The New York Times - USA (2020-06-28)

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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