Today is Thursday, July 30th and tech stocks led the market surge yesterday, all while Big Tech CEOs were getting grilled by Congress. The U.S. second quarter plunged compared to its expectations. The Fed has held interest rates steady and McDonalds partners with the Mayo Clinic as part of an effort to keep customers and employees safe amid the pandemic. TikTok to give creators over $2 billion in the next 3 years as it takes on Instagram and YouTube.
U.S. stock futures fell early Thursday as big technology shares declined ahead of their earnings reports after the bell. Apple, Amazon, Alphabet and Facebook, representing nearly $5 trillion in market capitalization, are all set to report. All four shares were lower slightly in the premarket.
The U.S. economy saw the biggest plunge in activity it has ever known in the second quarter, though it wasn’t quite as bad as feared.The U.S. economy was expected to have suffered its worst period ever in the second quarter. Economists surveyed by Dow Jones were looking for a decline of 34.7%.
The Federal Open Market Committee concluded its two-day meeting Wednesday and held interest rates steady, as expected. “Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year,” the post-meeting statement said.
McDonald’s is partnering with the Mayo Clinic as part of its efforts to keep customers and employees safe during the pandemic. Under the arrangement, the medical center will review the company’s environmental health and safety precautions and some of its global standards. McDonald’s also shared new commitments on diversity and inclusion with its franchisees.
TikTok is planning to support the next-generation of talent on its platform with a $2 billion TikTok Creator Fund.TikTok, Instagram, and YouTube all want high-profile creatives with millions of fans to share content on their platforms. Owned by China’s ByteDance, TikTok’s new fund is designed to help influencers generate revenue on its platform.
Commercial testing laboratories such as Quest Diagnostics and rival LabCorp have struggled to keep pace with the large outbreaks across the American South and West. Public health specialists have stressed that the current testing delays render the tests essentially worthless. With the new FDA authorization, Quest said it expects “to achieve average turnaround times of 1 day for “Priority 1″ patients and 2-3 days for all other patients in coming weeks.”