Good morning. Every now and again, it's good to remind ourselves what a bizarre world we are living in. For example, film and TV data company Comscore reported weekend box office numbers for the first time in five months.
If you're wondering, The Spongebob Movie: Sponge On The Run grossed $900,000 across 300 Canadian locations.
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NASDAQ
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13,019.09
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+ 45.10%
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S&P
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3,372.85
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+ 4.40%
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DJIA
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27,931.02
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- 2.13%
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GOLD
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1,953.70
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+ 28.53%
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10-YR
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0.707%
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- 121.30 bps
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OIL
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42.23
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- 31.01%
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*As of market close
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Debt: Blue-chip companies are expected to sell around $30 billion in bonds this week due to the super-low interest rate environment, Bloomberg writes. That would push volume for 2020 past the $1.3 trillion record set in 2017.
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Markets: Will this be the week the S&P finally closes at an all-time high? Potentially, but the August to October period isn't typically great for equities, per BofA Global Research.
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Kevin C. Cox/Getty Images
...Yale? This weekend, the FDA granted emergency use authorization to a saliva-based COVID-19 test, called SalivaDirect, developed by the Yale School of Public Health.
Why this one's a BFD:
- Spitting in a tube is much less invasive than swabbing the cavernous depths of your sinuses.
- Tests are expected to cost <$20 (the leading saliva test can surpass $100+).
- Labs can source tools from multiple vendors, decreasing risks of supply chain clogs.
The NBA ran point
This spring, Yale partnered with the NBA to see how the SalivaDirect test compared to alternatives. The league and its players' union threw in over $500,000 to help fund the project.
NBA players aren't exactly average human specimens, but the league's bubble in Orlando is as controlled an environment as researchers can hope for.
- For the last two months, players have been taking three COVID-19 tests: a nose swab, mouth swab, and SalivaDirect.
- "There is almost nobody in the world being tested so often and in so many ways as NBA players," the WSJ writes.
The results? SalivaDirect was just as effective as the other tests. But with the NBA bubble *knocks on wood* still COVID-free, the researchers need to see how SalivaDirect performs rooting out asymptomatic carriers elsewhere.
We aren't acing this test
The number of new U.S. cases has been declining...but so has testing. Labs have acknowledged crushing demand is causing delays.
For results to be meaningful, patients need them within three days. But almost 40% take longer than that, according to a CNBC and Dynata survey of 9,400 Americans.
- Harvard prof. Ashish Jha told CNBC that after 48 hours, contract tracing windows have closed. "Beyond 72 hours, the test is close to useless."
Some public health experts think a national testing strategy could reduce delays, as states with excess capacity could help those running behind. Bill Gates suggested a government reimbursement system for healthcare companies that crunch results within 24 hours.
Big picture: As schools, offices, and events prepare to resume, fast, easy-to-use, and cheap COVID-19 testing is needed.
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Michael A. McCoy/Getty Images
Yesterday, Democratic leaders said they'll schedule an emergency House Oversight Committee hearing next Monday to discuss recent changes to the U.S. Postal Service and implications for the upcoming election. They asked recently installed Postmaster General Louis DeJoy and USPS board chair, Michael Duncan, to testify.
The announcement punctuated a weekend during which mail delivery was the No. 1 topic of conversation.
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Photos went viral of mailboxes being removed across the U.S. An agency spokesperson said it’s part of routine operations, but they'll pause anyway until after the election.
- Protestors gathered outside DeJoy’s condo in D.C. to criticize his recent cost-cutting initiatives.
Zoom out: The pandemic and DeJoy’s changes have exacerbated mail delays across the country. Last month, the Postal Service told 46 states that it can't guarantee all mail-in ballots would arrive in time to be counted.
- If primaries are any indication, four postal districts serving battleground states failed to meet service goals for first-class mail between April and June.
Looking ahead...Congress is on recess until September, but they're booking flights back to D.C. earlier than anticipated. Last night, House Speaker Nancy Pelosi called on the House to return later this week to take action and "save the Postal Service."
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SERGEI GAPON/AFP via Getty Images
Huge protests continued in Minsk, Belarus, over last week's alleged rigged election and violent police crackdowns on demonstrators in the days that followed. This weekend, Russia pledged national security assistance to President Aleksandr Lukashenko and the EU moved toward putting sanctions on his regime.

David Mcnew/Getty Images
It’s been a brutally hot two weeks in California, where at least 11 major fires are burning and the pandemic + heat wave combo is straining the power grid. The state imposed rolling blackouts for the first time since 2001.

MIGUEL MEDINA/AFP via Getty Images
The cruise ship MSC Grandiosa departed the port of Genoa, Italy, yesterday in what the company says is the first Mediterranean cruise since Italy's lockdown in March.
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Perhaps you’re perusing this newsletter at the breakfast table, sipping coffee. We bet you didn’t think you’d be running with the crypto bulls this morning—wind in your hair, adrenaline in your veins, and a diversified portfolio of the world’s most popular cryptocurrencies in your digital pocket.
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This morning, after you sign up for an eToro account and purchase $500 of crypto, they’ll give you a $50 bonus.*
Run towards this offer.
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Bryan R. Smith/AFP via Getty Images
The Democratic National Convention begins today and, in true pandemic form, it'll be smaller, later, and a lot more virtual than initially planned.
The DNC had been scheduled to take Milwaukee by storm in July, but now, according to the party, it'll feature "both live and curated content originating from Milwaukee and other satellite cities, locations, and landmarks across the country" from 9–11pm ET each night. The event will culminate on Thursday when Joe Biden accepts the nomination for president.
- Tonight's speakers include Michelle Obama, Sen. Bernie Sanders, and former Ohio Governor John Kasich (a Republican).
- You can see the full lineup here.
Big picture: With the election less than three months away, it'll start to play a bigger role in investors' decisions. Elections always create more uncertainty for the markets, but President Trump's attacks on mail-in voting and the possibility of a drawn-out result could lead to more volatility than usual.
In the latest NBC News/WSJ poll out yesterday, Biden leads Trump by nine points nationally.
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If you're the type of person who likes retail earnings, this week is your Super Bowl.
Monday: NBA playoffs begin
Tuesday: Housing starts; earnings (Walmart, Home Depot, Kohl’s)
Wednesday: Fed minutes; OPEC+ meeting planned; earnings (Nvidia, Target, TJX, Lowe’s, L Brands)
Thursday: Jobless claims; Alibaba earnings
Friday: Regal movie theaters will open; existing home sales
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The SEC brought the fewest number of insider trading cases in decades last year, NPR reports.
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Knorr, a German food company owned by Unilever, will rename a popular sauce which carries a name with racist connotations.
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Berkshire Hathaway cut its stakes in U.S. banks last quarter and added an investment in mining company Barrick Gold Corp.
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Robert Trump, the younger brother of President Trump, died Saturday at 71.
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On Mondays, we present some of the most pressing business topics of the day, give you a few balanced resources, and encourage you to read and discuss with friends, family, and coworkers.
Today’s topic: Kamala Harris (pronounced comma-la), Joe Biden’s pick to fill his old gig as VP. A former California attorney general and sitting U.S. senator, Harris has an impressive resume that reminds us why we wouldn’t have cut it in law school. Let’s get to know her and see where she stands on business issues.
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We’ve got an absolute humdinger coming your way from Brew reader Chris King. Try solving it here.
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** A Note From eToro
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
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Written by
Neal Freyman and Alex Hickey
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