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Wall Street Opens Lower on Virus Surge, Stimulus Impasse; Dow Down 325 Pts | Market News

  Market News – U.S. stock markets opened weakly on Monday, on fears that a third wave of the coronavirus pandemic will push back the day when economic life can get back to normal. Failure by politicians in Washington to make any progress in passing a support package to bridge the gap until that day has also weighed on sentiment. By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 326 points, or 1.1%, at 28,010 points. The S&P 500 index was down 0.9% and the Nasdaq Composite was down 0.4%. All three indexes have now been trending downward for the last two weeks. The U.S. is clearly experiencing a third wave of the pandemic with just a week to go before the election. Hospitalization rates have risen by around half over the last month to their highest since August, while the seven-day moving average for deaths has been trending up for nearly two weeks. Whether the economy has adapted enough in the last six months to ride out the new wave seems open to question, with i
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Daily Finance & Global News 25th September 2020 | WECHAT, ASTRAZENECA, MICROSOFT

  Justice Department Asks Judge To Allow U.S. To Bar Wechat From U.S. App Stores. The U.S. Justice Department asked a federal judge in San Francisco early on Friday to allow the government to bar Apple Inc and Alphabet Inc’s Google from offering WeChat for download in U.S. app stores pending an appeal. The filing asked U.S. Magistrate Judge Laurel Beeler to put on hold her preliminary injunction issued Saturday. That injunction blocked the U.S. Commerce Department order which was set to take effect late on Sept. 20 and that would also bar other U.S. transactions with Tencent Holding’s WeChat, potentially making the app unusable in the United States. Oil Heading For Weekly Decline As Coronavirus Demand Concerns Mount. Oil prices slipped on Friday and were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya. Brent crude was down 4 cents

AMAZON, NIKE RISES IN PREMARKET; SHOPIFY AND STITCH FIX FALL | TODAY NEWS

  Amazon, Nike Rises In Premarket; Shopify and Stitch Fix Fall Nike stock soared 12% after the sports footwear retailer reported very strong numbers in the first quarter after the close Tuesday. Flat sales after a drop of 38% were particularly impressive, with the brand’s digital sales surging 82%, although margins were flattered by a lack of spending on marketing around major sports events. Deutsche Bank has upgraded its investment stance to buy as a result. Tesla stock fell 5.5% as announcements at the electric car maker’s “Battery Day” of new, more powerful batteries, and the potential of a $25,000, fully-autonomous car “in about three years time” failed to impress investors. Shopify stock fell 1.1% after the e-commerce giant announced that two “rogue members” of its support team engaged in a scheme to illegitimately obtain customer transactional records. Stitch Fix stock slumped 15% after the online personal styling service reported steep losses for the fiscal fourth quarter despit