STATUS CHECK: NASDAQ WOWS; TRUMP REPEATS; SHELTON UP

WASHINGTON (MaceNews) – The following is Monday’s updated status check of developments in the U.S. that can influence economic, health and political outcomes:

  • With the VIX down 4.13% to a calmer 24.60, the Nasdaq set another record in a big way, gaining 2.51% or 263.90 on the back of Tesla (+9.47% to record high), Peloton (+10.56%), Dropbox +(9.89%), Amazon (+7.93%), Netflix (+1.91%), Apple +2.11%). S&P +0.84%/+27.11; DJIA +0.09%/+8.92.
  • Congress back in town as Trump starts another distracting controversy by sending camo-garbed troops to round up protestors in Portland, inflaming protests and local politicians/House committees. CNN says Chicago next. Trump sticks to payroll tax holiday push, a nonstarter for Dems since it funds Soc Security, Medicare. Every sign the next round of virus response will be a Capitol Hill circus before it inevitably passes.
  • COVID deaths 140,607 (NYT tracker) as new fatalities stay historically low. Anxiety about school reopenings intensifies. Georgia, the poster state for policy showdowns, has court hearing Tuesday as governor sues Atlanta mayor trying to overturn mask mandate and silence all press releases about it. Worse: FL, LA, AL, NV, SC, TX, ID, TN. MS., GA, CA and more. BUT, Trump tweets himself wearing a mask.
  • US Tsy’s Mnuchin’s past dalliance with George Soros among the tidbits in the latest New Yorker profile.
  • Biden camp eagerly await resumption of Trump virus briefings Tuesday, seeing it as another self-defeating ploy that causes a net erosion in support. The long NYT virus tick-tock Sunday made Birx the Task Force villain. CNN goes harder line Monday on administration failures, Trump “lies.”
  • State’s Pompeo in London, ostensibly on the anti-Huawei campaign to thank Boris for the ban.
  • The IMF’s brain trust says weakened emerging/developing econ currencies won’t help in the long run for those that are dollar linked. See the day’s blog post.
  • Interesting piece on industrial policy and space: https://www.realcleardefense.com/articles/2020/07/20/a_strategic_pivot_to_outer_space_115479.html
  • Vaccine breakthroughs losing that old magic. AstraZeneca shares didn’t do a Moderna with the day’s development (AZN -3.98%)
  • Fed wild-card nominee Shelton gets Senate vote Tuesday. Stars not aligned any more for eventual Fed chairmanship whatever Trump intended.
  • Upcoming data: Tuesday’s 8:55s ET Redbook retail index.

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