Archives of “November 2020” month

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US hits a record daily high for COVID-19 cases: 185,000 new infections Thursday

  
Analysis, COVID-19

Reuters tallying up Thursday’s results, the highest single-day increase since the pandemic started.

Hospitals are already under severe strain, some at capacity. healthcare workers are overwhelmed. Adding in 185k new cases a day only stuffs the pipeline of admissions (and deaths) further and further. Its going to be a cold and bitter winter coming up in the US.

Reuters tallying up Thursday's results, the highest single-day increase since the pandemic started.

Georgia to certify Biden as winner of the state on Friday, Michigan and Pennsylvania to follow on Monday

  
  Analysis
The state have completed their recount, as demanded by the losers, which confirmed Biden as the runaway winner.
Monday 23 November will bring similar certifications from two other key states, Michigan and Pennsylvania.

There are plenty of others but these 3 above are the closely watched ones. Wisconsin is scheduled to certify on December 1.

Biden and Harris take the reins on January 20 next year.
I posted earlier on the impending announcement from Georgia:

Federal Reserve in battle against US Treasury over emergency funds

  
  Analysis

An open revolt from the Fed, this is very strong language at this level of governance, make no  mistake:

  • “The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”
Fed responding to:
The Fed is, in effect, pleading for assistance in supporting the economy but the Trump administration is refusing.
I can’t recall a public spat like this between the Fed and Treasury?
—
Congress is in stalemate over adding fiscal support, chopping monetary support can do little more than damage an already fragile economy.

Major indices close near session highs. Snap 2 day losing streak

  
Analysis, US Market

NASDAQ index leads the way

The NASDAQ and S&P index are closing near session highs. In the process they are snapping a 2 day losing streak.  The Dow industrial average also euros but at a more modest pace.

The final numbers for the day are showing:
  • S&P index up 14.08 points or 0.39% at 3581.87
  • NASDAQ index up 103.11 points or 0.87% at 11904.71
  • Dow industrial average up at 44.81 points or 0.15% at 29483.23
Despite the gains, the S&P index is on track for a weekly loss.
Some leaders today include:
  • Goodrx, +12.47%. The online pharmaceutical company was hit hard over the last few days on the news that Amazon would be entering that market
  • Crowdstrike, +4.52%
  • Wells Fargo, +4.43%
  • Slack, +4.41%
  • AMD, +3.7%
  • Square, +3.39%
  • Alcoa, +3.33%
  • Salesforce, +2.93%
  • Tesla, +2.54%
  • First Solar, +2.5%
  • Beyond Meat, +2.48%
Some losers today include:
  • Exxon Mobil, -3.72%
  • General Dynamics, -2.29%
  • United health, -2.18%
  • Booking.com, -1.69%
  • Walt Disney, -1.52%
  • Amgen, -1.36%
  • Charles Schwab, -1.28%
  • Chubb, -1.25%
  • AT&T, -1.19%
  • Walgreen boots, -0.99%
  • FedEx, -0.99%
  • MasterCard, -0.6%
  • Gilead, -0.44%

UK and Italy virus case count numbers rise

  
Analysis, COVID-19

Numbers tick higher today but plateau continues

The latest UK and Italian virus numbers are higher than yesterday but the overall trend remains towards a plateau.
Italian reports 36,176 new cases and 653 deaths. On Nov 13, Italy reported a record 40,902 cases and they’ve been around 35K throughout this month. There are early signs of turn lower but this is the part of the week where we usually see an uptick.
In the UK, cases rose 22,915 compared to 19,905 yesterday. There were 501 deaths with 529 yesterday. It’s a similar story in the UK. Despite the uptick, there are clear signs of a plateau. Hopefully we will be seeing signs of turn lower very soon because we’re now weeks into the new set of restrictions.
Numbers tick higher today but plateau continues
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