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Esha Dey, and Brian Eckhouse report. IBM earnings falter: “IBM officials and industry analysts have said some companies have been skittish about technology purchases with the economic uncertainty caused by the coronavirus … [The company] said its second-quarter revenue fell by 5.4 percent, albeit a smaller decline than Wall Street analysts were forecasting, to $18.12 billion,” WSJ's Asa Fitch reports. Manhattan's retail pain grows: “Lower Fifth Avenue, running from 42nd to 49th streets, had the biggest drop in retail asking rents in the second quarter, sliding 30 percent from a year earlier, according to a report by brokerage Cushman & Wakefield. Soho and Madison Avenue were among areas with declines of more than 14 percent,” Bloomberg New's Natalie Wong reports. Warner Bros. postpones Christopher Nolan's “Tenet" again: The film which at one time was suppose to kick-off blockbusters in the U.S. will now be delayed until at least September. “The announcement, however, suggested that the film might open earlier overseas — a development that would be a major break with recent practice that has seen studios limit staggered release times to avoid piracy and additional marketing expense,” Steven Zeitchik reports. Around the world: EU leaders agree to $859 billion relief plan: “European leaders agreed to a vast spending plan to rescue the economies of coronavirus-hit countries, overcoming deep-seated divisions on the extent to which rich European Union nations should commit to helping poorer ones. The deal on a $2.1 trillion E.U. budget and rescue package came after a marathon four days of grinding discussions among members of the 27-nation union,” Michael Birnbaum, Quentin Ariès and Loveday Morris report. Australia extends job-saving program but scales it back: "The welfare program was scheduled to come to an end by Sept. 30, but treasury officials determined there was a ‘strong’ case for keeping it running, the Sydney Morning Herald reported, Antonia Farzan reports. Market movers Tech stocks fuel rally. Nasdaq surges more than 2 percent. “Stocks rose on Monday as Amazon shares led other major tech stocks higher. Traders also weighed the prospects of a potential coronavirus vaccine and more U.S. fiscal stimulus," CNBC's Fred Imbert reports. cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma blockbusters in the U.S. will now be delayed until at least September. “The announcement, however, suggested that the film might open earlier overseas — a development that would be a major break with recent practice that has seen studios limit staggered release times to avoid piracy and additional marketing expense,” Steven Zeitchik reports. Around the world: EU leaders agree to $859 billion relief plan: “European leaders agreed to a vast spending plan to rescue the economies of coronavirus-hit countries, overcoming deep-seated divisions on the extent to which rich European Union nations should commit to helping poorer ones. The deal on a $2.1 trillion E.U. budget and rescue package came after a marathon four days of grinding discussions among members of the 27-nation union,” Michael Birnbaum, Quentin Ariès and Loveday Morris report. Australia extends job-saving program but scales it back: "The welfare program was scheduled to come to an end by Sept. 30, but treasury officials determined there was a ‘strong’ case for keeping it running, the Sydney Morning Herald reported, Antonia Farzan reports. Market movers Tech stocks fuel rally. Nasdaq surges more than 2 percent. “Stocks rose on Monday as Amazon shares led other major tech stocks higher. Traders also weighed the prospects of a potential coronavirus vaccine and more U.S. fiscal stimulus," CNBC's Fred Imbert reports. The S&P 500 is now in positive territory for the year: "The S&P 500 advanced 0.8%, or 27.11 points, to 3,251.84, turning positive for 2020 with a 0.6% gain on the year. The Nasdaq Composite outperformed, rising 2.5%, or 263.90 points, to 10,767.09. The Dow Jones Industrial Average traded 8.92 points higher to 26,680.87, after being down more than 150 points earlier in the day. Big tech names jumped across the board: “Amazon rose 7.9% to post its best day since December 2018 after a Goldman Sachs analyst hiked his price target on the stock to $3,800 per share, the highest on the Street. Facebook and Netflix gained more than 1% each, while Apple and Alphabet gained 2.1% and 3.1%, respectively. Shares of Microsoft jumped 4.3%.” cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma/ Money on the Hill Judy Shelton looks to be on track for confirmation. After a rocky start, Trump may finally get his Fed pick through the Senate: “Judy Shelton, the controversial economist known for her sharp criticism of the Federal Reserve, is poised to take a big step toward joining the central bank’s board, adding a new layer of political tension as policymakers deal with the worst economic crisis in decades,” Rachel Siegel reports. “The Senate Banking Committee is set to vote [today] on Shelton’s nomination, which previously appeared in jeopardy after several Republicans on the panel suggested Shelton’s views made her too much of an outlier for a seat on the Fed’s board of governors. Lawmakers and economists have raised concerns about Shelton’s push to return the country to the gold standard, along with her views that the Fed should pull back its powers and keep closer ties to the White House.” Opposition from one Republican on the panel would have been enough to derail Shelton’s nomination: “On Monday evening, a spokesperson for John Neely Kennedy (R-La.), another senator who had expressed concerns, said the lawmaker would also support the nomination, essentially guaranteeing full support among the 13 Republicans on the committee. All 12 Democrats on the Senate Banking Committee staunchly opposed Shelton’s nomination from the start.” Dodd-Frank turns 10. It's been a decade since President Obama signed the sweeping reform into law: Now, former President Obama will remark on the anniversary during a virtual event with Better Markets, a think tank advocating stricter financial regulation, later today. It's legacy: “Dodd-Frank keeps consumers and the economy safe from risky behavior by insurance companies and banks. Over time, the law has been subject to scrutiny and loosening under the Trump administration, but lawmakers agree that the current financial environment due to covid-19 would be far worse without the preventative measures provided by the law,” Forbes's Kelly Anne Smith reports. Don't expect conservatives to host any celebrations: Only six Republican lawmakers voted in favor of the final Dodd-Frank bill (three in each house) — of those only Sen. Susan Collins (R-Maine) remains in Congress. The partisan fight over the law soured banking-related policy for years: "Anger over the 2008-9 mortgage crisis fueled Democrats' unified support for tougher banking rules, while the GOP united around concerns of government overreach. Those themes dominated the two banking committees for much of the past decade, as partisanship helped slow other bills such as reform of the government-sponsored enterprises,” American Banker's Neil Haggerty reports. But since moderate Democrats joined Republicans to support a targeted rollback of certain Dodd-Frank provisions in 2018, many see the partisan freeze on banking legislation starting to thaw. They note banking provisions in recent coronavirus rescue bills, and proposals to reform anti-money-laundering and cannabis banking rules as examples where members of both parties are working together.” cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma/ cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma cleancare pharma/ cleancare pharma/ cleancare pharma cleancare pharma/ cleancare pharma/