Weekly Market Snapshot

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Market related news for the week ending August 7, 2020

  • Apple shares jumped to $435.75 Monday, making the company the most valuable public company on the planet, taking the position from Saudi Aramco.
  • Monday Google announced a partnership with ADT that will see Google hardware and services integrated in ADT’s monitoring network. ADT shares jumped 56% on the news.
  • Tuesday BP reported a record $6.7 billion loss and halved its dividend. The stock was up 8.2% premarket however on exceptionally strong results in its trading business and the launch of a new green strategy.
  • Wednesday Bank of America downgraded Apple stock to neutral from buy, but raised their price target from $420 to $470.
  • Wednesday Disney reported a net loss of nearly $5 billion. Parks revenue was down 85% year-on-year, however there was strong growth at Disney Plus, as it hit 60 million subscribers.
  • Thursday Rocket Companies, the parent of Quicken Loans, started trading on the NYSE at $18. It closed Friday at $24.90.
  • Friday President Trump issued executive orders banning social media apps Tiktok and WeChat from operating in the U.S. if they are not sold by their Chinese owners within 45 days.
  • Monday: Markit Manufacturing PMI for July was 50.9.
  • Monday: ISM Manufacturing Index for July came in at 54.2%, better than expected.
  • Tuesday: Factory Orders for June were up 6.2%, better than expected.
  • Wednesday: ADP Employment Report for July showed a gain of 167,000, worse than expected.
  • Wednesday: Markit Services PMI for July was 50.0.
  • Wednesday: ISM Non-manufacturing Index for July came in at 58.1%, better than expected.
  • Thursday: Initial Jobless Claims for week 8/1 were 1.19 million.
  • Friday: Non-Farm Payrolls for July showed a better-than-expected 1.76 million. May’s figure was revised slightly down from 4.80 million to 4.79 million.

Looking ahead: Economic news for the week ending August 14, 2020

  • Monday: JOLT Survey for June at 10.00am.
  • Tuesday: NFIB Business Index for July at 6.00am.
  • Tuesday: Producer Price Index for July at 8.30am.
  • Wednesday: Consumer Price Index for July at 8.30am.
  • Thursday: Initial Jobless Claims for week 8/8 at 8.30am.
  • Friday: Retail Sales for July at 8.30am.
  • Friday: Industrial Production for July at 9.45am.
  • Friday: Consumer Sentiment for August at 10.00am.

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