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