With 160 coronavirus vaccine candidates under development around the world, it’s not surprising that we would get reports on three successful, if very early, trials today.
I’m going to be taking a few days off–from Monday through Thursday of next week–to chill in a cabin in the woods and social distance with a moose or two.
The Senate left Washington yesterday without putting its plan for the next coronavirus aid package on the table. That guarantees, in case you had any doubt, that the enhanced $600 a week unemployment benefit that, for practical purposes, expires with today’s payment, will lapse without any action. About 20 million unemployed workers received the enhanced federal benefit.The problems with getting some legislation out of Republican Majority Leader Mitch McConnell’s pocket were at least two fold.
Let’s see. The Senate went home for the weekend without passing an extension to the $600 a week in enhanced unemployment benefits–so that program will pay out its last checks tomorrow. China retaliated for U.S. action to close China’s Houston consulate on accusations of espionage by ordering the closing of the U.S consulate in Chengdu. The coronavirus surge in the United States showed no signs of abating and more states issued orders restricting business openings. Economists studying indicators such as credit card spending and restaurant orders reported that they see signs that the economic recovery has at least stalled or, even worse, is in danger of turning into a double-dip recession. Despite all that at the close today the Standard & Poor’s 500 was down only 0.62%
Quickly, some of the Trump administration’s lines in the sand for the next coronavirus rescue package get washed away
You remember those lines in sand that the Trump White House declared before it began talks with the leaders of the Republican-controlled Senate? Well, a number of them have already vanished, washed out of existence by the fears of Republican Senators that the White House positions will make their already tough electoral task this November even tougher. So far…
Shares of Microsoft (MSFT) were down 4.35% as of the close today in spite of the company’s strong beat of Wall Street projections for the company’s fiscal fourth quarter that ended on June 30. The company reported earnings of $1.46 a share, versus Wall Street projections of $1.38 a share, and saw revenue of $38 billion for the June period, versus the consensus expectation of $36.6 billion in sales. Year over year Microsoft earnings grew by 7% and sales climbed by 13%. That was the slowest earnings growth in eight quarters and comes at a pivotal moment for Microsoft shares. The stock was up 34.92% for 2020 to date as of July 22 close and up 22.33% for the last three months. That has driven the forward price to earnings ratio on projected earnings to 33.67. This isn’t a good time for the company to raise doubts about its future growth rate.
Today the Labor Department reported that new claims for unemployment through regular state programs rose to 1.42 million in the week ended July 18. That was a 109,000 increase from the prior week and the first increase in the weekly total since March. Economists surveyed by Bloomberg had predicted an increase of 1.3 million new claims.