Markets Drop As Coronavirus Fears Return


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Markets had another volatile session on Friday after starting the day up 357 points, the Dow came back down to earth and closed 200 points in the red.

Things got off to a hot start when news out of China said that the world’s second-largest economy would be accelerating its purchases of goods from US farmers. So far, China has only purchased $4.5B of the $36.5B it pledged to take off of Uncle Sam’s hands as part of the Phase One trade deal. Remember when that was the worst of our problems?

Understandably, the purchases have slowed while everyone has been on lockdown. It’s doubtful that it will be able to make up the full amount by year-end but it’s the thought that counts… right?

Stop me if you’ve heard this before

“Hold my beer.” – Volatility

Apple announced that it is closing 11 stores in Florida, Arizona, North, and South Carolina…again. The stores were originally closed, then reopened, and now closed again. Talk about an emotional roller coaster.

Not to be outdone, major cruise lines announced that they are suspending cruises out of US ports through September 15. I wonder if that includes Puerto Rico?

These aren’t exactly encouraging signs that ‘rona boi is done having his way with us. Markets slid after the news, losing gains from the day. The Dow and S&P closed down .8% and .5%, respectively and the Nasdaq closed up .03%

The bottom line…

Whether it’s a continuation of the “first” wave or the start of the “second” wave, coronavirus cases have been rising in the US as stay at home restrictions begin to lift. Investors are looking to more than the obvious (think: unemployment and new cases) metrics to figure out what the hell is really going on out there.

Savvy investors are tracking restaurant reservations, increases in travel through airports, and searches for directions to tell them how the economy is truly doing. Businesses may be open, but these indicators tell where people truly are and what they’re doing.

Water Cooler Talking Point(s)

💧 “Coronavirus striking is like Elon’s pending world domination. It’s not a question of if, it’s a question of when.” (Ian, The Water Coolest HQ)

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The Water Coolest is a daily business newsletter consisting of business news, financial advice, and unfiltered commentary. Delivered fresh in your inbox every morning so you're ready to snap necks and cash checks. Written by Tyler Morrin, AJ Glagolev, Nick Ellis, and Ian Barto.