• President Trump signs relief order
• Number of COVID-19 cases in the US surpassed 5 million
• Marriott (MAR.US) reported wider-than-expected quarterly loss
• Number of COVID-19 cases in the US surpassed 5 million
• Marriott (MAR.US) reported wider-than-expected quarterly loss
US indices launched today's session higher after President Trump signed four orders to extend stimulus to workers, after US lawmakers failed to reach an agreement on a new aid package last week. The unemployment benefits will be distributed at a lower rate of $ 400 per week. New orders will also provide a payroll tax holiday, delay student loan payments through 2020 and extend the federal moratorium on evictions. At the same time, investors remained concerned about the escalating tensions between the US and China. Beijing announced it would impose sanctions on a group of 11 US politicians in retaliation of last week's US sanctions on 11 Hong Kong and Chinese officials over the abuse of Uighur Muslims. Also Jimmy Lai, one of Hong Kong’s richest and best-known publishers and a British national, was arrested by Chinese authorities on suspicion of collusion with foreign agents. Meantime the number of coronavirus cases in the United States topped 5 million people over the weekend, taking just six weeks to double.
S&P500 (US500) launched today’s session higher and is currently testing the major resistance level at 3338.6 pts. Should upbeat moods prevail, next resistance at 3398 pts may come into play. On the other hand, once sellers regain control, the support at 3288.5 pts could be tested. Source: xStation5Marriott (MAR.US) reported first quarterly loss in nearly nine years. Company lost 64 cents per share, while analysts' expected only 42 cent loss. The hotel operator continues to suffer from the impact of a Covid-19 related hit to travel demand.
Marriott (MAR.US) – launched today’s session higher despite weak quarterly figures. Last week price managed to found some support at the 100 MA (green line) and rally. Should upbeat moods prevail, resistance at $97.23 per share may come into play. Local support is located at $80.35 per share. Source: xStation5
Berkshire Hathaway (BRKB.US) – posted a 10% drop in operating profit from a year ago during the second quarter, and took a $9.8 billion write-down for its struggling Precision Castparts unit. However, overall profit increased 86%, thanks to gains in Berkshire’s investment portfolio. Company also bought back $5.1 billion in stock during the quarter.
Barrick Gold (GOLD.US)– reported better than expected quarterly earnings. Company earned 23 cents per share, 4 cents above market expectations. Revenue also beat analaysts' estimates. The mining company benefited from rising gold prices as well as increased copper production.
AT&T (T.US) unit has removed key members of the leadership team at the company’s HBO MAX service as part of a reorganization. WarnerMedia Entertainment Chairman Robert Greenblatt and head of content Kevin Reilly were ousted, with Warner Brothers Chair and Chief Executive Ann Sarnoff now in charge of all content distributed on company platforms.
Amazon (AMZN.US) and Simon Property Group (SPG.US) are discussing turning department store previously occupied by bankrupt retailers Sears and J.C. Penney space into Amazon fulfillment centers, according to the Wall Street Journal.
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