1) The drought in the western U.S. is the biggest in years and is predicted to worsen during the coming winter months. The drought is a major reason for the record wildfires in California and Colorado. Further damage can come from depleted rivers, the stifling of crops and diminished water supplies. Elevated temperatures have dried out the soil, exacerbating the drought and making fire weather conditions sever. New Mexico is also in extreme drought conditions with rivers running dramatically low, which feed the aquifers, and neighboring Arizona is also in a deep drought. The drought is extending into Wyoming, Idaho and Montana with little relief in sight for most. Human caused climate change is increasing the likelihood of precipitation extremes on both ends of the scale, including droughts as well as heavy rainfall events and resulting floods. A study in the journal ‘Science’ found that the Southwest may already be in the midst of the first human-caused megadrought in at least 1,200 years, which began in the year 2000.
2) The Federal government has indicted six Russian military officers for massive worldwide cyber attacks. The six Russian military intelligence officers have been involved in high-profile cyberattacks on the electric power grid in Ukraine, the 2017 French elections and the 2018 Pyeong Chang Winter Olympics. The 50-page indictment details the computer intrusions and malware attacks mounted over the past five years by Unit 74455 of the GRU, the Russian military intelligence agency. No other country has weaponized cyber capabilities as maliciously or irresponsibly as Russia, deploying destructive malware from November 2015 through October 2019 in efforts to undermine or retaliate against foreign nations and organizations around the world.
3) American workers are being laid off a second time as the Covid-19 again ripples through the economy. As the second wave engulfs the economy, eight months after the first hit to the economy, Americans are still being laid off en masse by companies like Disney, the U.S. airlines, retailers and MGM Resorts. Even companies such as Allstate insurance is laying off people, 4,000 getting their pink slips. But for some workers, a second layoff so soon leaves them with no benefits, while the Paycheck Protection Program has run out. The hospitality and food-service jobs were unstable before the pandemic, but with many of those jobs now gone, many face a bleak future.
4) Stock market closings for – 20 OCT 20:
Dow 28,308.79 up 113.37
Nasdaq 1,516.49 up 37.61
S&P 500 3,443.12 up 16.20
10 Year Yield: 0.80%
Oil: up at $41.31