Happy July 1st everyone! It is the start of a new month and stocks jumped again, despite another single-day record for new confirmed coronavirus cases in the US (46K). California, Texas, and Florida ordered bars to close again, and LA and Miami will close beaches over July 4th weekend. The Dow still enjoyed its best quarter since ’87 and oil had its best quarter in 30 years. United has plans to add 25,000 flights in August as customers are slowly returning. We also see that June private payrolls rose 2.37 million and mortgage demand falls for the second straight week.
United’s 25,000 additional flights still bring its August 2020 schedule to just 40% of flights in 2019. United and other carriers are grappling with how to cater to an uptick in demand with the impact of Covid-19. The airline is also increasing international flights, with destinations including Lima, Shanghai and Frankfurt.
Dr. Anthony Fauci says U.S. coronavirus outbreak is ‘going to be very disturbing,’ could top 100,000 new cases a day
The U.S. is “not in total control” of the coronavirus pandemic and daily new cases could surpass 100,000 new infections per day if the outbreak continues on its current trend, White House health adviser Dr. Anthony Fauci said Tuesday. “I can’t make an accurate prediction but it’s going to be very disturbing,” Fauci told senators in a hearing held by the Senate Health, Education, Labor and Pensions Committee. The number of new cases reported each day in the U.S. is now outpacing that of April, when the virus rocked Washington state and parts of the Northeast, especially the New York City area.
Private payrolls rose by 2.369 million in June, a bit below the 2.5 million estimate from economists surveyed by Dow Jones, according to ADP. May’s number saw a stunning revision, going from an initially reported loss of 2.76 million to a gain of 3.065 million. Hospitality industry workers saw the biggest gain, with 961,000 hires, while small businesses overall added 937,000.
Mortgage demand falls for the second straight week, signaling a potential slowdown in the housing recovery
Mortgage applications to purchase a home fell for the second straight week, down 1% from the previous week, according to the Mortgage Bankers Association. Refinance demand, the most sensitive to interest rates, fell 2% for the week but was 74% higher than a year ago.
Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990, when it registered gains of 142% during the first Gulf War. U.S. West Texas Intermediate futures surged 91% in the three months through to end of June, also reflecting the best quarterly performance for U.S. crude since the third quarter of 1990 when it soared 131%.
With only two weeks left until this year’s tax filing deadline, now is the time to take the opportunity to make some key moves, which could translate into nice tax savings. You can contribute up to $6,000 into an IRA (traditional or Roth) and add an extra $1,000 if you’re 50 or older.
Have a high-deductible health plan with a health savings account? You can stash up to $3,500 if you have individual coverage — or up to $7,000 for family plans. Throw in an extra $1,000 if you’re 55 and over.
To avoid paying significant penalties and interest, you should set up a payment plan if you owe taxes you can’t pay all at once.
And if you’re still due a refund, here’s some good news that you may not have expected: File by July 15 and earn interest on your refund check.