Happy Monday! Today is August 3rd and Dow futures rise 150 points as Apple leads tech shares higher. Microsoft confirms rumors it is to acquire TikTok in the US and speculation over whether schools will reopen continues. Virgin Galactiv partners with Rolls Royce as it looks to build an aircraft for supersonic air travel, and Lord & Taylor files for bankruptcy, following many other retail chains last week. Democrats still agree on $1,200 checks but are deadlocked on unemployment assistance.
Futures contracts tied to the major U.S. stock indexes were higher on Monday as tech shares led the way. Traders also turned their attention to Washington as lawmakers struggle to make progress on a new stimulus package.Dow Jones Industrial Average futures rose 164 points, or 0.6%. S&P 500 and Nasdaq 100 futures gained 0.6% and 0.8%, respectively.
Microsoft’s statements on Sunday marked the company’s first confirmation of talks it has held to acquire the popular social-media app. Other investors could participate in an acquisition alongside Microsoft, according to the company statement.
Distance learning got off to a rough start in this past spring.Fall might not be much better and the stakes now are higher. Across the country, reopening plans vary, with many school districts still scrambling. Even in areas that are planning to return to in-person learning, students may not resume a full-time schedule.
Virgin Galactic partners with Rolls-Royce as it looks to build an aircraft for supersonic air travel
Space tourism venture Virgin Galactic announced it signed an agreement with Rolls-Royce to develop an aircraft for supersonic travel. Virgin Galactic also gave a first look at its supersonic aircraft’s design, having completed a concept review with NASA. British aerospace company Rolls-Royce has a notable history making aircraft engines, including having built the engines that powered the supersonic Concorde aircraft.
Stimulus talks: White House, Dems still agree on $1,200 checks but deadlocked on unemployment assistance
Familiar fault lines continue to separate the White House and congressional Democrats on the next coronavirus stimulus package a day after an extended meeting between House Speaker Nancy Pelosi and administration officials including Treasury Secretary Steve Mnuchin and chief of staff Mark Meadows. Pelosi and Mnuchin both took to the airwaves on Sunday morning to lay out their competing visions for the rescue bill, ahead of a Monday meeting between the officials. The key sticking point separating Democrats and Republicans continues to be the federal boost to unemployment assistance, which was set at $600 a week in March but recently lapsed.
Lord & Taylor, Men’s Wearhouse owner file for bankruptcy, becoming the latest retail casualties of the pandemic
Lord & Taylor, one of America’s oldest department stores, has filed for bankruptcy, joining a growing list of stores slammed by the coronavirus pandemic. Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Banks, filed for bankruptcy as well. Big names that already filed for Chapter 11 include J Crew Group, J.C. Penney and Neiman Marcus in May, while Lucky Brand became a casualty of the pandemic in July.
Marathon Petroleum has agreed to sell its Speedway gas stations in the United States to Japanese retail group Seven & i Holdings for $21 billion, the companies said, five months after the deal was put on hold amid the coronavirus outbreak.Marathon, under pressure from activist investor Elliott Management, said last year it would launch sweeping restructuring, including spinning off Speedway, which it said was worth as much as $18 billion, including debt.