1) Another sign of how badly the pandemic has wrecked the world economy is the huge losses that Exxon Mobil and Chevron have reported for the second quarter. The losses were even worst than Wall Street expected. Both stocks were the biggest losers in the Dow. Exxon lost $1.1 billion dollars with Chevron losing $8.3billion dollars. Oil is a principle component in a modern economy, and therefore a strong indicator of how an economy is doing.
2) Another internet satellite system has been approved by the FCC (Federal Communications Commission). Amazon’s Project Kuiper is a network in the sky of 3,236 satellites which will provide broadband internet access with the restriction that it doesn’t interfere with previously authorized satellite ventures. Amazon plans to invest $10 billion dollars in the project to compete with SpaceX, OneWeb and Telesat systems. Service will begin once the first 578 satellites have been launched. It’s expected service will begin sometime before 2026.
3) High tech giant Google has announced they are formally extending work from home until the summer of 2021. The extension will affect about 200,000 employees to include contractors and full time workers, including operations off shore. Most of the other tech companies have set at home working until the end of this year, but Google’s announcement fuels speculation if other companies will follow suit and extend their at home work schedule. Google was one of the first companies to implement work at home policy in an effort to prevent the spread of the coronavirus.
4) Stock market closings for – 31 JUL 20:
Dow 26,428.32 +114.67 +0.44%
Nasdaq 10,745.28 +157.46 +1.49%
S&P 500 3,271.12 +24.90 +0.77%
10 Year Yield: 0.54% -0.00 —
Oil: down at $40.43