1) The cultivation of marijuana is the fastest growing industry in the U.S. generating $10.4 billion dollars in 2018 while supporting an estimated 500,000 jobs by2022. But starting a cannabis business is harder than most small business startups because it’s harder to do basics such as opening a bank account or leasing office space. Startup finance is a major problem since marijuana is still illegal federally.
2) New jobs for June exceeded estimates by economist, with 224,000 compared to 72,000 in May. The jobless rate crept up to 3.7% from a half-century low of 3.6%. Average hourly earnings increased 3.1% less than expect. The high number have brought on fears that the Federal Reserve will forego an interest rate cut for the near future. Despite the good news, the economy still faces trade tensions and possible inflation.
3) As many as 10 million Samsung-Android phones users have been tricked into installing firmware updates, but the software is actually an app that re-directs the user to an ad-filled website that charges for firmware downloads. A fake Samsung app named ‘Updates for Samsung’ is touted as firmware updates. The fake software takes advantage of the difficulties in getting software updates for the Samsung phone. Users complain that the site is loaded with ads making it very difficult to use, plus the app limits download speed to 56 KBS so large updates actually time out. While the app isn’t malware, it is fraudulent and a scam.
4) Stock market closings for- 5 JUL 19:
Dow 26,922.12 down 43.88 Nasdaq 8,161.79 down 8.44 S&P 500 2,990.41 down 5.41
1) The pizza giant Domino’s will test pizza delivery using fully autonomous vehicles in Houston. Domino’s has been exploring this technology for the last two years with robot cars that had standby drivers for safety, but these robots will be human free. The Silicon Valley startup Nuro, who has been working with the grocery chain Kroger testing home delivery service, will provide the automobiles. Customers will be able to make orders via their smart phones, track progress of the cars, then use their smart phone to unlock the robot car to obtain their pizza.
2) Boeing Aircraft Co., the manufacture of the grounded 737 MAX, announce they have not received one single order for new airliners at the Paris air show. Their rival Airbus recorded orders and options for 123 new planes. Overall orders for this year’s Paris air show is expected to be the lowest since 2016, with emphasis on defense spending.
3) President Trump announced he will meet with China’s Xi Jinping at the G-20 summit, raising hopes of resumption of Chinese-American trade talks and a deal which will resolve the current trade war. The President says he will have extended meetings next week at the G-20 conference in Japan. News of the meeting coupled with expectations of near future cuts in the interest rates boost confidence in the markets.
4) Stock market closings for- 18 JUN 19 Stocks rally on news of US-China trade talks.
Dow 26,465.54 up 353.01 Nasdaq 7,953.88 up 108.86 S&P 500 2,917.75 up 28.08
1) Traditional retail stores, who have been suffering the ravages of e-commerce, are worried about another coming blow. The new tariffs on Chinese imports, which President Trump threatens to impost, could have a disastrous effect on retailers such as Walmart and Target. These next round of tariffs will be specific to consumer goods, which these retailers sell, and will start to force price increases and so most likely will result in decline of sales revenue.
2) While President Trump has been pressing for a cut in the interest rate, the U.S. Federal Reserve is expected to defer and leave the interest rates unchanged. However, the board may possibly lay the groundwork for a rate cut later this year. While the economic outlook has become less clear, there still isn’t sufficient indication of a slow down to warrant cutting interest rates yet.
3) The Pfizer pharmaceutical company is buying Array BioPharma for $10.6 billion dollars for a price 62% above the company’s closing price this last Friday. Pfizer will gain medical technology for new drugs to treat cancer that limit or suppress the effects of chemotherapy. The drugs target a mutation that’s found across many tumor types in those patients who carry the mutation. Two of Array BioPharma drugs have been FDA approved for use in advanced melanoma. There are other drugs which are in the development pipeline.
4) Stock market closings for- 17 JUN 19:
Dow 26,112.53 up 22.92 Nasdaq 7,845.02 up 48.37 S&P 500 2,889.67 up 2.69
1) There are suggestions that people shouldn’t be worried about the stock market, rather they should worry about having a job with the possible weakening of economy.
2) Markets fell with the announcement of Feds raising interest rate. There are forecast of fewer raises for 2019, with four raises already having been made for 2018, with an interest rate of 2.5% at the close of the year. Amidst this is worries of a slower economy in 2019 from President Trump’s spending, the effects of the $1.5 trillion dollars tax cuts fading and global economic slowdowns.
3) Fears mount over pending government shutdown as the Congress and President grapple over the $5 billion dollar expenditure for border wall.
4) 20 DEC 18 Stock market closings: All three market indices have lost over 10% in December.
Dow 22,859.60 down 464.06 Nasdaq 6,528.41 down 108.42 S&P 500 2,467.42 down 39.54