Day in Review: August 06, 2020

A daily recap of major events and headlines affecting the market with individual investors in mind.

  • Gilead says it will be able to make enough remdesivir to meet global coronavirus demand in October. Gilead said it plans to produce more than 2 million treatment courses of the drug by the end of the year and anticipates being able to produce “several million more” in 2021.
  • Papa John’s CEO says it has won new customers during the pandemic and will hire more workers to meet demand
  • Lumber Futures Price Climbs to Record. Demand for the raw material has been boosted by a do-it-yourself remodeling boom and resurgent home builders.
  • Parents are at a breaking point as they try to cope with getting kids back to school
  • Facebook rallies more than 5% following launch of its TikTok competitor. Shares of Facebook stock were up more than 5% on Thursday following the U.S. launch of Reels, a new Instagram feature designed to rival Chinese upstart TikTok.
  • In California, 57% seeking unemployment benefits lost their jobs for a second time. More than half of workers who recently applied for unemployment benefits in California were doing so because their jobs or hours were cut again, hinting at the nation’s unstable economic recovery.
  • As COVID-19 highlights vulnerabilities in global supply chains and resilience takes priority, McKinsey Global Institute report calculates ongoing cost of shocks and prospects for manufacturing to shift
  • Trump to sign executive order requiring U.S. to buy ‘essential’ drugs from American companies
  • U.S. Jobless Claims Pull Back Sharply After Two Straight Weekly Increases. Following two straight weekly increases in first-time claims for U.S. unemployment benefits, the Labor Department released a report on Thursday showing initial jobless claims pulled back by much more than expected in the week ended August 1st. The report said initial jobless claims tumbled to 1.186 million, a decrease of 249,000 from the previous week’s revised level of 1.435 million.