Charting a damaging August downdraft, S&P 500 violates major support
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Technically speaking, the major U.S. benchmarks have staged a sharp August downdraft, selling off aggressively from recent record highs.
The downturn has inflicted broadly-based damage, raising the flag to a bearish intermediate-term trend shift, pending repairs.
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Amazon Facilitating School Supplies Donation
Amazon.com (AMZN) has rolled out a way for its customers to donate school supplies to needy students via Alexa.
“Alexa customers can donate a backpack full of school supplies via Alexa to a student in need. Customers simply have to say, “Alexa, Donate to Happy School Year,” and they will be presented with a backpack offer from Amazon,” Amazon said in a statement.
After the customer confirms the order for donation, Amazon will fill the backpack with basic school supplies and ship it directly to Communities In Schools, the nation’s largest provider of in-school resources and support to students in need.
According to the National Retail Federation, parents with children in elementary school plan to spend an average of $696.70 this year, up from $684.79 in 2018, while students in college plan to spend $976.78, up from $942.17.
Customers who donate will receive a thank you message from NBA legend Shaq, who is also a member of the Communities in Schools National Board.
“Alexa makes it easy for customers to brighten the start of the school year for children who need it most. Donating is simple – just say ‘Alexa, Donate to Happy School Year.’ We can’t wait to see the generosity of our customers this back-to-school season,” said Chuck Moore, VP Alexa.
Nebraska GOP calls on state lawmaker to leave the party
The Nebraska Republican Party is calling on a state senator to leave the party and re-register as a Democrat after the lawmaker accused GOP officials of “enabling white supremacy in our country.”
Nebraska Republican Party Executive Director Ryan Hamilton said Monday that state Sen. John McCollister has been telegraphing for years that he has little in common with the GOP voters in his Omaha district.
The statement came after McCollister blasted the party for not speaking out against President Donald Trump’s inflammatory comments about minorities.
McCollister has said he doesn’t intend to switch parties.
Hamilton says McCollister’s voting record on guns, taxes and abortion runs counter to what most conservatives believe. In May, McCollister spoke at an abortion-rights rally at the Nebraska Capitol.
This story has been corrected to show the Nebraska Republican Party’s executive director is Ryan Hamilton, not Ryan Horn.
Three-Year Note Auction Attracts Below Average Demand
Kicking off this week’s announcements of the results of its long-term securities auctions, the Treasury Department revealed Tuesday its auction of $38 billion worth of three-year notes attracted below average demand.
The three-year note auction drew a high yield of 1.562 percent and a bid-to-cover ratio of 2.41.
Last month, the Treasury also sold $38 billion worth of three-year notes, drawing a high yield of 1.857 percent and a bid-to-cover ratio of 2.39.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
The ten previous three-year note auctions had an average bid-to-cover ratio of 2.52.
Looking ahead, the Treasury is due to announce the results of its auctions of $27 billion worth of ten-year notes and $19 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.
Argentina says June industrial production falls for 14th straight month
BUENOS AIRES, Aug 6 (Reuters) – Argentine industrial production fell 6.9% in June versus the same month last year, government data showed on Tuesday, marking the 14th straight month of declines.
Latin America’s No. 3 economy is mired in recession while inflation rages at more than 50 percent. Argentina’s construction sector alone fell 11.8% in June versus June 2018, the data showed. (Reporting by Jorge Iorio, writing by Hugh Bronstein; editing by Jonathan Oatis)
Shares of drug distributors fall after Bloomberg reports proposed multibillion-dollar opioid settlement
Shares of McKesson Corp. MCK, -5.82%, Cardinal Health Inc. CAH, -6.45% and AmersourceBergen Corp. ABC, -5.85% were all down more than 6% Tuesday afternoon after Bloomberg reported the companies had proposed paying $10 billion to settle claims they helped fuel the opioid epidemic in the U.S. However, the National Association of Attorneys General, which is handling talks on behalf of more than 35 states, countered with a demand for $45 billion, Bloomberg reported. The drug distributors are facing almost 2,000 more lawsuits from cities and counties across the country. Shares of McKesson have gained 22.2% so far this year, while AmerisourceBergen’s stock has gained 11.6% and Cardinal Health shares have fallen 4.7%. The S&P 500 SPX, +1.23% has gained 14.3%.