Weekly Flash Report 8/28 2020.08.28

Current Happenings

  • Walmart unexpectedly teamed up with Microsoft in the race to buy TikTok’s U.S. operations.
  • The Trump administration unveiled a $750M deal to buy 150M rapid COVID-19 test from Abbott Labs.
  • Amazon opened its first location of its new chain of Fresh grocery stores in Woodland Hills, California.
  • Lord & Taylor, the first department store in the U.S. is closing all of it’s stores after 194 years.
  • Fed Chair Jerome Powell said he would keep interest rates low to help prop up the pandemic ravaged economy even if inflation rises above its target level of 2% for periods of time.

Regulatory Chatter and Industry Trends

  • Fidelity Investments reported the vast majority of employers are still contributing to their workers’ 401(k)s, despite coronavirus. Roughly 11% of employers suspended their company match in the second quarter according to Fidelity Investments latest retirement savings trend report. Of the employers that suspended their company match, 32% indicated they plan to reinstate their match in the next year, and 48% plan to reinstate as soon as financially possible. Just 6% of employers indicated they have no plans to reinstate their match.

 

Investment Manager News

  • Brookfield Asset Management hires former Bank of England governor Mark Carney for ESG role.

 

What's Ahead

  • PMI Manufacturing Index – September 1, 2020
  • Productivity and Costs – September 3, 2020
  • Jobless Claims –September 3, 2020
  • Baker-Hughes Rig Count – September 4, 2020
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