Investors Shrugging Off Surging Covid-19 Cases, Nasdaq Hits a Record High, Boosting Sentiment, Berkshire Buys Dominion Energy Nat Gas Assets, Uber Buys Postmate
The \u201cSquawk on the Street\u201d team digests the big swing for stocks as Wall Street looks to build on last week\u2019s gains.\xa0Investors shrugging off record coronavirus cases in Florida & Texas.\xa0Goldman Sachs cutting its GDP outlook and says a pause in consumer activity in July & August should limit the expected Q3 growth rebound.\xa0Goldman\u2019s forecast now implies a 4.6% GDP contraction in 2020 versus a 4.2% prior, on a full-year basis.\xa0Dealmaking boosting sentiment as Billionaire investor Warren Buffett\u2019s Berkshire Hathaway buys the natural gas transmission and storage assets from Dominion Energy for about $10 billion including debt.\xa0Plus, shares of Uber surging after announcing its buying food-delivery app Postmates in an all-stock deal worth $2.65 billion.\xa0Plus, the \u201cSquawk on the Street\u201d team discuss Tesla\u2019s Elon Musk mocking of short sellers, now selling actual silk shorts on his website for $69.420.\xa0JPM securities raising its price target for Tesla to a Street-high of $1500 per share from $1,050.