Happy Friday everyone! Today is July 10th and markets dropped Thursday after Florida reported a record number of COVID-related hospitalizations. But the Nasdaq inched up on investors’ tech optimism. TikTok disappeared from Hong Kong app stores after a new national security law came into effect and celebrity chef, Wolfgang Puck, raises concern that 25% of small restaurants may never reopen. We also see that Wells Fargo is telling new clients they need $1 million balances for certain mortgage refinancings.
Stocks opened along the flatline on Friday as traders weighed positive news about a potential coronavirus treatment and another record spike in virus cases.The Dow Jones Industrial Average traded just 10 points higher, or less than 0.1%. The S&P 500 and Nasdaq Composite were also flat.
Wells Fargo is now requiring new customers to bring at least $1 million in balances if they want to refinance a jumbo mortgage, up from a previous level of $250,000, according to people with knowledge of the policy. The change came in a July 1 overhaul of lending guidelines that broadly lowered barriers to the product for existing customers, while making it far harder for new ones to qualify, said the people, who declined to be identified speaking about the move. The bank also tightened lending standards in its mortgage business in the July 1 overhaul, which impacts everyone applying for a home loan, not just jumbo refinancings, according to one of the people.
TikTok has been pulled from Apple’s App Store and the Google Play Store in Hong Kong. TikTok, which is owned by Beijing-based ByteDance, flagged earlier this week it would be exiting Hong Kong “in light of recent events,” referencing the national security law passed at the end of June. Users of the popular short video app who had already downloaded it can no longer use it.
United is the last of the biggest four U.S. carriers to reach an agreement for early leaves for their pilots. The tentative deal comes a day after United said 36,000 employees could be furloughed this fall if there aren’t enough buyout and early retirement volunteers. Airlines are prohibited from laying off or furloughing workers through Oct. 1 under the terms of federal aid.
Puck was announced as a member of President Trump’s Great American Economic Revival Industry in April. But Puck told CNBC he doesn’t think the U.S. is taking quick enough action against the coronavirus.Puck, whose flagship U.S. restaurants include Spago, Beverly Hills, and Wolfgang Puck at Hotel Bel-Air, said he was “really nervous” that a federal program was not in place to stop the spread of the virus.