2 BUN THE NEW YORK TIMES, SUNDAY, JUNE 28, 2020
SO FAR THIS YEAR
Stocks are down.
S&P 500 INDEX, –6.9%
Mortgage rates
are down.
BANKRATE.COM 30-YEAR
FIXED,3.30%, –0.56 POINTS
Jobless claims
are up.
FOUR-WEEK MOVING
AVERAGE, +533.80%
Markets Last Week
0
1
2
3
4
$5 a gallon
’10 ’15 ’20
E.I.A. weekly average
0
2
4
6
8%
’10 ’15 ’20
Information technology %
Consumer discretionary
Health care
Communication services
Materials
Financials
Consumer staples
Real estate
Industrials
Energy
Utilities
+0.8
–.0
–0.7
–1.1
–1.4
–1.6
–2.0
–3.2
–3.5
–4.7
3,000 –4.9
3,050
3,100
3,150
3,200
+0.5%
–0.4%
–1.4% +0.2%
–2.1% –2.0%
–1.9%
–2.6%
–2.9%
3.4%
0.5%
$2.10
Week’s change:
–2.9%
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
American Airl (AAL) $12.38 –22.6%
Wynn Resorts (WYNN) 69.05 –20.4
Fluor (FLR) 11.24 –16.7
Nrwn Crs Ln (NCLH) 15.28 –16.1
Royal Carib C (RCL) 46.41 –16.0
Kohls (KSS) 18.77 –15.6
Devon Energy (DVN) 10.94 –15.5
Huntington B (HBAN) 8.80 –14.5
H&R Block (HRB) 13.50 –14.2
Nordstrom (JWN) 14.69 –13.9
Gap (GPS) $12.07 +13.2%
Howmet (HWM) 15.42 +10.6
Resmed (RMD) 185.63 +7.5
Accenture (ACN) 212.47 +5.4
eBay (EBAY) 50.89 +5.4
Akamai Tech (AKAM) 105.37 +4.9
Best Buy (BBY) 84.80 +4.4
Dollar Tree (DLTR) 92.62 +4.3
Newmont. (NEM) 59.34 +4.3
PayPal Hldg (PYPL) 170.87 +4.0
Mon. Tues. Wed. Thurs. Fri.
POWERED BY
Consumer rates
International stock markets
Best performers
S&P 500
Last
week
Last
week
Price of gas
Worst performers
Industries
Toronto
London Frankfurt
Paris
Hong Kong
Shanghai
To k y o
New York
Mexico City
Borrowing rate
Savings rate
1-year CDs
30-year fixed mortgages
Friday’s
close
Week’s
change
Friday’s
close
Week’s
change
Week’s change
Week’s change
Major stock market indexes
Too Much, Too Soon
That terrifying resurgence of coro-
navirus infections that health officials
warned us about? It’s here. The United
States reported its largest one-day total
of new cases last week, more than two
months after the previous high. This
time, it’s ravaging states in the South
and West that lifted their business
restrictions aggressively. Several states,
including North Carolina, Louisiana
and Kansas, hit pause on reopening
plans, and Texas and Florida shut
down bars again. Markets fell as in-
vestors realized that the virus is far
from contained, and the International
Monetary Fund warned that the global
economy is looking even worse than it
previously thought it would, as busi-
nesses around the world continue to
reel from the pandemic.
Access Denied
Back in April, President Trump or-
dered a 60-day ban on new green card
holders coming to the United States.
Last week, he extended the restriction
through the end of the year, and ex-
panded it to include many temporary
work visas. (Green card holders who
are already in the United States can
stay.) The point of the freeze is for
American workers to be first in line for
jobs as the economy recovers from the
pandemic. But some business groups
say this will hurt them more than help.
The order will keep out foreign re-
searchers and academics, and will also
affect highly skilled workers in tech
and medicine and at multinational
corporations.
Facebook on the Defensive
The social media giant lost a big an-
titrust case on Tuesday, when Ger-
many’s highest court ruled that the
platform had abused its dominance by
harvesting users’ personal data. It’s a
big victory for proponents of tougher
tech-company regulation and may
embolden other European countries to
follow suit. Back in the United States,
Facebook faced a boycott by advertis-
ers because the platform has refused to
moderate inflammatory content and
allowed misinformation to spread. But
the company did put its foot down on
one issue: It banned sales of ancient
artifacts because of concerns that users
were selling antiques that had been
looted or stolen.
What’s Up
LAST WEEK'S ESSENTIAL NEWS
6
/
21
Hold the Meat
Plant-based “meat” is starting to sound
less weird as companies like Beyond
Meat and Impossible Foods expand
their partnerships with restaurants and
fast-food chains. And the pandemic
hasn’t hurt sales: Impossible Foods’
chief executive said that business has
been bolstered by the recent virus-
related meat shortages. Burger King
added the Impossible Croissan’wich to
its menu this month (it already sells an
Impossible Whopper), and Starbucks
began serving a breakfast sandwich
made with Impossible “sausage” at its
American locations last week. Star-
bucks also serves Beyond Meat prod-
ucts at its stores in China and Canada
— so the vegan meat race is on.
Your Apps Are Watching... for Now
Apple is introducing new privacy fea-
tures that will make it harder for apps
to track your behavior. As you may
already know (or suspect), many apps
on your phone stalk your location and
digital activities, and there’s not much
you can do about it besides delete
them. But Apple is promising to make
your phone a little less creepy with its
new operating system, iOS 14, which
comes out this fall and will require
third-party apps to ask your permis-
sion to monitor you.
Out of the Weeds
The pharmaceutical giant Bayer will
pay one of the largest settlements in
the history of American civil litigation
— $10 billion — to plaintiffs who
claim that one of its products, the
weedkiller Roundup, causes cancer.
Bayer has consistently maintained that
Roundup is safe and will continue to
sell it without warning labels. The
settlement includes funds for potential
future claims. It may seem a risky bet,
but Roundup is such a big seller that
Bayer is willing to take on the liability.
CHARLOTTE COWLES
What’s Next
A PREVIEW OF THE WEEK TO COME
6
/
28
WHAT ELSE?
The Treasury Department failed to check
death records before sending out stimu-
lus funds. As a result, $1.4 billion in aid
went to dead people. And Johnson &
Johnson has been ordered to pay $2.1
billion in damages to women who claim
they got ovarian cancer from the compa-
ny’s talcum products, including its widely
used baby powder.
ILLUSTRATIONS BY GIACOMO BAGNARA
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ECONOMICS, POLITICS, AND THE
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PAUL KRUGMAN