| Good morning. Today is the official midpoint of summer in the Northern Hemisphere, which reminds us of the classic play we read in high school, A Midsummer Night's Dream. That was the one with the green light at the end, right? Anyway, read on for the SparkNotes of yesterday's business news... | | | |  | Nasdaq | 14,835.76 | | |  | S&P | 4,436.52 | | | | | Dow | 35,208.51 | | | | | Bitcoin | $42,591.27 | | | | | 10-Year | 1.303% | | | | | GS | $397.89 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: The Dow closed at an all-time high following a better-than-expected jobs report. Goldman Sachs shares touched a record, which may help it pay for those $110k starting salaries.
- Covid: Half of Americans are now fully vaccinated, per the White House, which also said that the 7-day average of new vaccinations is up 44% over the past two weeks.
| | | Nurphoto/Getty Images | Countries that used to treat Covid-19 like the plague are starting to think of it more like new seasons of American Idol—just a fact of life. Countries like Singapore. With 67% of Singapore's nearly 5.7 million people fully vaccinated, officials said yesterday they'll continue with their plan to ease Covid-19 curbs starting next week. In-person dining will resume, border controls will be loosened, and some employees can head back to the office. The reasoning is that perpetual reopening and closing of businesses will give the economy chronic whiplash. Why it matters: Singapore is the most significant example yet of a country pivoting from a "Covid Zero" approach to a strategy that accepts Covid as "endemic," meaning it's always present but remains at a manageable level. "Covid Zero" vs. "Living with Covid" Before its pivot, Singapore was part of a group of Asia-Pacific countries that played Whac-A-Mole to snuff out any trace of the coronavirus in an approach known as "Zero Covid." And that's still happening today: - After recording more than 300 locally transmitted cases this week, China introduced new curbs on transportation in some cities and began mass testing residents in Wuhan, where the virus originated.
- The state of Victoria, Australia, instituted its sixth lockdown on Thursday after detecting eight new cases. Australia is just 17% vaccinated.
Compare that to the more lax approach employed by countries like the US and the UK. - The UK scrapped nearly all its pandemic curbs on July 19 in a strategy it called "Keep life moving." After a Delta-fueled wave peaked in late July, cases have declined considerably...without new mitigation measures.
Bottom line: As the story of Singapore shows, the only way to go from "Zero Covid" to "Living with Covid" is to mass-vaccinate your population, which largely prevents serious illness. | | | US employers added 943,000 jobs in July, marking the best monthly performance since August 2020, and the unemployment rate ticked down to 5.4% from 5.9% in June. Some experts were just about ready to hang this report on their refrigerator. "I have yet to find a blemish in this jobs report. I've never before seen such a wonderful set of economic data," Harvard economics professor Jason Furman tweeted. Wonderful indeed, especially for the leisure and hospitality industry, which accounted for 40% of the job gains. Zoom out: While the US economy is steadily clawing back the jobs it lost during the pandemic, the country remains 5.7 million jobs short of where it was pre-Covid. And it's becoming clear that jobs in some industries may never come back... - The motion picture and sound recording industries had 30.1% fewer jobs in July than in February 2020.
- Employment in performing arts and spectator sports is 22.3% below pre-pandemic levels.
Looking ahead...the big question is whether the most recent wave of the coronavirus, which started to ramp up after July's jobs data was collected, has slowed down the labor market's recovery. We'll find out next month. | | | Josh Edelson/Getty Images | The Dixie Fire in California became the third-largest fire in state history yesterday. The fire, which started on July 14, grew 110 square miles overnight from Thursday to Friday morning and has already consumed an area 3.5 times the size of Lake Tahoe. The fire ripped through the historic downtown of Greenville, CA, on Wednesday and destroyed about 75% of the buildings there, including schools and the vast majority of businesses. - No injuries or deaths have yet been reported.
Southern Europe is also burning. 6,600+ miles away, firefighters in Greece battled 154 active wildfires. The coast guard had to borrow fishing and tourist boats to evacuate hundreds of people by sea off the coast of Evia, Greece's second-largest island. Turkey has also suffered from its worst wildfires in decades for the last 10 days. Photos and videos coming out of Southern Europe right now show the devastation. Zoom out: California and other Western states are experiencing a historic drought and heat wave this summer that scientists say are exacerbated by climate change. Last year was California's worst fire season on record, and this year is on pace to top it. | | SPONSORED BY THE MOTLEY FOOL | | We're referring to the joyous, youthful, delightful glow one gets when they put their money into potentially market-beating stocks (see above photo) picked exclusively by none other than Tom Gardner—the cofounder of The Motley Fool. Tom only releases his recs once in a blue moon. "Double Down" recommendations are a chance for investors who missed the boat on potentially great stock picks to hop aboard the ship...and a chance for those who did buy to perhaps add to their gains. And here's a glowing stat: The stocks picked by Motley Fool's Stock Advisor service have seen an average return of 586%. And if that's not making your investment portfolio shine, consider a couple of their previous "Double Down" picks: - Netflix, up 28,605%
- Apple, up 2,546%
Unlock your inner "double down glow" this summer with the Motley Fool. Sign up for Stock Advisor today. [Returns as of July 30, 2021] | | | Wedding Crashers, obv | Stat: After a blissful year of avoiding the "Cha-Cha Slide," we regret to inform you that there will be more weddings in the US in 2022 than in any year since 1984, according to market research firm The Wedding Report. It estimates that 2.5 million weddings will take place next year, compared to an average of 2.1 million weddings/year pre-pandemic and 1.2 million weddings in 2020. Quote: "Let's gooooooooooo!!!!" Millions of student borrowers in the US, probably, after the Biden administration extended its freeze on student loan payments through January 2022. It was set to expire next month. Read: The surprising benefits of talking to strangers. (The Atlantic) | | | In this Summer 2021 segment, the Brew's personal finance writer Ryan Lasker is nose-diving into our inbox to address your personal finance questions. Submit your money woes here. I am looking to start a freelance graphic design business but don't know where to start, especially when it comes to taxes. How do I know what items can be written off, and how do I keep track of them?—Haley Before you do anything (like taking on clients), you'll need to form a legal business, which matters in part because your structure determines how you're taxed. Freelancers often open LLCs, which can protect your personal assets from business debt. Next, test-drive accounting software (I like QuickBooks Self-Employed and FreshBooks.) Pick one that creates functional invoices, makes inputting expenses easy, and is in your budget. Now you're open for business! Every expense you incur—from software to coffees with clients—goes in the software. Every dollar you earn, too. Keep receipts for everything. As you correctly surmised, expenses ≠ write-offs. Simply put, write-offs (aka deductions) are ordinary and necessary costs to your business. Photoshop? Yep. A Manet for your home office? No. Truth is, it's not that simple. There are special rules for deducting startup costs. You might need to make estimated tax payments quarterly. And we haven't even talked about tax credits. Bottom line: If taxes are the 4x100 relay, you'll run a great first leg by keeping really good track of your income and expenses. Let a tax pro take it to the finish line for at least the first couple of years. PS: Starting August 17, Ryan will be writing a twice-weekly personal finance newsletter to make you smarter about your money. Become one of the first subscribers. | | - United Airlines became the first major domestic airline to require vaccinations for all of its US employees.
- Amazon to its US workers: Y'all need to mask up at work.
- The SEC approved Nasdaq's proposal that would require companies listed on the exchange to hit certain diversity minimums for their boards.
- A sealed copy of Super Marios Bros. sold for $2 million, topping the previous record for a video game sale set last month.
Olympics links - Team USA men's basketball defeated France for its fourth straight gold medal. Way to take care of business, boys.
- About 60% of the betting action for the Olympics has been on women's events.
- American Allyson Felix won her 10th Olympic medal to become the most-decorated woman in the history of Olympic track.
| | | | The Great Plains of the internet reach far and wide. Roaming them solo would be hard, but also just boring! Say hey to Sidekick, our spunky newsletter sliding into your inbox with the internet's best recs for smarter living. Entertainment. Productivity hacks. Recipes. Sidekick will help up your quality of life, one rec at a time. Read it here. | | | Dog food so good, you'll want some. Sundays is a human-grade, nutrient-packed, air-dried dog food. It's gentle on your pup's tummy and tasty in your pup's mouth. Get 35% off your first order here.* Outdoor snugs without the bugs. Outer's lightweight, ultra-soft throw blankets keep pesky bugs at bay with Insect Shield technology, so you can do what you're supposed to do outdoors: relax. It's the first product of its kind and Brew readers get early access right here.* Interview of the week: Comedian Alfredo Rivera narrates the scene of a passenger getting duct-taped to his seat on a plane. Weekend conversation starters: *This is sponsored advertising content | | | | This week's Brew Crossword will make you want to bring out the disco ball from storage. Play it here. | | |
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