Day in Review: July 31, 2020

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

  • Dr. Fauci says coronavirus is so contagious, it won’t likely ever disappear
  • Apple has hinted that the launch of its next flagship smartphone, the iPhone 12, may be delayed this year. During the tech giant’s third-quarter earnings call on Thursday, Apple Chief Financial officer Luca Maestri indicated that the iPhone 12 may not launch in September this year. Maestri said that Apple expects to see recent strong performance continue for its current product lineup.
  • United Airlines is adding a few new flights but remains hesitant to increase capacity too much amid weak demand.
  • US GDP plunged almost 33% amid coronavirus induced shutdown
  • Analysts expect the coronavirus pandemic to keep boosting Apple’s Mac and iPad units, following the company’s blockbuster fiscal third quarter report, where it revealed revenue was up 11% year over year.
  • Expedias Chief Executive Officer Peter Kern said the second quarter was likely the worst quarter the travel industry has seen in modern history.
  • The first large-scale efficacy trials of potential Covid-19 vaccines began Monday in the U.S. A key priority is recruiting participants of diverse backgrounds. It may be a challenge.
  • CDC warns Congress of ‘significant public health consequences’ if schools don’t reopen in the fall
  • Big Oil gets smaller as Chevron and Exxon losses mount to $9.4bn
  • Personal income in the U.S. slumped by more than expected in the month of June, according to a report released by the Commerce Department on Friday, although the report also showed another substantial increase in personal spending. The Commerce Department said personal income tumbled by 1.1 percent in June after plunging by a downwardly revised 4.4 percent in May.
  • President Donald Trump’s call for delaying the U.S. presidential election met with stiff resistence from Republican party’s top brass as well as Democrats. Trump made the suggestion on Twitter Thursday, saying that postal voting could lead to fraud and inaccurate results.
  • The U.S.s troubled response to the coronavirus pandemic was on display Friday, as the Trump Administrations top health officials testified before Congress, warning that the virus spread would likely  continue for some time.
  • Experts warn the U.S. work visa ban will be China’s gain in the long run. In response to the coronavirus recession, President Trump signed an executive order suspending new temporary work visas until 2021. The White House cited the need to preserve jobs amid the growing unemployment rate. However, experts warn that it could be detrimental to the economy, especially for tech giants like Facebook, Google and Microsoft.
  • Pinterest shares rocket 38% on user growth and advertising in Q2. Pinterest shares climbed Friday morning as the company reported second-quarter earnings which reflected how people turned to the service for at-home cooking, remote work and activities during the stay-at-home orders.