Hi everyone, today is Monday, June 29th. Stocks plunged last week on record coronavirus surges, but the market looks to regain some of those losses today. Nine states, including Texas and Florida, rolled back some reopening measures after coronavirus cases continue to spike in those areas. Pending home sales spiked a stunning 44.3% in May compared with April and FICO launches a new credit score that calculates financial resiliency in an economic downturn. We also see that a growing number of iconic brands are pulling ad dollars from Facebook to increase pressure on the social media company to remove hate speech.
Dow set to open 200 points higher, shaking off rising coronavirus cases, as Boeing shares gain. U.S. stock futures rose on Monday even as U.S. coronavirus cases continued to surge. The Dow Jones Industrial Average futures climbed about 1.1%. The move implied an opening gain of about 280 points. S&P 500 futures added 0.85%. Nasdaq-100 futures advanced 0.4%.
The Gap brand, which has flailed in recent years as it struggled with an identity crisis, has a new idea for how to revive its fortunes: Kanye West. The struggling mall brand plans to introduce a new clothing brand, Yeezy Gap, in stores and online in the first half of 2021.
Amazon warehouse workers have gone on strike in Germany after staff tested positive for the coronavirus. Labor union Verdi said Amazon is endangering the lives of warehouse workers. Amazon said it will have invested approximately $4 billion worldwide on Covid-related initiatives.
Managing your finances isn’t easy. Managing your finances during a global pandemic is even harder. There are a few ways to help your current financial situation during the current circumstances.
Even before the coronavirus pandemic spurred state shutdowns and led to one of the fastest-hitting recessions in modern history, as many as 60 million Americans had difficulty qualifying for credit cards and loans. FICO’s new index looks at credit bureau information such as how much credit consumers are using, payment history, number of accounts open, the length of your credit history and the amount you currently owe.
A growing number of iconic brands are pulling ad dollars from Facebook, with some boycotting social media altogether. Organizers of a Facebook Inc advertising boycott campaign that has drawn support from a rapidly expanding list of major companies are now preparing to take the battle global to increase pressure on the social media company to remove hate speech. On Friday, Facebook’s 8.3% decline in stock price wiped out $56 billion in market capitalization.
Pending home sales spiked a stunning 44.3% in May compared with April, according to the National Association of Realtors. That beat expectations of a 15% rise. Sales were still 5.1% lower compared with May 2019.