The Week in Business: Jobs Added, but at a Slower Pace

Tech Stocks Pull Markets Down

After marching steadily upward for weeks, the markets fell late in the week, ending that winning streak. A sell-off on Thursday led to a 3.5 percent decline in the SP 500 Index, its worst drop since June. Stocks continued to fall early Friday but bounced back by the end of the day, with the SP 500 recording a decline of less than 1 percent. By virtue of their size, tech companies have strong influence over the markets, and it was big tech that helped drive stocks up and then, helped drive their two-day fall.

What’s Next? (Sept. 6-12)

Football Is Back

The N.F.L. season is scheduled to begin on Thursday with the Kansas City Chiefs playing at home against the Houston Texans. The Chiefs are one of the few teams that will allow fans to attend home games — but will cap attendance at 22 percent capacity in their stadium, they said last week. The league is also finalizing plans to have crowd noise piped into stadiums without spectators. Players were tested for the coronavirus daily through at least this weekend, and face shields have been developed for players to use on the field.

A Fatter Paycheck, for Now

President Trump’s tax deferral plan kicked off on Sept. 1, which means that those who qualify may see a higher paycheck between now and the end of the year. This payroll-tax holiday, the result of an executive action from Mr. Trump early last month, applies to employees paid up to $4,000 every two weeks. Employers — if they choose to participate — would then withhold the deferred amount from workers’ paychecks early next year, so workers would see a decrease in pay for the first few months of 2021.

‘Exposure Notifications’ May Be Coming Soon

Apple and Google said they would make it easier for states to opt in to their virus tracing technology, which uses Bluetooth technology to detect phones that are close to one another and can notify people who may have been exposed to the coronavirus. States that sign up will be able to send residents an alert to their smartphones asking them to turn on “exposure notifications.” If someone using the technology tests positive for the virus, that person can enter the result into the app, and an automatic notification will then be sent to other phones that had been in close contact. Maryland, Virginia, Nevada and Washington, D.C., are already planning to use the new technology.

Article source: https://www.nytimes.com/2020/09/06/business/the-week-in-business-jobs-economy-markets.html