Daily Market News: Markets ride Trump stimulus rollercoaster

What to watch

Dominos Pizza: One beneficiary of the pandemic has been Domino’s Pizza, which has added almost 50% to its share price in 2020 as consumers have favoured delivery services over restaurants and bars. The firm has outpaced rival Papa John’s, which is up 30% year-to-date. A key point to watch in Domino’s Thursday earnings report will be how the company is coping competition wise as a host of restaurants turn to online delivery to survive the pandemic. Currently, 17 Wall Street analysts rate the stock as a buy or overweight, 10 as a hold, and one as underweight.

Initial jobless claims: Investors will be watching Thursday’s initial weekly jobless claims figure closely in the US for signs of progress versus recent stagnation. From the end of July to the end of August, the rate of new initial unemployment claims declined from 1.4 million a week to under one million, where it has stayed. For the past five weeks the number has come in at less than one million, but has remained stubbornly above 800,000, showing a slowing in the progress of the recovery of the US labour market.

Crypto corner: Car manufacturing giants push for decentralised charging network

A group containing some of the world’s largest car manufacturers has launched a global standard for integrating blockchain technology into a decentralised vehicle charging network.

The Mobility Open Blockchain Initiative (MOBI), through a working group which is co-chaired by car manufacturing giants Honda and General Motors (GM), has laid the foundations for decentralised charging networks that better utilise excess green energy. They have created plans that include detailing systems for “vehicle-to-grid-integration,” “tokenized carbon credits,” and “peer-to-peer applications.”

The storage of excess energy generated by wind or solar is a big problem for the renewable energy industry as batteries are expensive. But electric vehicles already have significant storage capacity, meaning plugging them in to grids can help them store some of the excess, with blockchain technology allowing the transactions to be recorded.

MOBI founder and COO, Tram Vo, reportedly said: “Electric vehicles, chargers, and electricity producers can have a secure identity, communicate with a standard messaging format, and automatically record transactions such as charging, generation, and exchange on a distributed ledger.”

Distributed ledger technology firms Accenture, IBM, the IOTA Foundation, and R3 are also members of the group.

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