Stock futures rise after S&P 500 breaks 4-day losing streak

U.S. stock futures rose in overnight trading and pointed to gains at the open on Wednesday as markets attempt to build on their previous session’s strength. 

Dow futures rose 80 points. S&P 500 futures and Nasdaq 100 futures rose 0.1% and 0.06%, respectively.

Better-than-expected earnings from Nike and KB Home lifted sentiment on Wall Street after the bell on Tuesday. Nike saw digital sales rise 82%, driving the stock up 6% after hours. Tesla’s stock also rose in extended trading after Elon Musk said the electric car maker’s deliveries are expected to increase 30% to 40% in 2020. 

On Tuesday, the major averages snapped multi-day losing streaks, all closing in the green. The Dow Jones Industrial Average climbed 140 points and the S&P 500 climbed 1.1%. The technology-heavy Nasdaq Composite was the relative outperformer, popping 1.7% as Amazon surged 5.7%.

“As soon as the S&P 500 reached the official correction zone near a 10% decline yesterday, ‘dip buyers’ emerged and have been evident ever since,” Jim Paulsen, chief investment strategist at The Leuthold Group, told CNBC. “These buyers, armed with cash holdings, may be driven less by the ‘fear of missing out’ than they are by the ‘opportunity to finally get in.'”

Shares of megacap technology stocks — which have suffered in September — all closed in positive territory on Tuesday. 

“Optimism broadened as the day progressed lifting not only technology and communications stocks for the second day, but ending with eight of the 11 sectors within the S&P 500 Index in the green,” added Paulsen. 

Stock gains were capped by concerns about an uptick in coronavirus cases in the U.K. paired with bleaker outlook for a second stimulus bill from the United States Congress. U.K. Prime Minister Boris Johnson announced Tuesday a tightening of economic restrictions and public health measures to slow the spread of Covid-19. Johnson said that the country was at a “perilous turning point.” 

U.S. coronavirus deaths topped 200,000 on Tuesday, according to data compiled by Johns Hopkins University.

With stimulus plans at a stalemate in Washington, Federal Reserve Chairman Jerome Powell on Tuesday reiterated to lawmakers that the U.S. economy could begin to decelerate in the months ahead without further fiscal stimulus from Congress. Powell told the House Financial Services Committee that many economic forecasts underlies fiscal action. Powell also reassured investors that the central bank will support the economy “for as long as it takes.”

Powell with testify again on Wednesday to Congress’s Select Subcommittee on the Coronavirus Crisis. 

September continues to be a weak month for stocks with all three averages posting three straight weeks of losses. The Dow is down more than 4% in September and the S&P 500 and Nasdaq Composite have lost 5.3% and 6.9% this month, respectively. 

“We think equities will move higher over the medium term, thanks to the likely development of a successful vaccine, an end to election uncertainty, the passage of new US fiscal stimulus, and continued extraordinary global monetary support,” said Mark Haefele, UBS Global Wealth Management chief investment officer. “However, the path to ‘more normal’ is likely to be bumpy amid uncertainty over the coronavirus, the US political environment, and US-China tensions. We therefore expect volatility to persist over the balance of the year.”

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Stock futures flat in overnight trading after S&P 500 posts 4-day losing streak

Stock futures held steady in overnight trading on Monday following a steep sell-off on Wall Street.

Futures on the Dow Jones Industrial Average fell about 10 points. The S&P 500 futures were flat and the Nasdaq 100 futures dipped slightly.

The market’s September sell-off intensified on Monday with the Dow Jones Industrial Average dropping 500 points, suffering its worst day since Sept. 8. The S&P 500 lost 1.2%, posting its first four-day losing streak since February. The Nasdaq Composite dipped just 0.1% after a late-day comeback rally.

Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise. Meanwhile, prospects of further U.S. coronavirus fiscal stimulus became bleaker as lawmakers brace for a Supreme Court confirmation fight as President Donald Trump rushes to nominate a successor to Justice Ruth Bader Ginsburg, who died on Friday.

“Coronavirus concerns have resurfaced, worrying investors that a reversal in reopening progress could be near,” Lindsey Bell, chief investment strategist for Ally Invest, said in a note. “More and more uncertainty is arising as we get closer to the election but no closer to Congressional fiscal relief. But we’re still optimistic this dip will be bought sooner rather than later.”

The major averages are on pace for steep losses for September, a typical weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow and the S&P 500 have fallen 4.5% and 6.3% this month, respectively, while the Nasdaq has dropped 8.4% as investors dumped high-flying tech giants.

“Market volatility is returning after months of steady advances in risk assets, and we see elevated volatility ahead of the November U.S. election,” Jean Boivin, head of BlockRock Investment Institute, said in a note. “In addition, negotiations of a new U.S. fiscal package are dragging on, the pandemic is still spreading in many countries, and U.S. China tensions are running high.”

On Tuesday, investors will monitor a hearing with U.S. Treasury Secretary Steven Mnuchin and Federal Reserve chair Jerome Powell in front of the House Financial Services Committee about pandemic responses.

On earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.

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Dow futures fall 150 points as Wall Street tries to recover from 3-week losing streak

People visit the Charging Bull Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 25, 2020.

Tayfun Coskun | Anadolu Agency | Getty Images

U.S. stock futures dipped on Sunday night as the market tried to bounce back from its longest weekly losing streak in about a year.

Dow Jones Industrial Average futures were down by 151 points, or 0.6%. S&P 500 futures slipped 0.5% along with Nasdaq 100 futures.

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all fell for a third straight week. That marks the market’s longest weekly slide since 2019.

Those declines came as tech shares — which led the broader market off its coronavirus lows and into record territory — struggled. Facebook, Amazon, Apple, Netflix, Google-parent Alphabet and Microsoft all posted steep weekly losses. The S&P 500 tech sector pulled back by 1%.

Tech was under pressure last week in part because of valuation concerns within the space as well as options of individual stocks, ETFs and indexes expired.

“For the market to hold these levels buyers have to come into the technology sector over the next week to 10 days,” said Marc Chaikin, CEO of Chaikin Analytics, in a post. “Without the impetus of the call option buyers who helped propel the large cap tech stocks to extreme valuations, it is unlikely that the subsequent rally can exceed the September peak.”

Traders kept an eye on Washington heading into the new week as lawmakers struggle to make progress on a new coronavirus stimulus package. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired.

President Donald Trump hinted last week he would back a bigger relief package. White House chief of staff Mark Meadows also said he was “probably more optimistic about the potential for a deal.”

However, stimulus negotiations could become more complicated after the passing of Supreme Court Justice Ruth Bader Ginsburg, which could lead to a bitter nomination process ahead of the election. Trump said he would nominate someone this week to take Ginsburg seat, drawing criticism from key Democrats and some GOP senators.

Chris Krueger, Washington strategist at Cowen, said in a note that a new coronavirus stimulus bill is now “unlikely until post Nov 3 as the fight over Justice Ginsburg’s empty seat will consume DC.”

There are “dueling prisms in which we view the unfortunate passing of Justice Ginsburg and filling her seat on the Supreme Court: political & procedural,” said Krueger. “In a zero-sum, crass political world the immediate read-through is that anything that turns 2020 away from a Trump referendum is a positive for Trump.”

“The other narrative is that this avails Democrats to run the successful 2018 playbook again: GOP trying to take away healthcare,” he said.

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Meghan Markle was ‘determined’ to show UK ‘what they were losing’ – ‘Went out with a bang’

The Duke and Duchess of Sussex completed a last round of engagements before quitting royal duties earlier this year. Former actress Meghan, 39, wanted to go “out with a bang” and turned to fashionista Maria Means Cote to be her stylist, a fashion insider claimed.

The insider said: “Maria was Meghan’s stylist and assistant – she called in all her clothes and planned all her outfits.

“She really refined her look and the two women got on really well.

“After Meghan and Harry agreed with the Royal Family that they would leave, they planned to return to the UK for one last time before they finished their royal duties.

“Meghan was determined to show everyone what they were losing and wanted to look as good as possible.”

“And she did! Maria pulled together all of her looks and Meghan went out with a bang – just as she had wanted,” the insider told the Mail on Sunday.

Meghan stunned in series of designer outfits as she and Harry, 36, bowed out of the Royal Family.

The Queen’s grandson and the ex-Suits star are now living in America with their one-year-old son Archie.

Meghan and Harry plunged the monarchy into a period of crisis in January when they revealed plans to step back as senior royals.

READ MORE: Items ‘made by Kate and William’ put on eBay – ‘Rather strange’

Earlier this month, it was confirmed Harry had paid back the £2.4 million of taxpayers’ money used to renovate the Sussexes’ UK home Frogmore Cottage.

The couple faced a backlash when the huge cost of the property’s makeover was exposed.

A source has said they are no longer receiving financial support from Charles and saw the payment as “another significant step in their new life”.

This came after the couple signed a lucrative deal with Netflix to make shows for the streaming service.

They will be producing a range of content that “informs but also gives hope”.

Meghan and Harry took over funding for their own security when they stood down as senior royals.



Disaster for Nicola Sturgeon as Scots turn against independence if it means losing pound

Recent polling in Scotland has found increased support for leaving the British union. However if this means Scotland ditches the pound or risks a hard English border voters become far more sceptical.

The survey, of a representative sample of 1,008 people, was conducted by the unionist Scotland in Union campaign group.

It found 42 percent of Scots would be less likely to vote to leave the UK if it meant abandoning the pound and adopting a new currency.

Just 15 percent of respondents said this would make them more likely to vote for independence with another 33 percent stating it would make no difference.

Similarly if breaking up Britain led to a hard border between Scotland and England 43 percent of Scots would be more opposed, with just 18 percent saying this would increase their support for separation.

The respondents were also asked how they would vote on a referendum on ‘Should Scotland remain in the United Kingdom or leave the United Kingdom?’

The survey found 56 percent would choose to remain with the UK whilst just 44 percent would vote to leave.

Reacting to the survey Pamela Nash, chief executive of Scotland in Union, argued it shows how important remaining part of the UK is for Scots.

Speaking to The Scotsman she said: “The SNP wants to ditch the pound, risk a hard border between friends and families, and is prepared to make dramatic cuts to public spending to close Scotland’s deficit.

READ MORE: Time is running out Nicola! SNP urged to make changes to hate bill 

SNP leader Nicola Sturgeon is demanding another referendum on the issue and plans to introduce legislation to this effect in the Scottish parliament.

Ahead of the 2014 referendum the SNP claimed Scotland would continue using the pound if it voted to leave the UK.

However the Government insisted it would not be able to do so as part of a currency union.

The new polling was dismissed by SNP deputy leader Keith Brown.

He said: “The Westminster parties are panicking – they can’t even ask the straightforward independence question because they are so scared of the likely answer.

“There is absolutely nothing in the SNP’s proposition for an independent, internationalist and forward-looking Scotland that necessitates a hard border.

“And opponents of independence would claim any currency was the wrong one.

“Scotland will continue to use the pound at the point of independence, until it’s in the interests of the economy to adopt a new currency.”

Scots go to the polls in May to elect the next Scottish Parliament.

Currently polling suggests the SNP are on track to secure a majority.

 



Coronavirus timebomb: UK two weeks from losing control of virus – red alert issued

And neuroscientist Professor Karl Friston has said it is now time to move away from remote call centres and instead rely on local expertise – an approach he described as ‘shoe-leather’ epidemiology. Shadow Health Secretary Jonathan Ashworth will be among those taking part in a briefing organised by Independent SAGE, a group of scientists working together to provide independent scientific advice to the UK government and public.

New modelling by Prof Friston, of University College London, suggests the countury has “only two to three weeks” to improve contact tracing before the situation becomes impossible to contain.

Speaking before the briefing, an Independent SAGE spokesman said: “We are in a crisis.

“Infections and hospital admissions are rapidly increasing. The testing system has broken down and it will be weeks before it is sorted.”

The spokesman added: “If nothing changes, there will come a point soon when the situation is so far out of control that the only possible response will be a second national lockdown and our lives will be completely disrupted once again.

“No one wants this to happen. But we can only avoid it if we take urgent action.

“We must take action now to regain control of the pandemic and drive down infections now.

JUST IN: Will this EVER end? Brexit legal battle ‘could last years’

“In short, a redeployment of resources away from remote ‘call centres’ to local and experienced public health teams who can find, monitor, and support people who have acquired the infection, and their contacts.

“Crucially, this kind of contact tracing can only be done effectively using local knowledge (eg cultural aspects), expertise and detective work.

“It is not dependent on an overstretched testing infrastructure – tests are an important adjunct to identifying cases and may be better deployed for the asymptomatic contacts of confirmed cases.”

Prof Friston’s modelling indicates a doubling of efficacy of the test and trace system from 16 percent to 32 percent will “save 1000s of lives” but the “time to act is now”.

Department of Health and Social Care (DHSC) figures showed there was 3,395 additional cases of COVID-19 reported in the UK yesterday.

So far there have been a total of 384,087 confirmed cases in the UK, and 41,794, since the start of the pandemic, according to Johns Hopkins University’s Coronavirus Resource Center in Baltimore in the United States.

Globally, JHU puts the figure at 30,205,226, and the death toll at 946,673.

Independent Sage’s recommendations include:

  • Suspending indoor service in pubs and restaurants
  • Working from home where possible and no return to workplace until certified COVID-safe
  • Limiting indoor socialising to a bubble of three households
  • Funding schools to allow smaller, socially-distanced classes and providing digital resources for pupils who have to stay home
  • Creating an emergency fund to support all those needing to shield or self-isolate (including those unable to get tested)



Michael McIntyre weight loss: Comedian reveals his secret to losing 14lb in one week

Michael McIntyre is the popular comedian, writer and tevevision presenter. He has struggled with his weight over the years and has tried many ways to lose it. After trying cutting out carbohydrates and booze, exercising more and having healthy meals delivered straight to his door, the comedian turned to something a little more unusual to try and shed the extra pounds. 

My son has an app called Akinator the Genie that guesses the famous people you’re thinking of by asking questions, so for egotistical reasons I thought while my son was at school I’d see if I was on it. It started asking questions like, ‘Is it a man?’ and ‘Is he American?’ and it narrowed it down to a British comedian with dark hair.

“I’m getting a little excited wondering if it’s me in the game and then it asks, ‘Is he slightly over weight?’ So I had a moment of truth, took a deep breath and said ‘yes’ and it replied, ‘Is it Michael McIntyre?’ So I haven’t eaten since then!”

However after trying various different weight loss techniques and spending hundreds, Peter decided to turn to professionals. 

Speaking on Jessie Ware’s Table Manners podcast, Michael explained how he visited a Mayr clinic in Austria with his friend Paul Tonkinson in February 2017.

The best way to lose weight safely is to make long-term changes to diet and physical activity that result in a steady weight loss. 

The NHS recommends losing around one to two pounds a week which will then help slimmers keep the weight off in the long-term.

Crash dieting can cause you to lose muscle instead of fat and can actually cause weight gain once you start to return to normal eating. 

From one comedian to another, Peter Kay’s weight loss hasn’t gone unnoticed. 

Peter’s large frame has made him recognisable by fans over his career, but insiders now claim he has lost a lot of weight. 

Whilst he has never actually spoken out about losing weight, he was pictured recently at a screening looking slimmer in his suit. 

His sets also joke about food constantly with consistent jokes on garlic bread. 



Woman creates cake business out of her kitchen after losing job


(WSMV) – It’s been a tough situation for many out of a job since March. Many people doing any and everything they can to keep up financially.

One local woman, from inside of her own kitchen, has found a new way to make a living. 

“It’s definitely a lot different in the commercial kitchen I was working in a few months ago,” Katie Garcia-Swann said.

In March, like hundreds of others working in the restaurant business, Katie Garcia-Swann was left unemployed and uninsured. 

She turned to social media for the answers and not long after, found a ton of success starting an online bakery she calls, “Katie Cakes.” 

“It was pretty amazing to see. Started doing a giveaway where we gave away probably about 10 celebration cakes to people across Middle Tennessee. It’s quickly unfolded into something much bigger than I have ever anticipated,” she said. 

Katie Cakes makes anywhere from a dozen to 20 cakes spending almost 30 hours a week in her new office and fortunately, she has a free delivery system with her husband, Chris. 

“It’s just a chance to see this great city that we live in. I kind of go to a lot of the different areas of Nashville, different historic neighborhoods, and places that I would’ve never gotten to see otherwise,” Chris said. “I love playing the part of delivery driver.”

“He usually does about 95% of them and he also entertains our 1-year-old son,” Garcia-Swann added smiling. 

And the time spent with her son Phoenix, paired with the success of Katie Cakes, allowed her to resign from her former job. Now more than six months later, she’s incredibly thankful. 

“Our church community are the people who stepped up and supported us and have spread the word, they’ve made this possible. Without our church… without our faith, without our hope, without our prayers, none of this would’ve been possible,” she said. 

WSMV.com is now with you on the go! Get the latest news updates and video, 4WARN weather forecast, weather radar, special investigative reports, sports headlines and much more from News4 Nashville.

>> Click/tap here to download our free mobile app. <<


Copyright 2020 WSMV (Meredith Corporation). All rights reserved.

Sturgeon’s SNP could force through Scottish Brexit laws after losing internal market bid

Boris Johnson’s plans to tear up aspects of Brexit divorce deal with the EU with the Internal Market Bill which the Prime Minister hopes will unify and return powers back to the UK after the transitional period ends on December 31. But after a long debate in the House of Commons last night, opposition motions were defeated and the Bill cleared its first Commons hurdle after MPs approved giving it a second reading by 340 votes to 263, majority 77. The Bill will now progress to the Committee stage before eventually going before the House of Lords.

The new legislation will force Wales, Northern Ireland and Scotland whose members have opposed the Bill to accept new standards on food, environment and animal welfare agreed by the UK Government.

However, Stephen Barclay, Chief Secretary to the Treasury warned Scotland could pass laws before the Internal Market Bill is given the go-ahead in Parliament.

Express.co.uk understands the move is being considered by the SNP-led Scottish government.

A Scottish government spokesperson earlier revealed “every option” will be explored to stop “a law that presents a clear and present danger to the devolution settlement”.

Boris Johnson

Devolution could severely be affected by the Bill (Image: Getty )

Scotland

Michael Russell has hit out at the Bill (Image: Getty)

And now insiders have confirmed to this website it’s “being considered” as the Internal Market Bill progresses through to the next stage in Parliament.

The Bill, which will undergo line-by-line scrutiny from MPs on Tuesday, is also expected to eliminate the legal force of parts of the Brexit withdrawal agreement in areas including Northern Ireland customs and state aid as well as give Westminster final veto powers on certain devolved laws if they are a threat to UK trade – which has sparked fury from the SNP.

Mr Johnson insisted the legislation, which would put the UK in breach of international law by breaking the terms of the treaty signed with Brussels, was a necessary “legal safety net” to protect the relationship between Great Britain and Northern Ireland.

It also gives ministers the power to fund infrastructure and development anywhere in the UK, which the SNP say is an attack on devolution because areas such as transport and regional development are reserved powers held by Holyrood.

READ MORE: Unelected House of Lords peers want HARDSHIP FUND as allowance cut 

Alister Jack

Scottish Secretary Alister Jack has also hit out at the SNP threats (Image: Getty)

The Prime Minister, taking the unusual step of opening the debate on the legislation in the Commons, accused the EU of going to “extreme and unreasonable lengths” over the Northern Ireland Protocol which he said could lead to “blockading food and agriculture transports within our own country”.

Amendments lodged by Labour, SNP, Liberal Democrats, Plaid Cymru, SDLP, Greens and Alliance Party were defeated. 

The SNP motion claimed that the Bill “breaks international law and is contrary to the established devolution settlement”, which aimed to derail the second reading.

For Scotland, concerns were also raised that chlorine-washed chicken and hormone-injected beef could flood Scottish supermarket shelves after trade deals are struck with other countries.

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Nicola Sturgeon

Nicola Sturgeon also expressed her opposition (Image: Getty)

Can’t see the Brexit poll above? Click here to open in your browser 

Earlier Chief Secretary to the Treasury Mr Barclay stressed any law passed in Scotland to counter the Internal Market Bill would only have to comply with current EU legislation to be enforceable.

Mr Barclay said: “We’re still in the transition period and so any legislation rushed through would need to comply with EU legislation, so the devil would be in the detail.

“It’s important that across the UK we maintain high food standards and address the scare stories put out to worry the public.”

But he stressed: “That is what this legislation delivers, we will maintain high standards across the UK and enable Scottish businesses, which do three times more trade with the rest of the UK than they do with the EU, to maintain that business, which is key to protecting jobs in Scotland.”

Alok Sharma

Alok Sharma put forward the Bill (Image: Getty)

Douglas Ross MP, Scottish Conservative leader, whose members voted with Boris Johnson told Express.co.uk: “The UK Internal Market Bill is essential to protect the 545,000 jobs in Scotland that rely on UK trade and ensure the unrestricted movement of goods across this country.

“Allowing the Bill to progress to committee stage where over the next two weeks, MPs will be able to debate and vote on a range of amendments.

“Putting half a million jobs at risk in the middle of a pandemic is not an option, so I am voting for the bill at this stage to make sure that safety net for Scottish jobs is there.”

Kirsten Oswald MP, SNP Westminster deputy leader however branded Douglas Ross spineless for not backing the SNP’s motion.

She said last night: “Boris Johnson’s naked power grab on the Scottish Parliament is dangerous and undemocratic. It is outrageous that Westminster is forcing this Bill through despite overwhelming opposition from Scotland’s MPs and national Parliament.

“The SNP will fiercely resist this brazen attack on devolution and Tory plans to impose an extreme Brexit against our will.”

Ian Blackford

Ian Blackford spoke out against the Bill (Image: Getty)

“These growing threats demonstrate the need for Scotland to become an independent country – so we can protect our parliament, our democratic interests, and our place in Europe.

“Yet again, Douglas Ross and the six spineless Scottish Tory MPs have voted to sell Scotland out by backing this power grab bill, which hands Westminster the power to overrule the Scottish Parliament in devolved areas and puts Scotland’s NHS at risk of creeping Tory privatisation.

“This Bill is a danger to Scotland’s NHS and public services, a danger to Scottish food and environmental standards, a danger to Scottish democracy – and it leaves Scotland open to a dangerous race to the bottom under an extreme Tory Brexit.

“By breaking the devolution settlement and international law, the Tories have shown they cannot be trusted. It is clearer than ever that the only way to properly protect Scotland’s interests is to take our place as an independent country.”

Nicola Sturgeon

Nicola and Mark Drakeford have jointly raised concerns over the transition period (Image: Getty)

SNP Westminster leader Ian Blackford warned Tory MPs not to follow the Prime Minister by breaking the law.

He told the Commons: “This is a test for the House this evening, do not wait for the committee stage. Legally, morally, ethically, the right thing to do is to vote down this Bill tonight and this House must be accountable.

“Do not follow the Prime Minister in acquiescing in breaking the law because if you vote for second reading tonight, that’s exactly what you’re all doing.

“So this is a test and I understand the challenge that Conservative members face – don’t support the Prime Minister by breaking the law this evening, it is as simple as that.”

Mark Drakeford

Wales have also expressed outrage at the Bill (Image: Getty)

A Scottish Government spokesperson said of the Bill: “We are determined that Scotland should maintain existing high standards, comparable to the EU, in areas like food standards and environmental protection.

“However, the UK Government’s Internal Market Bill would undermine this – it would force Scotland to accept lower standards set elsewhere, regardless of the views of the Scottish Parliament, or the people it represents.

“The proposed UK regime could mean that we were forced to accept market access requirements set elsewhere in the UK, rendering – even retrospectively – the choices of the Scottish Parliament on matters like minimum unit pricing meaningless.

“The scope of the Bill can be changed at any time at the whim of UK ministers, not the Scottish Parliament.”

Asked if that meant bringing in legislation, the spokesman added: “We will explore every option to stop the UK Government enacting a law that presents a clear and present danger to the devolution settlement.”

Constitution Secretary Michael Russell MSP added: “The Scottish Parliament has voted overwhelmingly to reject these proposals and it is high time the wishes of the people of Scotland and their national Parliament were respected.”



Prince Harry left ‘HEARTBROKEN’ after losing military titles in new post-royal life

The Duchess and Duke of Sussex stepped back from full duties in the Royal Family on March 31 this year. Since then, a tell-all biography, Finding Freedom, has given new insight into Meghan and Harry’s experiences leading up to their decision to move away from royal life. According to the book, Harry lost his honorary military titles after the pair stepped back from the family, devastating the Prince and Meghan.

Carolyn Durand and Omid Scobie, co-authors of Finding Freedom, wrote Harry is no longer allowed to wear his military uniforms or be afforested by his former titles.

They said it was “the most demoralising aspect” of stepping back from the Royal Family for Harry.

Ms Durand and Mr Scobie added: “As a retired serviceman, Harry would always be able to wear his medals, but no longer could he wear uniform as Captain General of the Royal Marines, Honorary Air Force Commandant of the Royal Air Force Base Honington, and honorary Commodore-in-Chief of the Royal Navy’s Small Ships and Diving Operations.”

Harry served in the Army for ten years, and passed his qualification to train at Sandhurst in 2004.

READ MORE: Meghan Markle outrage: Meghan’s emotional reaction to Prince Harry losing military titles

The last time Harry wore his military uniform was at the Mountbatten Festival of Music.

He reportedly said at the event: “I’m devastated that I am having to stand down.”

Rachel Bowie, one of the hosts of the Royally Obsessed podcast, claimed Harry seemed to struggle at the event.

She added: “When they received a standing ovation, people thought Harry looked a little teary-eyed.”

Since stepping back from full-time royal duties, Meghan and Harry have bought a new home in Santa Barbara, California.

While living in the US, the pair have announced their plans to start a new charity called Archewell.

Harry has also stated he will return to the UK to continue working with the Rugby Football League.

In a video call with members of the league, Harry said: “We’ve got a whole Rugby League World Cup coming next year, so I definitely plan on coming back.

“I would have been back already had it not been for COVID.”

Harry and Meghan have also recently signed a multi-million dollar deal with Netflix.

Reed Hastings, co-CEO and founder of Netflix, said in an interview with CNBC the couple plan to be producers rather than actors.

He added: “That’s the key thing. They’ve developed a great eye for story and we’ll be working with them on that basis.”

While the value of the deal has not been announced, experts have said it could be worth an astonishing $150 million (£117 million).