Happy Friday Everyone! Today is July 24th and Nasdaq futures were pointing to an over 100 point, or nearly 1%, decline at Friday’s open, one day after the Nasdaq Composite sank 244 points or 2.2%. Trump canceled part of GOP convention and CDC guidelines for schools reopening are emphasizing going back to school. Landlords are encouraged to think creatively as 28 million Americans face eviction and the coronavirus impact on the economy may outweigh the U.S. China tensions.
Nasdaq futures were pointing to an over 100 point, or nearly 1%, decline at Friday’s open, one day after the Nasdaq Composite sank 244 points or 2.2%.U.S. stock futures fell early Friday following broad declines in the major tech names that pushed the major averages lower during regular trading.Dow Jones Industrial Average futures implied a loss of about 60 points at the open, off the worst levels of thee morning. Futures also pointed to declines at the open for the S&P 500 and Nasdaq 100.
President Donald Trump on Thursday moved to cancel the Jacksonville, Florida, portions of August’s Republican National Convention, citing the threat of the coronavirus.“I told my team it’s time to cancel the Jacksonville, Florida, component of the GOP convention,” Trump said at a White House briefing on the coronavirus. The announcement marked a staggering turnaround for Trump, who pushed for the convention to be moved from Charlotte, North Carolina, after a fight with the state’s Democratic governor over coronavirus precautions.,
With some school districts just weeks away from the start of the academic year, the Centers for Disease Control and Prevention released long-awaited guidelines for reopening with a heavy emphasis on getting students back into the classroom. The guidelines laid out the social, emotional and mental risks of keeping students at home and gave broad outlines on how to resume in-person instruction in line with what the CDC has already recommenced to other entities, like practicing good hygiene, disinfecting surfaces regularly and spacing out students to maintain social distancing.
Democrats in the Congress are looking to stop evictions and foreclosures during the coronavirus pandemic. Landlords are also looking for creative ways, like lease guarantees, to ease the burden on their renters. This comes on the heels of a May survey by the American Apartment Owners Association that found nearly 60% of landlords said their tenants are unable to pay rent because of the coronavirus and 80% said they’re willing to work with these renters.
Coronavirus will have bigger impact on markets in short term than U.S.-China tensions, portfolio manager says
The relationship between the world’s top two economies have taken a dramatic turn for the worse since Wednesday when the U.S. ordered the closure of a Chinese consulate in Houston. But, the heightened tensions are “not a huge surprise, we’ve seen this kind of a dive in sentiment for some time now,” said Sat Duhra, portfolio manager of Asia dividend income strategy at Janus Henderson Investors. Still, Janus Henderson Investors kept current U.S.-China tensions in mind while picking investments. Products and services serving the Chinese domestic market will continue to do well even amid the tensions, said Duhra.