5 issues to know earlier than the inventory market opens July 8, 2020

Homebuyers rushed again into the actual property market final week, profiting from document low mortgage charges. After a quick pullback on the finish of June, mortgage purposes to buy a house rose 5% for the week and have been a exceptional 33% increased a 12 months in the past, in response to the Mortgage Bankers Affiliation. Functions to refinance rose 0.4% from the earlier week however have been 111% increased than one 12 months in the past.

Regardless of a document 60,000 new U.S. Covid-19 infections Tuesday and whole instances in American approaching Three million, President Donald Trump mentioned the White Home plans to stress governors and educators to reopen faculties within the fall. White Home well being advisor Dr. Anthony Fauci mentioned throughout a livestreamed occasion Tuesday with Democratic Sen. Doug Jones of Alabama, “We must always attempt the perfect as potential to get the kids again to highschool.” However he added, “You do not wish to be risking the well being of the kids or their households.”

The president factors to a drop in U.S. deaths from the coronavirus regardless of surging instances as a optimistic. Whereas the case-to-fatality charge within the U.S. is decrease than many European nations as many extra younger individuals are among the many current new instances, Fauci mentioned it is a “false narrative to take consolation in a decrease charge of demise.” He added, “There are such a lot of different issues which are harmful and unhealthy about this virus.”

Texas reported greater than 10,000 new infections Tuesday, a record-breaking day by day surge because the state responds to a rising outbreak and rising hospitalizations. Texas is one in every of 36 states the place instances grew by 5% or extra, based mostly on a seven-day common, in response to a CNBC evaluation of information compiled by Johns Hopkins College. The state has reported a mean of 6,990 new instances based mostly on a seven-day transferring common, a close to 26% surge from the earlier week. Texas, among the many first states to broadly open its economic system in Might, lately walked again a few of its reopenings in an try and mitigate infections.

A two-year audit of Fb’s civil rights document discovered “critical setbacks” which have marred the social community’s progress on issues reminiscent of hate speech, misinformation and bias. The 100-page report launched Wednesday outlines a “seesaw of progress and setbacks.” Greater than 900 corporations have joined a current promoting boycott of Fb and Fb-owned Instagram to protest the corporate’s dealing with of hate speech and misinformation. Civil rights leaders who met just about with CEO Mark Zuckerberg and different Fb leaders on Tuesday expressed skepticism that the suggestions from the audit would ever be applied.

Warren Buffett introduced on Wednesday his annual charitable donations to the 5 philanthropies that can obtain the majority of his fortune. This 12 months, the “Oracle of Omaha” is distributing 15.9 million class B shares of Berkshire Hathaway valued at about $2.9 billion. That brings his whole philanthropic donations to greater than $37 billion since 2006. Buffett has mentioned he’ll give away greater than 99% of his wealth, with a lot of it going to the Invoice and Melinda Gates Basis; a charity based by Buffett’s late spouse, Susan; and charities run by every of his three youngsters.

— Reuters and The Related Press contributed to this report.