Here’s what you need to know about the impact of Covid-19 to navigate the markets today.
plans to reopen its two California theme parks—Disneyland and Disney California Adventure—on July 17, pending state and local government approvals. Spokesman Michael Ramirez said the company would limit park capacity with a new advanced reservation system.
said it would stop offering its facial recognition program Rekognition to police for one year. The program has long been criticized for disproportionately misidentifying people of color. The company continues to partner with police through its Ring smart doorbell, which sends video directly to law enforcement.
• Sephora says it will dedicate 15% of its shelf space to products of black-owned businesses, becoming the first major retailer to act on a grass-roots movement known as the “15 Percent Pledge.” The cosmetics giant owned by LVMH posted a statement on Instagram saying, “we recognize how important it is to represent Black businesses and communities, and we must do better.”
• Total coronavirus cases in the U.S. surpassed two million and Arizona reported a new daily high, the New York Times reported. Total deaths in the U.S. stand at more than 112,000.
• The U.S. economy is starting to bounce back, Treasury Secretary Steven Mnuchin said Wednesday. “America’s economy has begun to rebound, and our recovery is under way,” Secretary Mnuchin said before the Senate Small Business and Entrepreneurship Committee. He put his support behind another relief and stimulus bill, saying, “I definitely think we are going to need another bipartisan plan.” The House of Representatives passed a $3 trillion relief and stimulus package drawn up by Democrats on May 16, but that measure had been dead on arrival in the Republican-controlled Senate.
• U.S.-government funded Phase 3 trials of three possible coronavirus vaccines will start this summer, The Wall Street Journal reports. The trials are the final stage of testing for the vaccine and will involve tens of thousands of patients, a U.S. health official told the WSJ. The first vaccine to enter Phase 3 will be the one developed by
(ticker: MRNA), followed by the vaccine developed by Oxford University and
(AZN), before finally a vaccine candidate from
Johnson & Johnson
(JNJ) undergoes trial.
• The global economy will shrink between 6% and 7.6% in 2020, according to a forecast by the Organization for Economic Cooperation and Development. The smaller projected drop in economic output is based on a scenario where there is not a second wave of Covid-19 outbreaks during the fall and winter, while the larger drop models the fall if such a resurgence of the novel coronavirus occurred.
Simon Property Group
terminated its $3.6 billion deal to acquire rival mall owner
, blaming its poor handling of the coronavirus pandemic. In response, Taubman (TCO) has vowed to “vigorously contest” the move. Taubman shares opened 37% lower than the previous close price Wednesday morning.
• The U.S.’s top infectious disease expert, Dr. Anthony Fauci, said Tuesday that the coronavirus pandemic “turned out to be my worst nightmare” and that “it isn’t over yet,” according to CNN. “Ebola was scary, but Ebola would never be easily transmitted,” Fauci said. “HIV, as important as it is, was drawn out and over an extended period of time.” Fauci made his comments through a recorded video for the Biotechnology Innovation Organization International Convention.
Write to Ben Walsh at email@example.com