaccines the company hopes to introduce over the next decade. With all that in mind, would it make sense for investors to buy these vaccine stocks in the stock market today?

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

Oil Prices Slip As IEA Warns Of Potential Slowdown In Demand Recovery

Oil prices continued to slide on Friday. This came after the IEA warned that demand growth for crude and its products had slowed sharply. Concerns have resurfaced with the acceleration of the COVID-19 delta infection rate worldwide. As a result, this has forced governments globally, particularly China, the world’s second-largest oil consumer, to look set to reduce mobility and oil use. 

Although OPEC left its demand forecast unchanged, we think that the near-term demand outlook has deteriorated, which may mean that the group adjusts down its supply plans at its next meeting,” Caroline Bain, chief commodities economist at Capital Economics.

[Read More] Best Growth Stocks To Buy Now? 5 To Watch In August 2021

Earnings Winding Down For The Week

Fridays typically see fewer earnings reports as we wind down the week. But that doesn’t mean there’s nothing to look forward to today. With a lot of positive momentum from healthcare stocks in the stock market today, it won’t hurt to take a closer look at some of the up-and-coming biotech stocks. Some of the biotech companies reporting prior to the opening bell today include Bio-Path (NASDAQ: BPTH), Forma Therapeutics (NASDAQ: FMTX), and Medicenna Therapeutics (NASDAQ: MDNA).

Some of the most highly-anticipated earnings reports after the closing bell on Thursday topped Wall Street’s expectations. For instance, Airbnb (NASDAQ: ABNB) beat consensus estimates for its revenue and bookings. But it warned about the expected volatility from the delta variant. Meanwhile, SoFi (NASDAQ: SOFI) sank as profit outlook came up short. So, whether it is keeping up with the downturn in oil prices or simply following the earnings reports, there should be enough to keep you occupied as the week winds down. 

The post Stock Market News For Today August 13, 2021 appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Survey Shows Declining Concerns Among Americans About COVID-19

Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat"…

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Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat" to the health of the US population - a sharp decline from a high of 67% in July 2020.

(SARMDY/Shutterstock)

What's more, the Pew Research Center survey conducted from Feb. 7 to Feb. 11 showed that just 10% of Americans are concerned that they will  catch the disease and require hospitalization.

"This data represents a low ebb of public concern about the virus that reached its height in the summer and fall of 2020, when as many as two-thirds of Americans viewed COVID-19 as a major threat to public health," reads the report, which was published March 7.

According to the survey, half of the participants understand the significance of researchers and healthcare providers in understanding and treating long COVID - however 27% of participants consider this issue less important, while 22% of Americans are unaware of long COVID.

What's more, while Democrats were far more worried than Republicans in the past, that gap has narrowed significantly.

"In the pandemic’s first year, Democrats were routinely about 40 points more likely than Republicans to view the coronavirus as a major threat to the health of the U.S. population. This gap has waned as overall levels of concern have fallen," reads the report.

More via the Epoch Times;

The survey found that three in ten Democrats under 50 have received an updated COVID-19 vaccine, compared with 66 percent of Democrats ages 65 and older.

Moreover, 66 percent of Democrats ages 65 and older have received the updated COVID-19 vaccine, while only 24 percent of Republicans ages 65 and older have done so.

“This 42-point partisan gap is much wider now than at other points since the start of the outbreak. For instance, in August 2021, 93 percent of older Democrats and 78 percent of older Republicans said they had received all the shots needed to be fully vaccinated (a 15-point gap),” it noted.

COVID-19 No Longer an Emergency

The U.S. Centers for Disease Control and Prevention (CDC) recently issued its updated recommendations for the virus, which no longer require people to stay home for five days after testing positive for COVID-19.

The updated guidance recommends that people who contracted a respiratory virus stay home, and they can resume normal activities when their symptoms improve overall and their fever subsides for 24 hours without medication.

“We still must use the commonsense solutions we know work to protect ourselves and others from serious illness from respiratory viruses, this includes vaccination, treatment, and staying home when we get sick,” CDC director Dr. Mandy Cohen said in a statement.

The CDC said that while the virus remains a threat, it is now less likely to cause severe illness because of widespread immunity and improved tools to prevent and treat the disease.

Importantly, states and countries that have already adjusted recommended isolation times have not seen increased hospitalizations or deaths related to COVID-19,” it stated.

The federal government suspended its free at-home COVID-19 test program on March 8, according to a website set up by the government, following a decrease in COVID-19-related hospitalizations.

According to the CDC, hospitalization rates for COVID-19 and influenza diseases remain “elevated” but are decreasing in some parts of the United States.

Tyler Durden Sun, 03/10/2024 - 22:45

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Rand Paul Teases Senate GOP Leader Run – Musk Says “I Would Support”

Rand Paul Teases Senate GOP Leader Run – Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump…

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Rand Paul Teases Senate GOP Leader Run - Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump into the race to become the next Senate GOP leader, and Elon Musk was quick to support the idea. Republicans must find a successor for periodically malfunctioning Mitch McConnell, who recently announced he'll step down in November, though intending to keep his Senate seat until his term ends in January 2027, when he'd be within weeks of turning 86. 

So far, the announced field consists of two quintessential establishment types: John Cornyn of Texas and John Thune of South Dakota. While John Barrasso's name had been thrown around as one of "The Three Johns" considered top contenders, the Wyoming senator on Tuesday said he'll instead seek the number two slot as party whip. 

Paul used X to tease his potential bid for the position which -- if the GOP takes back the upper chamber in November -- could graduate from Minority Leader to Majority Leader. He started by telling his 5.1 million followers he'd had lots of people asking him about his interest in running...

...then followed up with a poll in which he predictably annihilated Cornyn and Thune, taking a 96% share as of Friday night, with the other two below 2% each. 

Elon Musk was quick to back the idea of Paul as GOP leader, while daring Cornyn and Thune to follow Paul's lead by throwing their names out for consideration by the Twitter-verse X-verse. 

Paul has been a stalwart opponent of security-state mass surveillance, foreign interventionism -- to include shoveling billions of dollars into the proxy war in Ukraine -- and out-of-control spending in general. He demonstrated the latter passion on the Senate floor this week as he ridiculed the latest kick-the-can spending package:   

In February, Paul used Senate rules to force his colleagues into a grueling Super Bowl weekend of votes, as he worked to derail a $95 billion foreign aid bill. "I think we should stay here as long as it takes,” said Paul. “If it takes a week or a month, I’ll force them to stay here to discuss why they think the border of Ukraine is more important than the US border.”

Don't expect a Majority Leader Paul to ditch the filibuster -- he's been a hardy user of the legislative delay tactic. In 2013, he spoke for 13 hours to fight the nomination of John Brennan as CIA director. In 2015, he orated for 10-and-a-half-hours to oppose extension of the Patriot Act

Rand Paul amid his 10 1/2 hour filibuster in 2015

Among the general public, Paul is probably best known as Capitol Hill's chief tormentor of Dr. Anthony Fauci, who was director of the National Institute of Allergy and Infectious Disease during the Covid-19 pandemic. Paul says the evidence indicates the virus emerged from China's Wuhan Institute of Virology. He's accused Fauci and other members of the US government public health apparatus of evading questions about their funding of the Chinese lab's "gain of function" research, which takes natural viruses and morphs them into something more dangerous. Paul has pointedly said that Fauci committed perjury in congressional hearings and that he belongs in jail "without question."   

Musk is neither the only nor the first noteworthy figure to back Paul for party leader. Just hours after McConnell announced his upcoming step-down from leadership, independent 2024 presidential candidate Robert F. Kennedy, Jr voiced his support: 

In a testament to the extent to which the establishment recoils at the libertarian-minded Paul, mainstream media outlets -- which have been quick to report on other developments in the majority leader race -- pretended not to notice that Paul had signaled his interest in the job. More than 24 hours after Paul's test-the-waters tweet-fest began, not a single major outlet had brought it to the attention of their audience. 

That may be his strongest endorsement yet. 

Tyler Durden Sun, 03/10/2024 - 20:25

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The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While “Waiting” For Deporation, Asylum

The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several…

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The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several months we've pointed out that there has  been zero job creation for native-born workers since the summer of 2018...

... and that since Joe Biden was sworn into office, most of the post-pandemic job gains the administration continuously brags about have gone foreign-born (read immigrants, mostly illegal ones) workers.

And while the left might find this data almost as verboten as FBI crime statistics - as it directly supports the so-called "great replacement theory" we're not supposed to discuss - it also coincides with record numbers of illegal crossings into the United States under Biden.

In short, the Biden administration opened the floodgates, 10 million illegal immigrants poured into the country, and most of the post-pandemic "jobs recovery" went to foreign-born workers, of which illegal immigrants represent the largest chunk.

Asylum seekers from Venezuela await work permits on June 28, 2023 (via the Chicago Tribune)

'But Tyler, illegal immigrants can't possibly work in the United States whilst awaiting their asylum hearings,' one might hear from the peanut gallery. On the contrary: ever since Biden reversed a key aspect of Trump's labor policies, all illegal immigrants - even those awaiting deportation proceedings - have been given carte blanche to work while awaiting said proceedings for up to five years...

... something which even Elon Musk was shocked to learn.

Which leads us to another question: recall that the primary concern for the Biden admin for much of 2022 and 2023 was soaring prices, i.e., relentless inflation in general, and rising wages in particular, which in turn prompted even Goldman to admit two years ago that the diabolical wage-price spiral had been unleashed in the US (diabolical, because nothing absent a major economic shock, read recession or depression, can short-circuit it once it is in place).

Well, there is one other thing that can break the wage-price spiral loop: a flood of ultra-cheap illegal immigrant workers. But don't take our word for it: here is Fed Chair Jerome Powell himself during his February 60 Minutes interview:

PELLEY: Why was immigration important?

POWELL: Because, you know, immigrants come in, and they tend to work at a rate that is at or above that for non-immigrants. Immigrants who come to the country tend to be in the workforce at a slightly higher level than native Americans do. But that's largely because of the age difference. They tend to skew younger.

PELLEY: Why is immigration so important to the economy?

POWELL: Well, first of all, immigration policy is not the Fed's job. The immigration policy of the United States is really important and really much under discussion right now, and that's none of our business. We don't set immigration policy. We don't comment on it.

I will say, over time, though, the U.S. economy has benefited from immigration. And, frankly, just in the last, year a big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era.

PELLEY: The country needed the workers.

POWELL: It did. And so, that's what's been happening.

Translation: Immigrants work hard, and Americans are lazy. But much more importantly, since illegal immigrants will work for any pay, and since Biden's Department of Homeland Security, via its Citizenship and Immigration Services Agency, has made it so illegal immigrants can work in the US perfectly legally for up to 5 years (if not more), one can argue that the flood of illegals through the southern border has been the primary reason why inflation - or rather mostly wage inflation, that all too critical component of the wage-price spiral  - has moderated in in the past year, when the US labor market suddenly found itself flooded with millions of perfectly eligible workers, who just also happen to be illegal immigrants and thus have zero wage bargaining options.

None of this is to suggest that the relentless flood of immigrants into the US is not also driven by voting and census concerns - something Elon Musk has been pounding the table on in recent weeks, and has gone so far to call it "the biggest corruption of American democracy in the 21st century", but in retrospect, one can also argue that the only modest success the Biden admin has had in the past year - namely bringing inflation down from a torrid 9% annual rate to "only" 3% - has also been due to the millions of illegals he's imported into the country.

We would be remiss if we didn't also note that this so often carries catastrophic short-term consequences for the social fabric of the country (the Laken Riley fiasco being only the latest example), not to mention the far more dire long-term consequences for the future of the US - chief among them the trillions of dollars in debt the US will need to incur to pay for all those new illegal immigrants Democrat voters and low-paid workers. This is on top of the labor revolution that will kick in once AI leads to mass layoffs among high-paying, white-collar jobs, after which all those newly laid off native-born workers hoping to trade down to lower paying (if available) jobs will discover that hardened criminals from Honduras or Guatemala have already taken them, all thanks to Joe Biden.

Tyler Durden Sun, 03/10/2024 - 19:15

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