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Falls STOCKS-Wall

US STOCKS-Wall St falls after historic GDP slump, Trump suggests election delay – Yahoo Finance

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Q2 GDP numbers show record 33% contraction

* Jobless claims also up, though lower than forecast

* Qualcomm, UPS, P&G up after results

* Indexes down: Dow 1.99%, S&P 1.58%, Nasdaq 1.10% (Updates to open)

By Medha Singh and Devik Jain

July 30 (Reuters) – Wall Street fell on Thursday following a historic contraction in second-quarter GDP and a tweet by President Donald Trump floating the possibility of delaying the U.S. November presidential elections.

Trump, without evidence, repeated his claims of mail-in voter fraud and raised the question of a delay, despite the election date being enshrined in the U.S. Constitution.

Earlier in the day, official data showed the U.S. economy suffered its steepest contraction since the Great Depression in the second quarter, as business activity came to an abrupt halt on efforts to slow the virus outbreak.

Jobless claims numbers also showed another rise in the latest week, adding to signs the momentum of economic recovery has slowed, especially in southern and western U.S. states.

“T

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Falls worries

Oil falls on worries over fuel demand setback as coronavirus infections rise – Fox Business

TOKYO (Reuters) — Oil prices dropped on Monday, amid concerns that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world.

Brent crude LCOc1 was down 36 cents, or 0.8%, at $42.78 a barrel by 0653 GMT, after dropping slightly last week. U.S. oil was off by 34 cents, or 0.8%, at $40.25 a barrel, after gaining 4 cents last week.

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More than 14.5 million people have been infected by the novel coronavirus globally and more than 604,000 have died of COVID-19, the disease caused by the pathogen, according to a Reuters tally.

“The never-ending coronavirus pandemic may force countries to reinstitute lockdown measures that will slow economic growth and curb energy demand,” said Avtar Sandu, commodities manager at Phillip Futures.

CHEVRON NEARS $5 BILLION TAKEOVER OF NOBLE ENERGY

While fuel demand has recovered from a 30% drop in April after countries around the world imposed strict lockdowns, usage is still below pre-pandemic levels. U.S. retail gasoline demand is falling again as infections rise.

Japan’s oil imports fell 14.7 percent in June from the same month a year earlier, official figures showed on Monday. The drop was not as pronounced as in May when they fell 25%, year on year. [O/JAPAN1]

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Still, exports from the world’s third-largest economy slumped by a double-digit decline for the fourth month in a row as the coronavirus pandemic took a heavy toll on global demand.

In the U.S., energy drillers cut the number of oil and natural gas rigs operating to a record for an 11th week in a row, data showed on Friday. [RIG/U]

WILL THE LEFT KILL AMERICA’S ENERGY DOMINANCE?

The market largely shrugged off news that Saudi Arabia’s 84-year-old ruler, King Salman bin Abdulaziz, has been admitted to hospital, suffering from inflammation of the gall bladder.

The king has ruled the world’s largest crude oil exporter and close U.S. ally since 2015. Saudi Arabia has been leading efforts to cut production since the coronavirus outbreak evaporated demand for fuel.

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Falls Jones

Dow Jones Falls 150 Points, But Apple, Microsoft Buck The Trend; 2 Coronavirus Stocks Score Bullish Gains – Investor’s Business Daily

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