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South Korea struggles with new spikes, but WHO disputes claim of 'second wave'
June 29, 2020 View Online | Sign Up TOGETHER WITHGood morning. As a company dedicated to bringing you daily news, we’re not typically known for keeping secrets. But...we have been keeping a pretty big one. Today we're launching Marketing Brew.Three times a week, we’ll be delivering the most important news in the marketing industry—curated, distilled, and written with typical Brew flair. If you work in the sector, this will be a must-read for you and your colleagues.The first edition hits inboxes in just a few hours, so sign up to get Marketing Brew today.MARKETS YTD PERFORMANCE
NASDAQ9,757.22+ 8.74%S&P3,009.05- 6.86%DJIA25,015.55- 12.34%GOLD1,784.80+ 17.42%10-YR0.647%- 127.30 bpsOIL38.16- 37.66%*As of market close- COVID-19: Total coronavirus cases topped 10 million yesterday, and more than 500,000 deaths have now been linked to the disease. Check whether cases are rising or falling in your state.
- Markets: Sure it’s been choppy sailing recently, but the S&P 500 is still on track for its best quarter since 1998. This week, investors will be focusing on the jump in cases across the U.S. as well as the June jobs report on Thursday.
John Paraskevas/Newsday via Getty ImagesGotten into an argument with a stranger recently? Here's a guess—it was because one of you wasn’t wearing a mask.As coronavirus cases jump in the U.S., a small piece of fabric has become a hot-button issue across politics, business, and health. And the conversation is only growing more heated.What are leaders saying? Yesterday, House Speaker Nancy Pelosi said a national mask mandate is “long overdue.” Senate Majority Leader Mitch McConnell emphasized on Friday that Americans should wear masks in public. Joe Biden said he’d make them compulsory if elected.President Trump, however, has called masks a "double-edged sword" and doesn’t wear them in public. VP Mike Pence encouraged Americans to wear masks in affected areas, but said the White House will continue to “defer to governors” about setting policies.When you let states decide...
You get a fragmented approach. 21 states have some form of public mask requirement, per CNBC research. Which means 29 don't...- Nebraska threatened to cut off counties from COVID-19 relief if they pass mask mandates.
- Texas Gov. Greg Abbott has said, "Government cannot require individuals to wear masks...local governments can require stores and business to require masks."
Why the controversy?
Studies show mask mandates help reduce the spread of COVID-19—even a simple cloth mask cuts transmission 10%. Another study revealed that countries with policies and norms more favorable to mask-wearing had lower coronavirus death rates.But some Americans have called mask mandates an infringement on their individual liberties, which has led to chaotic scenes in grocery stores and airplanes as a result of customers who don't comply.- Plot twist: It’s not just the U.S.—European countries also have lower acceptance of masks, a study by Germany's University of Bamberg shows.
The situation leaves businesses and their employees the stressful job of refereeing mask-wearing. Yesterday, one LA-area taco stand temporarily closed locations after employees faced verbal and physical harassment by angry customers who refused to don masks.Bottom line: Mask squabbles show just how political America’s pandemic response has become, and companies are caught in the crosshairs.+ Learn more: We wrote about the future of face masks as a retail category. Tl;dr...no one really knows what's going to happen.AVIATION
737 Max Enters Phase 1 of Its Reopening
If you see a plane doing lazy passes over Seattle today, it’s not the Patriots filming Seahawks practice—it's the Boeing 737 Max on its first certification flight since being grounded 15 months ago.The test flights, which are expected to start today and last for three days, represent a key milestone in getting the Max back into the air.- All 737 Maxes have been parked since March 2019 following two fatal crashes that killed 346 people. Boeing has suffered a severe financial and reputational crisis as a result—the 737 Max was its best-selling aircraft.
- In January, Boeing said costs associated with the 737 Max grounding will add up to more than $18 billion.
So what’s the point of the test flights? Pilots from Boeing and the Federal Aviation Administration will be doing various flight maneuvers and intentionally triggering the automated stall-prevention software system that malfunctioned in both crashes, Reuters writes.Looking ahead...even if it aces these certification flights, the 737 Max has months to go before it’s back in the skies.ENERGY
We’re Far From the Shale-ow Now
Chesapeake Energy filed for bankruptcy yesterday, and if you’ve never heard of this company before...the things you are about to read will blow your mind.Let’s start at the beginning. Chesapeake was cofounded and led by a character named Aubrey McClendon, who saw the promise of horizontal drilling and hydraulic fracturing (fracking) and gobbled up land for oil and gas exploration.Then came fantastic growth...and fantastic debt.- In the early 2010s, Chesapeake spent about $30 billion more on leasing and drilling than it earned in revenue from energy production, the NYT writes.
- In 2012, Chesapeake’s market value was 1/27th the size of Exxon’s, but its net debt load was double, per Bloomberg’s calculations.
McClendon was forced out in 2013 after accumulating more than $20 billion in debt.Fast forward to 2020...the coronavirus and ensuing lockdowns caused a crash in oil and gas prices, and Chesapeake reported a more than $8 billion loss in Q1.Bottom line: “The COVID-19-driven collapse in world energy prices merely added one more exclamation point to a tale of risk, hubris, and debt,” Bloomberg writes.SPONSORED BY THE MOTLEY FOOL
The Final Chapter in Our Investing Saga
As you may have noticed recently, we’ve been pumping a lot of brain power into creating “The Ultimate Guide to Investing” with our stock-guru friends at The Motley Fool.Well, other friends, the sixth and final installment of that guide is finally here.In this closing piece, we break down what you should think about when investing on a budget and how even a little can go a long way.We’re super clever and titled it “A Little Goes a Long Way: Investing on a Budget.”For those hearing of this guide for the first time, check out the full feature—it’s packed with all sorts of helpful insights from The Fools of The Motley Fool, including thoughts on the current market and how to diversify your portfolio.Read, absorb, and cherish the entire guide right here.ADVERTISING
This Boycott Just Got a Caffeine Shot
Looks like Zuck is joining team Dunkin’. In a stand against hate speech, Starbucks announced it’s pausing advertising on social media platforms—including Facebook, the recent subject of a boycott by nearly 100 brands.There’s a reason we’re giving Starbucks the spotlight: The coffee chain spent almost $95 million on Facebook last year, making it the platform’s sixth-largest advertiser, per Pathmatics.Before you prep Facebook’s obituary...know that just 6% of the platform's 2019 ad revenue came from its 100 biggest spenders. So while Zuck lost his whales, like any good pit boss he knows the money’s in the slots.- Which, in this case, are the small- and mid-sized businesses that make up the vast majority of Facebook’s 8 million advertisers.
- “It would likely take tens of thousands of them, acting over a significant period of time, to put a big dent in Facebook's bottom line,” CNN reports.
Looking ahead...the boycott runs through July, the start of Q3, so we won’t know the financial impact until later this year.CALENDAR
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