Happy Friday! Today is August 7th and Dow futures fell 100 points amid Trump’s executive order to ban Chinese apps, most prominently, TikTok. U.S. jobs rise by 1.763 million in July, beating expectations. Nintendo reported a wild surge in profits thanks to the gaming boom amid the coronavirus pandemic. The summer of COVID-19 officially wipes away formal dress code and introduces casual attire. A coronavirus relief deal is in the works, but huge differences between the parties still remains.
Futures tied to major U.S. equity averages fell on Friday after an executive order from President Donald Trump raised tensions further with China. Investors were also eyeing virus stimulus talks in Washington and a big jobs report due Friday. Dow Jones Industrial Average futures lost 104 points, or 0.4%. The move implied a drop of more than 120 points at the open. S&P 500 futures lost 0.3%. Nasdaq 100 futures shed 0.4%.
Two months of record-setting payroll growth slowed in July as a rise in coronavirus cases put a damper on the struggling U.S. economy.The total nonfarm payroll increased of 1.763 million for the month was still better than Wall Street had expected. The unemployment rate fell to 10.2%, also better than the estimates from economists surveyed by Dow Jones.
Nintendo reported operating profit of 144.7 billion yen ($1.4 billion) in the April-June quarter, smashing analyst expectations. Sales of the company’s popular Nintendo Switch and Switch Lite consoles grew around 167% to 5.68 million units in the quarter. The firm has now sold 22.4 million copies of “Animal Crossing: New Horizons,” surpassing sales of “Super Smash Bros. Ultimate.”
TikTok threatens legal action against Trump’s executive order, saying it sets a ‘dangerous precedent’
President Trump’s executive order would ban the Chinese social media app from doing business with U.S. firms in 45 days. TikTok said it was “shocked” by the order, claiming there has been “no due process or adherence to the law. The Trump administration has also targeted WeChat, the popular Chinese messaging app, with a similar ban.
Senate Majority Leader Mitch McConnell told CNBC he believes Democrats and Republicans will strike a coronavirus relief agreement “in the near future.” House Speaker Nancy Pelosi also told CNBC the sides will come to an agreement even as she criticized Republicans for their priorities. Democrats and the Trump administration are trying to resolve disputes over unemployment insurance, an eviction moratorium, relief to state and local governments and school funding.
Professional attire has been evolving for decades into ever more casual modes. Now, thanks to this weird, extraordinary summer America is having, it’s finally happened: Office clothes are officially dead.