Happy Friday everyone! Today is August 21 and stock futures were slightly lower this morning to end a record-setting week. Many movie theaters are set to reopen this weekend, but it’s unclear whether people will come. We also see that Uber and Lyft are given a temporary reprieve following threats to shut down in California. For those paying college tuition bills, make sure to look out for hidden fees as many schools are trying to pass covid-related expenses onto their students. In addition, struggling retailers rush to file for bankruptcy as the fear of a second wave of the virus linger.
U.S. stock futures were lower early Friday to end a week that saw the broader market reach a record level. Dow Jones Industrial Average futures traded 177 points lower, or 0.6% lower. S&P 500 futures lost 0.6%. Nasdaq-100 futures were down by 0.5%.
AMC, Cinemark, Regal, Marcus Theaters are finally reopening after five months of being closed due to Covid-19.Even with stringent safety protocols and new film releases, moviegoers may be hesitant to return to cinemas.
Appeals Court Grants Uber and Lyft a Temporary Reprieve Following Threats to Shut Down in California
A California appeals court extended the length of time Uber and Lyft will have to comply with an order requiring them to reclassify rideshare drivers as employees.The temporary reprieve gives Uber and Lyft until 5 p.m. PT on August 25 to file written statements agreeing to expedited procedures stated in the order.
For the colleges that still plan to bring students back to campus, there is no shortage of expenses associated with in-person instruction. From Covid-19 tests to new standards for cleaning and disinfecting, the costs are adding up. For students, that is translating into new fees on an already sky-high tuition bill.
Industry executives saw what happened to other retailers who filed for bankruptcy in the first few months of the coronavirus outbreak. They worry that could happen to them should a second wave of infections hit during the winter months as some medical experts have warned. Sporting goods chain Modell’s filed for bankruptcy on March 11 — before the coronavirus put its liquidation plans on hold.