Day in Review: August 07, 2020

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

  • Zillow CEO: Real estate market is beginning ‘great reshuffling’ as people seek more space at home. The pandemic so far has accelerated trends of people fleeing large, expensive U.S. cities, While shopping is up everywhere, Barton said the company is seeing a “deceleration of migration” to cities and expects it to accelerate.
  • Markets could be challenged by Washington stimulus talks and China tensions. The debate over the next round of stimulus and rising tensions between the White House and China could create headwinds for the market.
  • Very fragile’ jobs recovery will now depend on how safe people feel. A slowing in the resumption of normal economic activity likely means that the initial post-lockdown burst is winding down.
  • Racial inequalities are pervasive in corporate America. Closing the racial wealth gap could boost the economy between $1 trillion and $1.5 trillion, or 4% to 6% of GDP, according to McKinsey & Co. McKinsey partner and ex-NFL player Jason Wright suggests bold solutions to racial inequality in the workplace.
  • Hawaii reinstates coronavirus restrictions: ‘There’s no question that the virus is surging’
  • US economy added 1.8 million jobs in July, still down nearly 13 million jobs during pandemic
  • Delta urges 3,000 flight attendants to take unpaid leave, shorter schedules to avoid furloughs
  • New York Gov. Cuomo says all school districts across state are authorized to reopen
  • Atlassian tells employees they can work from home indefinitely. Atlassian is going further than Facebook and Google in giving its employees flexibility. The shift away from offices could also help with hiring.
  • Trump cutting off WeChat would be devastating blow to some Chinese families in the U.S. The Chinese-owned WeChat is used for a bit of everything in China. But in the United States, it’s a key messaging app for people with loved ones in China.