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  • June 29, 2020

Investors have been watching nervously as coronavirus cases rise in the United States and in places where the pandemic had seemed to be under control, like Europe. Florida, Nevada and South Carolina broke daily records for new cases over the weekend. The global death total reached 500,000 on Sunday, according to a New York Times database. The number of confirmed cases passed the 10 million level.

Here’s the business news to watch this week.

💸 The biggest U.S. banks publish their capital plans after the market closes Monday, responding to last week’s stress tests by the Fed. Regulators forced banks to forgo share buybacks in the third quarter, and put a limit on dividends that analysts think will be toughest on Wells Fargo.

🗣 The House Financial Services Committee holds a hearing Tuesday to review the government’s coronavirus response programs, featuring testimony from the Fed chairman, Jay Powell, and Treasury Secretary Steven Mnuchin. It is also the last day to apply for loans from the Paycheck Protection Program, the $660 billion rescue program aimed at small businesses that has been revised several times, and still has well over $100 billion left to lend.

🇺🇸🇲🇽🇨🇦 The “new NAFTA” — formally known as the United States-Mexico-Canada Agreement, or U.S.M.C.A. — comes into force on Wednesday. The trade agreement hasn’t exactly spurred greater continental camaraderie: the U.S. recently threatened to reimpose tariffs on Canadian aluminum.

📈 Thursday is a big day for economic data, with monthly payrolls and weekly unemployment claims coming out. Economists expect that the U.S. economy added a net 3 million jobs in June, following the unexpectedly strong 2.5 million gain in May. At the same time, the latest week’s unemployment claims are forecast to come in at 1.3 million, the 15th week in a row above one million.

Article source: https://www.nytimes.com/2020/06/29/business/stock-market-today-coronavirus.html

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