U.S. Markets Close for Holiday

Catch Up Quick

• Stocks rose slightly yesterday on positive jobs update

• Moderna ($MRNA) stock plunged after coronavirus vaccine trial delay

• Famous Dr. Scott Gottlieb opines pandemic “will be over by January”

• Jeffrey Epstein sex crime accomplice Ghislaine Maxwell was arrested by the FBI

• Trump ambassadors sold stocks while downplaying virus spread

• PG&E officially exited Chapter 11 bankruptcy

• Texas issues statewide order requiring face coverings in public

• Dr. Fauci believes the coronavirus may have mutated to become more infectious

My Friday Opinions

• While currently a $10T financial hub, Hong Kong's position as an emerging global vanguard in the sector of finance has peaked with Beijing’s new security law which eliminates many civil rights— since foreign nationals, including fund managers, can now be arrested for vaguely defined offenses and trialed on mainland China, they will likely take their operations elsewhere

• With coronavirus cases surging and no light at the end of the tunnel, day care centers and schools may not fully reopen this fall— while this could trigger a massive child care crisis for millions of American workers, it presents an interesting business opportunity in a lucrative realm

• 4.8M jobs were created in June (2.9M expected) and the unemployment rate fell to 11.1% from 13.3% in May (12.4% expected)— as we predicted, June’s robust data exceeded expectations, but more recent private sector data shows fewer employees worked in the last week of June than the rest of the month, which is a good carryover to reinforce my recent notion that, in this context especially, it is dangerous to form expectations based on this data, but many investors have & will do so anyway

Last Day to Win a $40 Amazon Gift Card

Tell Your Friends About Us!

• Share our referral page with friends & family (copy and paste URL below)

• https://www.theafternoonaudit.com/referrals

• Ensure your friends list you as a referral

• For every 2 referrals, receive one entry in the contest

• Winner will be randomly generated and announced this Wednesday!

Enjoy Your (Hopefully Long) Weekend!