Investors Shrugging Off Surging Covid-19 Cases, Nasdaq Hits a Record High, Boosting Sentiment, Berkshire Buys Dominion Energy Nat Gas Assets, Uber Buys Postmate

Squawk on the Street

The “Squawk on the Street” team digests the big swing for stocks as Wall Street looks to build on last week’s gains. Investors shrugging off record coronavirus cases in Florida & Texas. Goldman Sachs cutting its GDP outlook and says a pause in consumer activity in July & August should limit the expected Q3 growth rebound. Goldman’s forecast now implies a 4.6% GDP contraction in 2020 versus a 4.2% prior, on a full-year basis. Dealmaking boosting sentiment as Billionaire investor Warren Buffett’s Berkshire Hathaway buys the natural gas transmission and storage assets from Dominion Energy for about $10 billion including debt. Plus, shares of Uber surging after announcing its buying food-delivery app Postmates in an all-stock deal worth $2.65 billion. Plus, the “Squawk on the Street” team discuss Tesla’s Elon Musk mocking of short sellers, now selling actual silk shorts on his website for $69.420. JPM securities raising its price target for Tesla to a Street-high of $1500 per share from $1,050.