Happy Tuesday everyone. Today is July 7th and markets rallied even as COVID-19 cases soared to record highs. The tech-heavy Nasdaq gained over 2% on the wings of Amazon stock, which hit a record high and crossed the $3K mark for the 1st time. Nationwide eviction moratoriums are set to expire later this month, potentially leaving tens of thousands people homeless and Americans have lost $77.4 million due to Covid-19 fraud since the beginning of the year. We also see that several companies that purportedly received forgivable loans as part of a government program aimed at helping small businesses said that they did not apply for.
Eviction moratoriums nationwide are set to expire later this month, potentially thrusting tens of thousands of people into a housing crisis. Congress in March passed a federal mandate prohibiting evictions or foreclosures until July 24 in response to the coronavirus pandemic. But as the deadline quickly approaches, experts warn that unless Congress passes more relief, renters might be forced out on the streets.
Stock futures pulled back in early trading Tuesday after a solid rally on Wall Street to start the week. Futures on the Dow Jones Industrial Average fell 261 points, or just under 1%. The move indicated an opening drop of 240 points. S&P 500 futures lost 0.8%. Nasdaq-100 futures declined 0.5%.
The U.S. is “looking at” banning TikTok and other Chinese social media apps, Secretary of State Mike Pompeo said Monday. His comments come amid continued rising tensions between the U.S. and China and as scrutiny on TikTok and Chinese technology firms continues to grow.
Several companies that purportedly received forgivable loans as part of a government program aimed at helping small businesses said that they did not apply for — much less get — the funds that are detailed in a database of loans. Index Ventures, Foundation Capital, and Bird, said that they did not apply for the Payroll Protection Program, despite being listed in the database as having been approved for millions of dollars of funds from banks.. A Wisconsin woman was incorrectly listed as having been approved for a loan worth up to $10 million. “How did that happen?” she asked when CNBC contacted her.
Americans have lost $77.4 million due to Covid-19 fraud since the beginning of the year, according to one government statistic. Fraud is typically under-reported by consumers, so the real tally is likely much higher. Scammers have targeted federal relief money such as stimulus checks and unemployment benefits, among other things.