Day in Review: July 24, 2020

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

  • Los Angeles schools chief doesn’t see a time yet for reopening. The superintendent said in an interview with NBC News’ Lester Holt that the virus is spreading too rapidly for children to return to campus.
  • Trump announces series of executive orders aimed at lowering drug costs
  • McDonald’s to continue pause on dining room reopenings, will require customers to wear masks. The company will require customers to wear face coverings, starting Aug. 1.
  • Dr. Fauci says coronavirus vaccine likely won’t be ‘widely’ available until several months into 2021
  • Universal Studios cancels lucrative Halloween Horror Nights as coronavirus cases soar
  • Texas coronavirus outbreak ‘going to take a little while’ to eliminate, Gov. Abbott says. “We are turning the situation in the state of Texas. It’s just going to take a little while, but we’re going to be fine,” Gov. Greg Abbott said on CNBC’s “Squawk Box.”
  • NFLPA agrees with league on no preseason games, sources say. The NFL Players Association has agreed to the league’s plan to drop all preseason games for the 2020 season, a person familiar with the decision told The Associated Press.
  • Boston Beer CEO says hard seltzer is biggest shift ‘since light beer’ as company’s stock soars. Shares of Boston Beer jumped more than 25% on Friday after a strong quarter, and the company’s CEO told CNBC that spiked seltzer should continue to drive growth.
  • Tech stocks suffer first two-week losing streak since early May as Microsoft and Intel raise concerns. While the Nasdaq recently hit a record, disappointing forecasts from Microsoft and Intel ahead of next week’s big earnings reports sparked a selloff.
  • Why Intel’s pain is AMD’s gain. AMD was able to beat Intel to 7-nanometer chips because of a difference in the two companies’ business models.
  • A second round of $1,200 stimulus checks could be coming. As lawmakers on both sides of the aisle wrestle over what to put in the next stimulus bill, they do seem to agree that stimulus checks should be included.
  • DOD is scouting contractors to set up potential mobile coronavirus hospitals in Florida as outbreak worsens. The Army is helping Florida in case it needs to quickly build out more surge capacity at its hospitals as Covid-19 cases continue to rise, seeking contractors who can build temporary facilities with ten days notice.
  • Michael Cohen’s release came a day after a judge ruled he was improperly returned to prison in retaliation for failing to agree to a ban on him publishing a book about Trump.
  • Leading oil-field-services companies Halliburton, Baker Hughes and Schlumberger have done themselves a favor by quickly confronting their new reality and ruthlessly cutting costs.
  • Demand for safe-haven U.S. government bonds remains high as the economic recovery shows signs of stalling, with Treasury yields swinging between small gains and losses after mixed data on the economys rebound.

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