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
10 Year Yield: up at 2.05%
Oil: up at $57.73