Happy Wednesday Everyone. Today is July 8th and Markets dropped as Monday’s tech rally fizzled. Stocks most eager for an economic reopening like Carnival and Delta plunged. States are rolling back reopening as COVID-19 cases surge — the number of US cases nearly doubled over the past week and a half.
The government unveiled a £2 billion ($2.5 billion) “kickstart scheme” aimed at subsidizing six-month work placements for people aged 16-24 who are at risk of long-term unemployment. Sunak also announced a temporary holiday from the property tax known as stamp duty for properties worth up to £500,000 in a bid to stimulate the property market.
Trump said the White House plans to pressure state governors and educators to reopen schools in the fall, despite soaring infection rates across the country. “We’re very much going to put pressure on the governors and the schools to reopen,” Trump said at a White House event on school reopenings. “Open your schools in the fall.” Yet as September approaches, there are still few concrete plans in place on either the state or the federal level about how to open schools safely.
Facebook’s civil rights audit found the company made decisions that were “significant setbacks for civil rights.”It comes at a particularly tense time for Facebook as it grapples with an advertiser boycott that has gained momentum in recent weeks. Facebook COO Sheryl Sandberg said the audit revealed failures in the firm’s approach to civil rights, adding “some of the starkest criticism” was “reserved for our decision not to remove recent posts by President Trump.”
Walgreens and VillageMD have struck a deal to open doctor offices in 500 to 700 drugstores over the next five years. Most of the primary-care clinics will be about 3,300 square feet, about a quarter of the size of Walgreens’ average store. More than half will open in areas with a shortage of health professionals and a population that’s underserved.
Mortgage applications to purchase a home rose 5% for the week and were a remarkable 33% higher than a year ago. Home prices gains continue to accelerate, so low mortgage rates are giving buyers much-needed help.