Happy Tuesday. Today is August 4th and Dow futures fell 100 points after Monday’s tech-powered rally. Chinese state media slams the U.S. for trying to “smash and grab” Tiktok. Home Depot wants to speed up deliveries with a new distribution center as the pandemic has fueled home renovations and projects. Democrats and Trump left a productive meeting, but still have not come to an agreement on the next stimulus package. Virgin Galactic’s new supersonic jet could get from NYC to London in 2 hours and used car-buyers are begging to buy used cars back from owners.
U.S. stock futures traded near the flatline early Tuesday morning after the major averages logged in sharp gains to start the new month on Monday. Dow Jones Industrial Average futures indicated a loss of fewer than 50 points at the open. S&P 500 traded in negative territory while the Nasdaq 100 futures posted marginally positive moves.
Chinese state media labeled the U.S. a “rogue country” and dubbed the potential sale of social media firm TikTok to Microsoft as “theft.” State-backed China Daily said Beijing “has plenty of ways to respond if the administration carries out its planned smash and grab” of TikTok. President Donald Trump gave the green light for Microsoft to pursue a partial acquisition of TikTok, which is owned by Beijing-based ByteDance.
Home Depot wants to speed up deliveries with new distribution centers as pandemic fuels home projects
Home Depot will open three distribution centers in the Atlanta area over the next 18 months to keep up with customers’ demands for speed and convenience. The home improvement retailer is investing $1.2 billion in supply-chain facilities over five years. SVP Stephanie Smith said the pandemic has underscored the importance of a strong and flexible supply chain as customers gravitate even more to online shopping and curbside pickup.
Democrats and Trump officials leave ‘productive’ meeting, but still don’t have a coronavirus relief deal
Democrats and Republicans restarted in-person talks on the next coronavirus relief bill Monday as the outbreak continues to spread and enhanced unemployment benefits have expired. Nancy Pelosi, Chuck Schumer, Steven Mnuchin and Mark Meadows held what Pelosi called “productive” discussions, but Democrats said several issues are still outstanding. Aid for jobless Americans, liability protections for businesses, and relief for state and local governments remain major sticking points in the talks.
A shortage of inventory, along with higher demand, has used-car salespeople asking what it will take to get you out of your ride. The availability of used vehicles has grown scarce in recent months as fewer people traded in vehicles or returned leases this spring due to virus-related restrictions.
Virgin Galactic’s planned supersonic jet is designed to reach speeds of Mach 3, or about 2,300 miles per hour. If it can do so, Virgin Galactic’s jet would be able to fly from New York City to London in about 2 hours. That would shatter the current transatlantic commercial flight record of just under 3 hours, set by a British Airways supersonic Concorde jet in February 1996.