Today is Tuesday, August 11th and stocks are set to rise as the S&P 500 nears an all time high. Vladimir Putin says Russia has registered its first coronavirus vaccine and his daughter has already taken it. A study shows that half of U.S. elementary and high school students will study virtually only this fall and that many small businesses are now reporting they think they can stay afloat for longer than one year during the current climate, unlike their responses in April. Many NYC bars and restaurants are saying they cannot pay their rent and companies are talking about making their furloughs permanent as their earnings reports came back better than expected.
Futures tied to major U.S. equity averages advanced in early morning trading Tuesday, with markets likely to push the S&P 500 to the cusp of a new all-time high.Dow Jones Industrial Average futures rose 350 points, or 1.3%. S&P 500 futures added 0.5%. Nasdaq 100 futures were down 0.7%, however. The S&P 500 closed Monday just 0.97% from its record set in February.
Clinical trials of this Russian vaccine have been completed in less than two months and phase three trials are set to begin shortly, despite the vaccine having already been registered. Putin also reportedly stated that one of his daughters had been vaccinated against the coronavirus, commenting, “In this sense, she took part in the experiment.”
A little more than half of U.S. elementary and high school students will attend school only virtually this fall, according to a new study, as education officials struggle with an unprecedented and wrenching decision amid the coronavirus pandemic.The study by Burbio, which aggregates school and community calendars nationwide, found that 52% of students will go to school virtually only and just 25% will attend every day. The remaining 19% will have some form of hybrid schooling, combining online and in-person learning. Four percent of districts remain undecided.
The pandemic is still raging on in the U.S., yet 64% of small business owners on Main Street are confident that they can survive for more than a year under current conditions, the Q3 CNBC|SurveyMonkey Small Business Survey revealed. That is nearly double the 34% that held this optimistic view when polled in April. Government relief efforts including PPP, support from local communities, the adoption of technology and pivoting to new lines of business, are responsible for the turnaround in attitude among business owners.
The dark side of good earnings: Companies are talking about turning “furloughs” into permanent layoffs.You knew this was coming. It’s been a very strange earnings season. Analysts dramatically underestimated earnings for a good part of the market, particularly industrials, financials, and many technology stocks. The good news is if and when the economy recovers and revenue growth returns, corporate profits will be even stronger.The bad news is a lot of people are going to get laid off.
The coronavirus pandemic continues to impose a severe economic toll on New York City’s eateries and pubs — with 83 percent of establishments saying they’re unable to make their full July rent and 37 percent unable to pay at all, a survey released Monday reveals. The NYC Hospitality Alliance poll of 471 restaurants, bars and nightclubs mirrors the results of a June survey — when the overwhelming majority of businesses were unable to cover their rent.