Amazon on fire; NAFTA progress; Emerging market pain

1. Amazon on fire: Shares in Amazon rose by more than 3% on Wednesday, lea...

Posted: Aug 30, 2018 11:11 AM
Updated: Aug 30, 2018 11:11 AM

1. Amazon on fire: Shares in Amazon rose by more than 3% on Wednesday, leaving the company's market value just short of $1 trillion.

Another strong performance on Thursday would earn Amazon the distinction of being the second US company to be valued above $1 trillion. Apple was first across the line earlier in August.

Amazon stock has doubled in value over the past year, and is now less than $2 away from breaking through another barrier: $2,000 per share.

The company had earned a reputation for pursuing growth rather than delivering profits for shareholders. That has changed in recent quarters, when profits increased dramatically as investments in areas such as cloud computing paid off.

But it's not without critics: US Senator Bernie Sanders wants to slap a special tax on Amazon and other big companies that employ workers who collect food stamps and other public assistance, for example.

2. NAFTA back on track? Canadian officials appeared optimistic Wednesday that a deal to rewrite NAFTA is within reach.

Prime Minister Justin Trudeau said that the United States, Mexico and Canada may reach agreement this week.

"We recognize that there is a possibility of getting there by Friday, but it is only a possibility, because it will hinge on whether or not there is ultimately a good deal for Canada," he said at a press conference in Ontario. "No NAFTA deal is better than a bad NAFTA deal."

President Donald Trump said Monday that the United States had reached a preliminary deal with Mexico, and that he might simply leave Canada out.

3. More pain for emerging markets: Argentina has asked the International Monetary Fund to speed up the disbursement of its $50 billion lifeline arranged earlier this year.

IMF Managing Director Christine Lagarde said in a statement that she had instructed her staff to "reexamine the phasing of the financial program."

The IMF stepped in to help Argentina in June after the peso weakened dramatically. It dropped 7% to a record low against the US dollar on Wednesday.

Pressure on emerging markets extended to Turkey, where the lira fell another 1% on Thursday amid fears over the strength of the economy.

"The latest Turkish activity data suggest that the plunge in the lira since May, and the associated sharp tightening of financial conditions, has tipped the economy into recession," wrote analysts at Capital Economics. "Things are only likely to get worse."

Rising interest rates in the United States have encouraged investors to shift money into dollar assets, exposing fundamental weaknesses in some emerging markets.

4. Global market overview: US stock futures were lower after another record day on Wednesday.

European markets dropped in early trade, with London's FTSE 100 and Frankfurt's DAX down 0.7%. Most Asian markets ended lower.

The Dow Jones industrial average added 0.2% on Wednesday. The S&P 500 increased 0.6% and the Nasdaq rose 1%, with both indexes closing at new highs.

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5. Earnings and economics: Abercrombie & Fitch, Dollar General, Dollar Tree and Michaels Stores will release earnings before the open. American Outdoor Brands and lululemon athletica will follow after the close.

Campbell Soup is also expected to report earnings and wrap up a review of its troubled business. The CEO stepped down in May, and the stock is down 25% this year.

The US Bureau of Economic Analysis will release personal income and personal spending reports for July at 8:30 a.m. ET.

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6. Coming this week:

Thursday Abercrombie & Fitch, Campbell Soup, Lululemon and Dollar Tree earnings
Friday — Eurozone unemployment data released for July

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 265146

Reported Deaths: 5777
CountyCasesDeaths
DeSoto17741191
Hinds16891332
Harrison14279204
Rankin11239220
Jackson10917190
Lee9071145
Madison8599169
Jones6731118
Forrest6208124
Lauderdale6121192
Lowndes5544120
Lafayette520598
Lamar505865
Washington4933125
Bolivar4126109
Oktibbeha408382
Panola386981
Pontotoc377460
Monroe3686110
Warren3685103
Marshall357170
Union356864
Pearl River3495106
Neshoba3490154
Leflore3118109
Lincoln306788
Hancock294262
Sunflower291975
Tate280662
Alcorn273154
Pike270181
Itawamba269363
Scott260048
Yazoo256756
Prentiss253754
Coahoma249755
Copiah249749
Tippah249750
Simpson242872
Leake238167
Marion224273
Grenada223972
Covington221073
Adams215171
Wayne213734
Winston207671
George204739
Newton199946
Attala197064
Tishomingo194961
Chickasaw189344
Jasper181138
Holmes172068
Clay166837
Tallahatchie157235
Stone152525
Clarke148162
Calhoun141322
Smith130026
Yalobusha123335
Walthall114537
Greene113729
Noxubee113026
Montgomery112036
Carroll106822
Lawrence106817
Perry105131
Amite102126
Webster96824
Tunica89021
Claiborne88825
Jefferson Davis88430
Benton85823
Humphreys84724
Kemper80920
Quitman7139
Franklin70617
Choctaw63713
Wilkinson59825
Jefferson56821
Sharkey45217
Issaquena1606
Unassigned00

Alabama Coronavirus Cases

Cases: 441170

Reported Deaths: 6660
CountyCasesDeaths
Jefferson646811007
Mobile31620572
Madison28310217
Tuscaloosa21525275
Montgomery19954332
Shelby19335132
Baldwin17256189
Lee13205107
Morgan12639142
Etowah12107181
Calhoun11521206
Marshall10471123
Houston9009164
Limestone834981
Cullman8274124
Elmore8214110
DeKalb7894107
Lauderdale7871107
St. Clair7854130
Talladega6481112
Walker6036183
Jackson601545
Colbert549994
Blount547386
Autauga537662
Coffee462464
Dale410785
Franklin374950
Russell357515
Chilton345473
Covington339680
Escambia335444
Tallapoosa3149109
Dallas313296
Chambers304270
Clarke300236
Pike262531
Lawrence254155
Marion253761
Winston233642
Bibb222348
Geneva211547
Marengo209331
Pickens199631
Hale185244
Barbour182738
Fayette178629
Butler174460
Cherokee165731
Henry159925
Monroe152421
Randolph146436
Washington142327
Clay130546
Crenshaw124045
Macon122337
Cleburne121825
Lamar120222
Lowndes115536
Wilcox107922
Bullock103528
Perry100018
Conecuh97922
Sumter90527
Greene77923
Coosa63618
Choctaw51924
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