Your Daily Rundown
The Dow Jones Industrial Average ended down 299 points, or 0.86%, to 34,687, the S&P 500 was off 0.75% and the Nasdaq fell 0.8%.
Amazon and Apple fell more than 1%. Nvidia lost 4.2%, and the three companies contributed more than any others to the S&P 500 and Nasdaq’s declines.
Retail sales in the U.S. during June rose unexpectedly, jumping 0.6% when economists were calling for a decline of 0.3%.
The S&P 500 energy sector index sank nearly 3% and ended the week 8% lower, with investors worried about expectations for more supply and a rise in coronavirus cases that raised demand concerns.
Shares of Moderna finished up 10% Friday after it was announced the vaccine maker would join the S&P 500 index.
Cintas Corp surged 4.6% after brokerages raised price targets on the business service provider’s stock following its fourth-quarter results.
Didi Global Inc fell 3.2% after China sent state officials from at least seven departments to the ride-hailing giant for a cybersecurity review.
Intel fell 1.5% Friday following a report that said it was exploring an acquisition of GlobalFoundries. Such a deal would boost the semiconductor company’s plans to make more chips for other tech companies.
The acquisition could be valued at $30 billion and would rank as Intel’s largest acquisition ever, according to The Wall Street Journal.
The yield on the benchmark 10-year Treasury rose Friday to 1.3%, trimming its third weekly decline.
Yesterday’s Market Scorecard
NASDAQ (COMP) 13,818.41
S&P 500 (SPX) 4,327.16
-0.80%
-0.75%
Dow Jones (DJIA) 34,687.85
Russell 2000 (RUT) 2,163.24
-0.86%
-1.24%
The News Desk
Biden Says Facebook Is “Killing People” As Vaccine Misinformation Proliferates
As other developed countries push ahead in their COVID-19 vaccination drives, President Biden showed exasperation Friday with social media platforms, including Facebook, that are allowing mis- and disinformation to spread. “They’re killing people,” he told reporters.
Biden: “The only pandemic we have is among the unvaccinated.”
In a statement, Facebook responded to the discussions: “We’ve partnered with government experts, health authorities, and researchers to take aggressive action against misinformation about COVID-19 and vaccines to protect public health.”
Who decides what misinformation is and what it isn’t? Facebook, of course!
Kamala Harris Heads To Walter Reed For Routine Checkup After Meet With COVID-infected Texas Dems
Vice President Kamala Harris is visiting Walter Reed National Military Medical Center on Sunday for a routine doctor’s appointment, a White House official told NBC News.
The appointment is unrelated to the vice president’s meeting last week with Texas Democratic lawmakers who have since tested positive for Covid-19.
Symone Sanders, senior advisor and chief spokesperson for Harris, said Saturday that the vice president and her staff at the meeting were not at risk of exposure to the virus.
Kamala: Can everyone relax? I’m fully vaccinated!
Former FDA Head Says Delta Will Infect ‘Majority’ Of Unvaccinated Americans
With hospitalizations already surging nationwide, Dr. Scott Gottlieb, a former chief of the Food and Drug Administration, offered a dire warning for unvaccinated Americans on Sunday, saying “a majority” of those who haven’t had Covid-19 before will likely become infected by the delta variant, which could end up being one of the most serious viruses they face in their lifetime.
Gottlieb: “The bottom line is that many people are no longer susceptible to Covid,” said, outlining that nearly 50% of Americans have been fully vaccinated and another third of the population is estimated to have contracted the virus before.
Context: 97% of hospitalizations are among those who have not yet been vaccinated, and the trend is nearly identical for deaths, Gottlieb said.
Delta is real, delta is dangerous
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Tuesday, July 20th: Housing Starts (8:30 AM ET)
Wednesday, July 21st: EIA Petroleum Status Report (10:30 AM ET)
Thursday, July 22nd: Initial Jobless Claims (8:30 AM ET)
Thursday, July 22nd: Existing Home Sales (10:00 AM ET)
Friday, July 23rd: Markit Manufacturing PMI (9:45 AM ET)
Earnings Calendar
Trading Quote of The Day
“Never invest in any idea you can’t illustrate with a crayon.” – Peter Lynch
