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Stock market news live updates: Stock futures tumble as fears of virus resurgence flare – Yahoo Canada Shine On

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Stock futures opened lower Sunday evening as daily coronavirus case counts rose by records in some states.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The early moves for futures extended declines from last week’s choppy equity trading sessions. The S&amp;P 500 and Dow dipped at the end of last week but held onto weekly advances after Apple said it was closing retail stores in states where Covid-19 cases were spiking anew.” data-reactid=”17″>The early moves for futures extended declines from last week’s choppy equity trading sessions. The S&P 500 and Dow dipped at the end of last week but held onto weekly advances after Apple said it was closing retail stores in states where Covid-19 cases were spiking anew.

A number of states continued to struggle this weekend with rising coronavirus cases as businesses reopen, with states across the South, West and Midwest hit especially hard. California on Sunday reported a record 4,515 new cases in a 24-hour period, marking the highest so far in one day for the state during the pandemic. Cases in Florida rose by a single-day record of 4,049 based on Saturday’s tally, and cases on Sunday increased by another 3,494.

States including Arizona, Nevada, Missouri, South Carolina, Montana and Utah also saw cases rise by one-day records this weekend, stoking concerns of a broad-based resurgence in the pandemic that could threaten to stunt the nation’s reopening process.

Other regions that had been locked down longer, however, prepared to press ahead with easing stay-in-place orders this week. New York City is set to enter Phase Two of its reopening process on Monday, giving consumer access to hair salons, in-store shopping and outdoor seating at restaurants. An estimated up to 300,000 workers will return to their jobs with this phase of opening in one of the .

New economic data reports have underscored an at least temporary firming of activity as states reopen and allow daily life to inch back toward some form of normalcy. The latest flare-ups in virus cases, however, threaten the pace at which economic activity will move in a more positive direction.

“Our analysis identifies several states that are demonstrating worrying trends according to both the breadth and intensity of the Covid outbreak, including Arizona, Alabama, California, Florida and Georgia, among others,” Deutsche Bank economist led by Justin Weidner wrote in a note on Friday. “These trends continue to point to the presence of downside risks to the economic outlook from the pandemic.”

“However, whether these risks materialize into softer economic activity depends on whether reopening is rolled back either officially, which is likely to be closely tied to possible strains on hospital capacity, or due to a change in behaviors that reasserts social distancing practices,” they added.

Later this week, market participants will receive a number of economic data reports including May existing and new-home sales, which are expected to affirm the rebound in the housing market from the doldrums of April. Tuesday’s Markit manufacturing purchasing managers’ index (PMI) will likely show manufacturing sector activity returned to expansion in June for the first time since February, and the level of new unemployment claims will likely have dipped below 1.5 million last week, according to consensus economists.

“Encouragingly, the incoming data so far indicates that the economic downturn appears to have bottomed in April,” Sam Bullard, senior economist for Wells Fargo Securities, wrote in a note Sunday. “That being said, businesses are operating with a great deal of uncertainty not knowing how long it will take for demand to return to pre-pandemic levels.”

6:07 p.m. ET Sunday: Stock futures tumble as some states’ daily virus case counts rise by records

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:07 p.m. ET:

  • S&P 500 futures (ES=F): 3,034.25, down 25.25 points or 0.83%

  • Dow futures (YM=F): 25,260.00, down 269 points, or 1.05%

  • Nasdaq futures (NQ=F): 9,852.25, down 71.25 points, or 0.72%

Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid
Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid

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‘Victory for environmental justice’: Activists rejoice after $8bn Atlantic Coast Pipeline NIXED amid long-running legal battle – RT

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Two energy companies behind the controversial 600-mile Atlantic Coast Pipeline slated to run from West Virginia to North Carolina, said they are scrapping the project after it has been on hold for years due to legal challenges.

In a joint statement on Sunday, Dominion Energy and Duke Energy announced that they pull the plug on the project, which was first announced in 2014 and has faced fierce opposition from landowners and environmental activists, arguing that the 600-mile (970km) pipeline would cause irreparable damage to the land and wildlife.

The developers, who argued that the pipeline is a better option environment-wise, since it was set to replace retiring coal-fired power plants with “environmentally superior, lower cost natural gas-fired generation,” have been embroiled in a long-running legal war with those who did not want to settle for second best.




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The US has a lot of natural gas that may have to stay in the ground due to never-ending legal battles to get pipelines built



Activists pointed out that the laying of the pipeline would involve mass removal of trees and damage to mountain slopes in its path, potentially increasing risks of landslides.

In addition to that, opponents of the development cast doubt on the notion that there is a sufficient demand for gas the pipeline was set to transport. 

The developers said that the last straw that forced them to abandon the project was a recent decision of a district court in Montana “overturning long-standing federal permit authority for waterbody and wetland crossings.” The move was backed by an appellate court’s ruling in late May, “indicating an appeal is not likely to be successful.”

The companies said that they believe the Montana court decision is bound to serve as a precedent, prompting more legal woes for the developers.

This new information and litigation risk, among other continuing execution risks, make the project too uncertain to justify investing more shareholder capital

Constant legal wranglings have almost doubled the cost of the mega-project from the original estimate of $4.5 billion – $5 billion to $8 billion. It was already lagging some three and a half years behind the schedule when it was ultimately cancelled on Sunday.

The announcement of the project’s demise has sparked celebrations among its opponents.




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“If anyone still had questions about whether or not the era of fracked gas was over, this should answer them,” Sierra Club Executive Director Michael Brune said.

Today is a historic victory for clean water, the climate, public health, and our communities

In a joint statement with Reverend William Barber II, Former Vice President Al Gore, who has also been an outspoken opponent of the pipeline, denounced the now-defunct project as an embodiment of “the injustice of race, the injustice of ecological devastation, the injustice of poverty.”

“Today we see a victory for environmental justice,” he said.

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Alberta to give out second round of 20 million masks through fast food restaurants – Edmonton Journal

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Alberta will distribute another 20 million non-medical masks, mostly through drive-thru restaurants, beginning July 13.

As with the first round distributed in June, Albertans can pick up the masks at McDonald’s, A&W and Tim Hortons.

The province recommends the wearing of a mask to help prevent the spread of COVID-19 when two metres of physical distancing is not possible.

“The first phase of free mask distribution in Alberta was a huge success and the response was an incredible show of community support,” Health Minister Tyler Shandro said in a Sunday news release.

Masks will also be distributed to municipalities without easy access to a restaurant, First Nations and Metis settlements, long-term care and senior’s centres, women’s shelters, homeless shelters and addiction treatment facilities.

Convenience-store chain 7-Eleven will assist with the distribution of masks to transit services throughout Alberta.

Last month, four free masks could be picked up at one of 600 drive-thrus, using the honour system. Shandro said 95 per cent of people in the province live within 10 kilometers of one of these restaurants.

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Calgarians are making Stampede show go on

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BMO Kids’ Day Pancake Drive-thru

July 8 at Stampede Park, from 9 a.m. to 4 p.m.
Complimentary breakfast, provided by BMO
Advance registration at CalgaryStampede.com required.

Community Pancake Drive-thru

July 11 at Southcentre Mall from 9 a.m. to noon
Advance registration at CalgaryStampede.com required.

Stampede Food Truck Rally

A taste of the midway, from corn dogs to cotton candy.

July 6, Max Bell Centre, 2 to 8 p.m.
July 7, Max Bell Centre, 2 to 8 p.m.
July 8, Grey Eagle Casino, 2 to 8 p.m.
July 9, Shane Homes YMCA at Rocky Ridge, 2 to 8 p.m.
July 10, Spruce Meadows, 2 to 8 p.m.
July 11, Vivo, 2 to 8 p.m.
July 12, Grey Eagle Casino, 2 to 8 p.m.

Source: Calgary Stampede

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