U.S. and World News
- President Trump signed a pair of executive orders targeting TikTok and WeChat. The action references national security concerns and (starting in 45 days) bars any transactions with the apps’ China-based owners – ByteDance and Tencent Holdings. While TikTok said it will pursue all remedies available, including American courts, it also faces a Sept. 15 deadline before its services are banned in the U.S.
- Talks broke down between Democrats and the White house over a new stimulus deal, after closed door talks between Republicans and Democrats came to a stand still. Democrats offered to cut their previously $3.4 trillion deal down to $2.4 trillion, asking republicans to come up from their $1 Trillion dollar package. Republicans refused, and Secretary Mnuchin called the $2.4 trillion price tag a “non-starter”.
- Markets were higher this week. The S&P 500 surged 2.49% and closed at 3,351. The Dow Jones gained 3.88% and closed at 27,433. Year-to-date, the S&P 500 is up 4.92% and the Dow Jones is down -2.5%.
- Interests rates rose slightly this week. The 5 year and 10 year U.S. Treasury Notes are yielding 0.23% and 0.56%, respectively.
- The spot price of WTI Crude oil rose this week. Prices rose 2.3% and closed at $41.22 per barrel. Year to date, Oil prices are down -32.49%.
- The spot price of Gold rose 3.02% and closed at $2,035.55 per ounce. Year to date, Gold prices are up 34.16%.
- Factory orders increased 6.2% in June, above expectations.
- Initial jobless fell by 249k to 1.186 million, versus median forcast of 1.4 million.
- Nonfarm payrolls rose 1.8 million, well above the expected 1.5 million.
- Average hourly earnings increase 0.2% in July, better than the expectation for a continued decline.
Fact of the Week
- Patrick Mahomes made headlines last week the Kansas City Royals announced he had become a part owner in an undisclosed deal. Mahomes, aged 24, had just signed a record setting contract with the Kansas City Chiefs for $503 million. However, Mahomes is not the youngest team owner in the nation. That title belongs to Serena Williams 2 year old daughter Alexis, who was listed as part of a 30 person ownership group for LA’s new National Women’s Soccer League Team (Source: Yahoo Sports)
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