Subprime Auto-Loan Delinquencies, After April Fiasco, Miraculously Healed by “Forbearance” & Stimulus Money by Wolf Richter • Jul 13, 2020 • 119 Comments “Extend and pretend” works wonders for a little while. But with auto loans, it gets dicey in a hurry. And then what?
Moving the Iron amid Sagging Demand: Tesla Cuts Price of Model Y, after Cutting Prices of Model 3, S & X, as Other Automakers Offer Record Incentives. by Wolf Richter • Jul 13, 2020 • 163 Comments The time for deals on new vehicles has arrived.
“Wild Ride to Nowhere”: APPL, MSFT, AMZN, GOOG, FB Soar to New High. Rest of Stock Market is a Dud, Has Been for Years by Wolf Richter • Jul 11, 2020 • 220 Comments The market has come to totally depend on the “Giant 5.” A scary out-of-whack weight on the way down.
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas by Wolf Richter • Jul 10, 2020 • 128 Comments The bankruptcy epicenter is in Texas.
QE Unwind Speeds Up: Fed’s Assets Drop $85 Billion. Four-Week Total -$248 Billion. Big Chunk in a Short Time by Wolf Richter • Jul 9, 2020 • 92 Comments Repos & dollar liquidity swaps on their way out. SPVs declined. Hardly bought any corporate bonds & ETFs. MBS flat. Treasuries ticked up.
Unemployment Claims Hit New Record: 32.9 Million State & Federal. Week 16 of U.S. Labor Market Collapse by Wolf Richter • Jul 9, 2020 • 182 Comments Claims by gig workers under federal PUA program soar, now 44% of total unemployment claims. Where’s the “V-Shaped” recovery of the labor market?
No V-Shaped Recovery for Airlines. Ticket Sales Slide Again. United Announces 36,000 “Involuntary Furloughs” by Wolf Richter • Jul 8, 2020 • 179 Comments “Increase in Covid-19 cases negatively impacting industry demand”: United
Pandemic Compresses Brick & Mortar Meltdown: Brooks Brothers Files for Bankruptcy, Ascena (Ann Taylor, etc.) Prepares to File, Tailored Brands (Men’s Wearhouse, etc.) Not Far Behind by Wolf Richter • Jul 8, 2020 • 131 Comments A dozen major brands, thousands of stores, after years of struggling. Work-from-home is annihilating casual and formal office attire.
US House Prices to Drop 6.6% by May 2021, First Annual Decline since Jan. 2012: CoreLogic, Owner of the Case-Shiller Index by Wolf Richter • Jul 7, 2020 • 176 Comments And this, after years of being unwaveringly bullish in its housing market predictions.
Seems Counter-Intuitive in This Crisis: Inflation Heats Up for Services Firms, and They’re Able to Pass it on via Higher Prices by Wolf Richter • Jul 6, 2020 • 114 Comments Even manufacturers, after months of crushed commodities prices, experience inflation and are able to pass it on. Stimulus money the government and the Fed have thrown around by the trillions.
