Stock Market Live News and Updates

Wall Street set for a turbulent day as European markets seesaw.

U.S. stock futures wavered on Monday amid worries about the persistence of the coronavirus pandemic.

Futures markets were higher, signaling a slight rebound at the start to trading on Wall Street. Markets in Europe were modestly higher in late-morning trading, rebounding from a jagged decline earlier in the day. Asian markets fell heavily, following a sharp drop on Friday in Wall Street. Japanese stocks led the decline, losing more than 2 percent.

Facebook shares were down more than 3 percent in premarket trading as more brands said they would boycott the platform because of its handling of misinformation and hate speech. Fox Business reported on Sunday that Pepsico was planning to join the advertising boycott.

Investors have been watching nervously as coronavirus cases rise in the United States and in places where the pandemic had seemed to be under control, like Europe. Florida, Nevada and South Carolina broke daily records for new cases over the weekend. The global death total reached 500,000 on Sunday, according to a New York Times database. The number of confirmed cases passed the 10 million level.

The S&P 500 ended last week with a drop of more than 2 percent on Friday, a loss that erased any remaining gains the index had for the month of June.

Here’s the business news to watch this week.

💸 The biggest U.S. banks publish their capital plans after the market closes Monday, responding to last week’s stress tests by the Fed. Regulators forced banks to forgo share buybacks in the third quarter, and put a limit on dividends that analysts think will be toughest on Wells Fargo.

🗣 The House Financial Services Committee holds a hearing Tuesday to review the government’s coronavirus response programs, featuring testimony from the Fed chairman, Jay Powell, and Treasury Secretary Steven Mnuchin. It is also the last day to apply for loans from the Paycheck Protection Program, the $660 billion rescue program aimed at small businesses that has been revised several times, and still has well over $100 billion left to lend.

🇺🇸🇲🇽🇨🇦 The “new NAFTA” — formally known as the United States-Mexico-Canada Agreement, or U.S.M.C.A. — comes into force on Wednesday. The trade agreement hasn’t exactly spurred greater continental camaraderie: the U.S. recently threatened to reimpose tariffs on Canadian aluminum.

📈 Thursday is a big day for economic data, with monthly payrolls and weekly unemployment claims coming out. Economists expect that the U.S. economy added a net 3 million jobs in June, following the unexpectedly strong 2.5 million gain in May. At the same time, the latest week’s unemployment claims are forecast to come in at 1.3 million, the 15th week in a row above one million.

🗓 Noteworthy corporate earnings include the chip maker Micron Technology and the high-end office furniture seller Herman Miller today; Mrs. Butterworth’s parent, ConAgra, and the package deliverer FedEx tomorrow; and the Corona brewer Constellation Brands, the cereal giant General Mills and the troubled department store chain Macy’s on Wednesday. — Jason Karaian

Gunmen tried to storm Pakistan’s stock exchange in the city of Karachi on Monday, killing at least three security officers, the police said.

Officials reported that four gunmen drove up to the gate in front of the exchange and that two managed to enter the parking area before all four were killed in a nearly hourlong firefight with security forces. Officials and traders were reported to have taken shelter inside the exchange during the shooting, officials said.

The Baluchistan Liberation Army, a separatist group, claimed responsibility for the attack in social media posts identified as belonging to the group.

The B.L.A. is an ethnic Baluch insurgent movement in Baluchistan Province, a resource-rich region of Pakistan that has long been racked by violence. In recent years, the group has targeted Chinese interests in the region, which is a center for huge development projects that are part of China’s Belt and Road Initiative. — Salman Masood

Three months after the coronavirus pandemic shut down offices, corporate America has concluded that working from home is working out. Many employees will be tethered to Zoom and Slack for the rest of their careers, their commute accomplished in seconds.

Richard Laermer has some advice for companies rushing pell-mell into this remote future: Don’t be an idiot.

A few years ago, Mr. Laermer let the employees of RLM Public Relations work from home on Fridays. This small step toward telecommuting proved a disaster, he said. He often could not find people when he needed them. Projects languished.

IBM came to a similar decision. In 2009, 40 percent of its 386,000 employees in 173 countries worked remotely. But in 2017, with revenue tumbling, management called tens of thousands back to the office.

Even as Facebook, Shopify, Zillow, Twitter and many other companies are developing plans to let employees work remotely forever, the experiences of Mr. Laermer and IBM are a reminder that the history of telecommuting has been strewn with failure. The companies are barreling forward but run the risk of the same fate.

“Working from home is a strategic move, not just a tactical one that saves money,” said Kate Lister, president of Global Workplace Analytics. “A lot of it comes down to trust. Do you trust your people?” — David Streitfeld

Few areas of the country rely on tourism more than Central Florida, which is home to Disney World, SeaWorld, Universal, Gatorland, Legoland and a plethora of smaller attractions. An estimated 250,000 people work in the leisure and hospitality industries, accounting for 25 percent of jobs in the area, according to the trade organization Visit Orlando.

Most workers whose livelihood depends on Orlando’s ability to attract tourists in large numbers have managed to get by as the amusement economy shut down around them — though for some it has been a struggle.

Many Americans have received one-time stimulus payments from the federal government, but Unite Here, a union representing 30,000 hospitality workers in the Orlando area, recently said that at least 1,500 members had yet to receive any unemployment payments from the state.

Florida has been one of the slowest states to process jobless claims, in part because its system was designed to be arduous.

“We were both calling about a hundred times a day for weeks trying to get through to somebody, anybody,” said Paul Cox, a lighting, video and audio technician at the Walt Disney World Resort. His wife, Julia Cox, who has a similar professional specialty elsewhere in the Disney complex, added that “calling that number became my full-time job.”

Mr. Cox said the couple made a color-coded spreadsheet to keep track of the calls — more than 4,000 of them. — Eve Edelheit and Brooks Barnes

When the coronavirus prompted states to order residents to stay at home in March, unemployment surged around the country as huge parts of the economy slowed or stopped. Soon after, there were calls for philanthropists, charitably inclined people and even occasional donors to accelerate any giving they were planning to do.

They stepped up, it turns out, giving more and giving faster then they typically do.

According a report released on Friday from Fidelity Charitable, which has become the largest grant maker in the country by managing thousands of individual donor-advised funds, those donors have given $3.4 billion nationwide since the start of the year, up at least 28 percent from a year earlier.

“Despite the economic environment, all the uncertainty at a personal level, people looked outside of themselves and gave to charity,” said Pamela Norley, president of Fidelity Charitable.

Debra Mailman, who has spent the two years since she retired as an executive at Microsoft volunteering in disaster zones, initially slowed her giving, shocked by the sudden drop in value in the investments in her donor-advised fund.

“At the beginning of the pandemic, I did the same thing everyone did: I looked at the stock market and said, ‘Oh, my God,’” she said. “Then I held my nose and said, ‘Forget that — the money isn’t mine anymore. It will do more work out there.’” — Paul Sullivan

Catch up: Here’s what else is happening.

  • Walt Disney Studios pushed back the theatrical release of its live-action remake of “Mulan,” leaving July without any big-budget movie releases and delaying a hoped-for recovery at cinemas. “Mulan” is set to arrive in theaters on Aug. 21 instead of July 24.

Reporting was contributed by Carlos Tejada, Salman Masood, Jason Karaian, Eve Edelheit, Paul Sullivan, David Streitfeld and Brooks Barnes.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *