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TOGETHER WITH
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Good morning. Every
now and again, it's good to remind ourselves what a bizarre world we
are living in. For example, film and TV data company Comscore reported
weekend box office numbers for the first time in five months.
If you're wondering, The Spongebob Movie: Sponge On The Run grossed $900,000 across 300 Canadian locations.
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NASDAQ
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13,019.09
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+ 45.10%
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S&P
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3,372.85
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+ 4.40%
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DJIA
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27,931.02
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- 2.13%
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GOLD
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1,953.70
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+ 28.53%
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10-YR
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0.707%
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- 121.30 bps
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OIL
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42.23
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- 31.01%
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*As of market close
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Debt: Blue-chip companies are expected to sell around $30 billion in bonds this week due to the super-low interest rate environment, Bloomberg writes. That would push volume for 2020 past the $1.3 trillion record set in 2017.
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Markets: Will this be the week the S&P finally closes at an all-time high? Potentially, but the August to October period isn't typically great for equities, per BofA Global Research.
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Kevin C. Cox/Getty Images
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...Yale? This weekend, the FDA granted emergency use authorization to a saliva-based COVID-19 test, called SalivaDirect, developed by the Yale School of Public Health.
Why this one's a BFD:
- Spitting in a tube is much less invasive than swabbing the cavernous depths of your sinuses.
- Tests are expected to cost <$20 (the leading saliva test can surpass $100+).
- Labs can source tools from multiple vendors, decreasing risks of supply chain clogs.
The NBA ran point
This spring,
Yale partnered with the NBA to see how the SalivaDirect test compared
to alternatives. The league and its players' union threw in over $500,000 to help fund the project.
NBA players
aren't exactly average human specimens, but the league's bubble in
Orlando is as controlled an environment as researchers can hope for.
- For the last two months, players have been taking three COVID-19 tests: a nose swab, mouth swab, and SalivaDirect.
- "There is almost nobody in the world being tested so often and in so many ways as NBA players," the WSJ writes.
The results? SalivaDirect
was just as effective as the other tests. But with the NBA bubble
*knocks on wood* still COVID-free, the researchers need to see how
SalivaDirect performs rooting out asymptomatic carriers elsewhere.
We aren't acing this test
The number of new U.S. cases has been declining...but so has testing. Labs have acknowledged crushing demand is causing delays.
For results to be meaningful, patients need them within three days. But almost 40% take longer than that, according to a CNBC and Dynata survey of 9,400 Americans.
- Harvard prof. Ashish Jha
told CNBC that after 48 hours, contract tracing windows have closed.
"Beyond 72 hours, the test is close to useless."
Some public
health experts think a national testing strategy could reduce delays, as
states with excess capacity could help those running behind. Bill Gates
suggested a government reimbursement system for healthcare companies that crunch results within 24 hours.
Big picture: As schools, offices, and events prepare to resume, fast, easy-to-use, and cheap COVID-19 testing is needed.
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Michael A. McCoy/Getty Images
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Yesterday, Democratic leaders said they'll schedule
an emergency House Oversight Committee hearing next Monday to discuss
recent changes to the U.S. Postal Service and implications for the
upcoming election. They asked recently installed Postmaster General
Louis DeJoy and USPS board chair, Michael Duncan, to testify.
The announcement punctuated a weekend during which mail delivery was the No. 1 topic of conversation.
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Photos went viral of mailboxes being removed across the U.S. An agency spokesperson said it’s part of routine operations, but they'll pause anyway until after the election.
- Protestors gathered outside DeJoy’s condo in D.C. to criticize his recent cost-cutting initiatives.
Zoom out: The pandemic and DeJoy’s changes have exacerbated mail delays across the country. Last month, the Postal Service told 46 states that it can't guarantee all mail-in ballots would arrive in time to be counted.
- If primaries are any indication, four postal districts serving battleground states failed to meet service goals for first-class mail between April and June.
Looking ahead...Congress
is on recess until September, but they're booking flights back to D.C.
earlier than anticipated. Last night, House Speaker Nancy Pelosi called on the House to return later this week to take action and "save the Postal Service."
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SERGEI GAPON/AFP via Getty Images
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Huge protests continued
in Minsk, Belarus, over last week's alleged rigged election and violent
police crackdowns on demonstrators in the days that followed. This
weekend, Russia pledged national security assistance to President
Aleksandr Lukashenko and the EU moved toward putting sanctions on his regime.
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David Mcnew/Getty Images
It’s been a brutally hot
two weeks in California, where at least 11 major fires are burning and
the pandemic + heat wave combo is straining the power grid. The state
imposed rolling blackouts for the first time since 2001.
MIGUEL MEDINA/AFP via Getty Images
The cruise ship MSC Grandiosa departed
the port of Genoa, Italy, yesterday in what the company says is the
first Mediterranean cruise since Italy's lockdown in March.
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Perhaps
you’re perusing this newsletter at the breakfast table, sipping coffee.
We bet you didn’t think you’d be running with the crypto bulls this
morning—wind in your hair, adrenaline in your veins, and a diversified portfolio of the world’s most popular cryptocurrencies in your digital pocket.
But it’s an eToro morning. eToro lets you trade the best crypto on Planet Earth, with out-of-this-world tools and resources.
Once you set up an account, you can practice with a virtual portfolio.
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This morning, after you sign up for an eToro account and purchase $500 of crypto, they’ll give you a $50 bonus.*
Run towards this offer.
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Bryan R. Smith/AFP via Getty Images
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The
Democratic National Convention begins today and, in true pandemic form,
it'll be smaller, later, and a lot more virtual than initially planned.
The DNC had
been scheduled to take Milwaukee by storm in July, but now, according to
the party, it'll feature "both live and curated content originating
from Milwaukee and other satellite cities, locations, and landmarks
across the country" from 9–11pm ET each night. The event will culminate
on Thursday when Joe Biden accepts the nomination for president.
- Tonight's speakers include Michelle Obama, Sen. Bernie Sanders, and former Ohio Governor John Kasich (a Republican).
- You can see the full lineup here.
Big picture: With the election less than three months away, it'll start to play a bigger role
in investors' decisions. Elections always create more uncertainty for
the markets, but President Trump's attacks on mail-in voting and the
possibility of a drawn-out result could lead to more volatility than
usual.
In the latest NBC News/WSJ poll out yesterday, Biden leads Trump by nine points nationally.
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If you're the type of person who likes retail earnings, this week is your Super Bowl.
Monday: NBA playoffs begin
Tuesday: Housing starts; earnings (Walmart, Home Depot, Kohl’s)
Wednesday: Fed minutes; OPEC+ meeting planned; earnings (Nvidia, Target, TJX, Lowe’s, L Brands)
Thursday: Jobless claims; Alibaba earnings
Friday: Regal movie theaters will open; existing home sales
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The SEC brought the fewest number of insider trading cases in decades last year, NPR reports.
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Knorr, a German food company owned by Unilever, will rename a popular sauce which carries a name with racist connotations.
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Berkshire Hathaway cut its stakes in U.S. banks last quarter and added an investment in mining company Barrick Gold Corp.
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Robert Trump, the younger brother of President Trump, died Saturday at 71.
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Bodyguards snooze and rottweilers fall for treats; trust SimpliSafe,
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TikTok tips: the Tupperware hack you’ve been waiting for.
Evening activity: Learn a new card game. This website has the rules for every card game you can think of, from President to Spades.
*This is sponsored advertising content
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On
Mondays, we present some of the most pressing business topics of the
day, give you a few balanced resources, and encourage you to read and
discuss with friends, family, and coworkers.
Today’s topic: Kamala
Harris (pronounced comma-la), Joe Biden’s pick to fill his old gig as
VP. A former California attorney general and sitting U.S. senator,
Harris has an impressive resume that reminds us why we wouldn’t have cut
it in law school. Let’s get to know her and see where she stands on
business issues.
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We’ve got an absolute humdinger coming your way from Brew reader Chris King. Try solving it here.
- Remember, we are now
accepting submissions for the Brew Crossword. Email a PDF of your 15x15
crossword to our fancy new email address: crosswords@morningbrew.com
- We’ll send you Brew swag if we select your crossword to run in the Brew.
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August 17
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| FEATURED BIOGRAPHY
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| Sir V.S. Naipaul
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| FEATURED EVENT
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| 1945
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| Indonesia's declaration of independence
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| | | Daviscourt Takes to the Streets of Seattle To Discover Residents Want Trump in Aftermath of Riots | | Read More | | | | Police: At Least 18 Shot, with 4 Dead, across Cincinnati | | Read More | | | | America’s Royals Bid the Common Fold to ‘Find something new’ – Veterans Today | | Read More | | | | | |
| | | Cuomo Touts Low Nursing Home Deaths, Experts Say ‘No Way,’ He’s Using Different Definition to ‘Look Better’ | | The Associated Press notes that even though New York’s coronavirus death toll fr [...] | | | |
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| Justice Department Calls Out Yale’s Illegal Discrimination In Admissions, Violating ‘Federal Civil-Rights Laws’ |
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Over 60 Portland 911 calls go unheeded overnight as police respond to riot Calls
about theft, vandalism, suspicious activity, hit and runs, and burglary
were put on hold. Danielle Wallace. By Danielle Wallace | Fox News.
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| Killing the Truth Three years later, Fox's
Seth Rich story and the conspiracy theory it was based on and amplified
have been widely discredited by findings of the U.S. ... |
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