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Stocks got crushed on Thursday: Morning Brief – Yahoo

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Friday, September 4, 2020” data-reactid=”16″>Friday, September 4, 2020

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Everything that worked suddenly didn’t.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="After a record close for the Nasdaq and the S&amp;P 500 on Wednesday as the Dow closed at its highest level since late-February, stocks got crushed on Thursday.” data-reactid=”20″>After a record close for the Nasdaq and the S&P 500 on Wednesday as the Dow closed at its highest level since late-February, stocks got crushed on Thursday.

When the dust settled, the S&P 500 had dropped 3.5% while the Dow fell 2.8% and the Nasdaq just less than 5%.

This was the biggest single-day drop for the S&P 500 and the Nasdaq since June 11.

And the simplest explanation of what happened Thursday is that all the trades that have worked stopped working and the trades that haven’t worked did.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Apple (AAPL), for instance, fell 8% on Thursday while Tesla (TSLA) dropped 9% and is now down some 19% from its record high hit earlier this week. Chip names that have also been market leaders like Nvidia (NVDA) and AMD (AMD) were also under pressure on Thursday, falling 9.2% and 8.5%, respectively.” data-reactid=”24″>Apple (AAPL), for instance, fell 8% on Thursday while Tesla (TSLA) dropped 9% and is now down some 19% from its record high hit earlier this week. Chip names that have also been market leaders like Nvidia (NVDA) and AMD (AMD) were also under pressure on Thursday, falling 9.2% and 8.5%, respectively.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Zoom (ZM) shares also dropped 10% bringing their two-day losses to 20%. Recall that on Tuesday Zoom shares rose 40% following a stellar earnings report. And Zoom is only one example of a hot stay-at-home or hot software trade that got reversed on Thursday. Throw a dart at a SaaS name or any stock levered to the “at home” economy and you found a big loser on Thursday.” data-reactid=”25″>Zoom (ZM) shares also dropped 10% bringing their two-day losses to 20%. Recall that on Tuesday Zoom shares rose 40% following a stellar earnings report. And Zoom is only one example of a hot stay-at-home or hot software trade that got reversed on Thursday. Throw a dart at a SaaS name or any stock levered to the “at home” economy and you found a big loser on Thursday.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Meanwhile, financials held up better than the broader marker, with the XLF (XLF) ETF that tracks the S&amp;P Financial sector falling 1.5%, far less than the broader market.” data-reactid=”26″>Meanwhile, financials held up better than the broader marker, with the XLF (XLF) ETF that tracks the S&P Financial sector falling 1.5%, far less than the broader market.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The KBW Bank Index fared even better than the XLF, falling 0.8% on Thursday while the KBW Regional Banking index actually rose 0.3%, one of the few green areas in the market.” data-reactid=”27″>The KBW Bank Index fared even better than the XLF, falling 0.8% on Thursday while the KBW Regional Banking index actually rose 0.3%, one of the few green areas in the market.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="And while all 11 sectors in the S&amp;P 500 were lower on Thursday, Energy (XLE), Utilities (XLU), and Real Estate (XLRE), along with the financials, fell less than 2%. Each of these outperforming sectors were down more than 10% from their 52-week highs ahead of Thursday’s session.” data-reactid=”28″>And while all 11 sectors in the S&P 500 were lower on Thursday, Energy (XLE), Utilities (XLU), and Real Estate (XLRE), along with the financials, fell less than 2%. Each of these outperforming sectors were down more than 10% from their 52-week highs ahead of Thursday’s session.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On Wednesday, in contrast, six of the seven other sectors in the S&amp;P hit record highs. Only Industrials (XLI) neither made a record high on Wednesday nor began Thursday’s session off more than 10% from a 52-week high.” data-reactid=”29″>On Wednesday, in contrast, six of the seven other sectors in the S&P hit record highs. Only Industrials (XLI) neither made a record high on Wednesday nor began Thursday’s session off more than 10% from a 52-week high.

So again the theme across sectors holds: What hasn’t been working did, what has been working didn’t.

And of course, days that lack a clear, simple, obvious market catalyst beyond “stocks went down because they’ve gone up a lot” are frustrating to investors.

In an email sent out on Thursday afternoon, Dave Lutz at JonesTrading outlined some of the myriad factors cited by investors across Wall Street as the cause of Thursday’s selloff. These theories ranged from gamma hedging by options dealers to a strong dollar to commentary from strategists at Citi advising clients to buy value over growth among other factors that may have been triggers for the decline.

None of these ideas were seen as definitive.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="And with a crucial jobs report due out in just a few hours investors will be offered even more grist for the mill of stories about the what and the why of the market’s eventful week so far.” data-reactid=”34″>And with a crucial jobs report due out in just a few hours investors will be offered even more grist for the mill of stories about the what and the why of the market’s eventful week so far.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="So many investors and commentators are also still operating under the idea that the stock market has been disconnected from the real economy — an idea the Morning Brief has questioned. But it is possible that we could be entering a new phase of this market cycle in which investors recognize the still-depressed state of U.S. economic activity. Or it might be the case that we are seeing a period similar to the rotation trade that shook markets in early August.” data-reactid=”35″>So many investors and commentators are also still operating under the idea that the stock market has been disconnected from the real economy — an idea the Morning Brief has questioned. But it is possible that we could be entering a new phase of this market cycle in which investors recognize the still-depressed state of U.S. economic activity. Or it might be the case that we are seeing a period similar to the rotation trade that shook markets in early August.

But whether Thursday’s decline marks a regime change in the market or is a one-day event, it certainly serves as a reminder that in this environment, every market move is just a little bit bigger than you might expect.

No matter whether that move is relentless rally to record highs or an out-of-nowhere market selloff.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="By&nbsp;Myles Udland, reporter and co-anchor of&nbsp;The Final Round. Follow him at&nbsp;@MylesUdland” data-reactid=”38″>By Myles Udland, reporter and co-anchor of The Final Round. Follow him at @MylesUdland

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'A heartbreak': Ranchman's searching for new owner amid COVID-19 pandemic – Calgary Herald

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Article content continued

“With everything happening and the Calgary downtown being almost completely empty, it’s created sort of the perfect storm for restaurant killing and hospitality killing.”

Ranchman’s has been synonymous with Calgary cowboy culture for nearly 50 years after it first opened its doors April 27, 1972.

The country nightclub was a popular spot during the Calgary Stampede and throughout the rest of the year, being named the “Country Club of the Year” by the Canadian Country Music Association 11 times.

The venue temporarily shut its doors due to the COVID-19 pandemic on March 17, and it has remained closed since. Nightclubs such as Ranchman’s are not permitted to reopen until Stage 3 of Alberta’s relaunch, and public-health officials have said there is currently no timeline for when that might happen.

The bar was founded by Harris Dvorkin and Kevin Baker but ownership traded hands in 2017, following Dvorkin’s death. Calgary bar scene mainstay Doug Rasberry purchased the property alongside a group of local business owners.

Members of the Ranchman’s ownership group did not respond to numerous requests for comment from Postmedia.

Campbell said owners were only talking to “a select few people” about the situation.

“This was a heartbreak for him. Doug (Rasberry) was the first guy, when I took Ranchman’s to the market three and a half years ago, Doug lit up like a kid at Christmas. He was so excited to have an opportunity to take this history on,” he said.

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Calgary’s famous Ranchman’s country bar up for lease; iconic rafter saddles seized by bank – Global News

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Ranchman’s Cookhouse and Dancehall in Calgary, a country bar known for its rafter saddles and mechanical bull, is up for lease.

The building that hosts the bar, at 9615 Macleod Trail S.E, has been listed publicly for the first time in its history.

The real estate company running the lease told Global News that the building is available after the current owners terminated their lease due to COVID-19 economic struggles.

It had initially been taken over by new owners in 2017 — when the former owners sold the business, but kept ownership of the building itself.

Read more:
Ranchman’s new owners to preserve iconic Calgary restaurant, cowboy culture

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One concern is the iconic saddles that hang in the rafters have been seized by the bank, said realtor Rob Campbell.

Even though they don’t belong to the business owner, they’re being considered assets and are in the process of being seized.

Campbell said he’s received many calls with concerns from local members of the rodeo community over the loss of the history.


Ranchman’s Cookhouse & Dancehall.


Global News

Ranchman’s opened in 1972, nearly 50 years ago.

It closed due to the COVID-19 pandemic on March 17 and has not reopened.

Read more:
Consumers left with worthless passes and gift cards following COVID-19 business closures

Nightclubs are part of Stage 3 of Alberta’s relaunch and are not permitted to be open in the province yet.

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© 2020 Global News, a division of Corus Entertainment Inc.

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20 new cases of COVID-19 recorded in Saskatchewan push provincial total past 1,800 – CBC.ca

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The number of COVID-19 cases recorded in Saskatchewan continues to climb.

On Sunday, the province recorded 20 new cases, bringing the provincial total to 1,807. 

Of the new cases, 10 are in Regina, seven are in Saskatoon and two are located in the South East zones. The location of one more case is pending. 

The province indicated the seven new cases in Saskatoon are linked to the outbreak at Brandt Industries, where a total of 14 cases have been linked to the workplace. The Government of Saskatchewan indicates investigation has shown this outbreak may be linked to out-of-province travel.

This is the third day in a row the province has recorded double-digit increases. On Friday, the province recorded 19 new cases and 11 new cases on Saturday. 

Of the province’s 1,807 total cases, 140 are considered active and 1,642 are considered recovered. Twenty-seven of the 140 active cases are in communal living settings. 

The number of people in hospital has remained static at 10.

Active cases in Saskatchewan can be seen detailed in this graphic published by the Government of Saskatchewan as part of it’s daily COVID-19 updates. On Sunday, the province had annouced it recorded 20 new cases, bringing the provincial total to 1,807. (Supplied/Government of Saskatchewan)

According to the province’s daily update, nine people are receiving inpatient care and one is in intensive care. Seven of those patients are in Saskatoon, one is in Regina and another is in the South Central zone. The intensive care patient is currently receiving treatment in Saskatoon. 

Drive-thru testing in Regina will also be expanded and will now be available on Wednesdays from 4 p.m. to 8 p.m. When the drive-thru testing launched, it was originally open on Tuesday, Thursdays and Saturdays. 

Hours at the drive-thru testing site in Saskatoon have gone unchanged. 

So far, the province has conducted a total of 171,945 COVID-19 tests, with 2,426 conducted on Saturday alone. The province also announced it reached an important milestone when it comes to testing over the weekend, as it set a testing record with 2,873 tests conducted Friday.

That’s compared to the province’s previous record of 2,129 tests performed Aug. 6, 2020.

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