Day in Review: July 28, 2020

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

  • Apple’s China iPhone sales jump 225% in the second quarter as recovery continues, research shows. The cheaper iPhone SE and the popularity of the iPhone 11 series, along with deep discounts, helped Apple get a boost in China in the second quarter.
  • AMC strikes historic deal with Universal, shortening number of days films need to run in theaters before going digital
  • Victoria’s Secret parent L Brands to slash 15% of corporate workforce. As of Feb. 1 2020, the company employed roughly 94,400 employees, 68,900 of those being part-time, according to L Brands’ latest annual filing.
  • Enhanced unemployment would drop to $200 per week through September under new. The Senate HEALS Act proposes cutting enhanced unemployment from $600 to $200 per week through September, then to 70% replacement of workers’ previous wages. Senate proposal
  • On Friday, Trump signed four executive orders designed to bring U.S. drug prices at least on par with their costs overseas.
  • Fauci says there are early signs coronavirus outbreaks are brewing in Ohio, Indiana, Kentucky and Tennessee. White House health advisor Dr. Anthony Fauci said on Tuesday that he’s concerned about the growing number of coronavirus tests returning positive in states like Indiana, Ohio, Tennessee and Kentucky.
  • Shoppers are still wary of returning to malls, trying on clothes and traveling. As retailers take precautions to a new level to try to welcome shoppers safely back to stores, consumers are still wary of returning to bricks-and-mortar retail, a new survey by First Insight says.
  • U.S. consumer confidence falls in July. U.S. consumer confidence ebbed in July amid a flare-up in Covid-19 infections across the country, which is threatening the economy’s recovery from an unprecedented recession caused by the pandemic.
  • Republicans rolled out the HEALS Act on Monday night, which provides $15 billion to help child-care providers operate and reopen amid the coronavirus pandemic. But advocates say it falls short of what’s needed to stablize the industry by tens of billions of dollars.
  • The National Restaurant Association has cautioned against closing restaurants a second time due to the coronavirus pandemic, saying that it will put a dangerous strain on an industry that is struggling to stay afloat. According to the Association, the restaurant industry shed two-thirds of all jobs during the peak of the coronavirus-induced shutdowns.

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