This archive report was first published on 10 July 2020.
July 10, 2020 - The US stock market closed lower on Thursday, weighed down by renewed concerns over the economic impact of the second wave of Covid-19. Several US states have reported a record rise in virus hospitalizations and deaths.
Despite the gloomy market, the number of initial jobless claims for the week ending July 4 fell by 99,000 to 1,314,000, according to the US Department of Labor. The four-week moving average decreased by 636,500 to 19,085,500.
Washington is reportedly preparing retaliatory measures against France over its digital tax measures, following the US's withdrawal from talks on a global digital taxation system in June. The US has threatened to implement measures against countries that implement their own digital taxes.
Tesla's shares have continued to rise, hitting over $1,400 on Wednesday's session. CEO Elon Musk is set to receive the first paycheck of his $56 billion payout package after the company's six-month average market capitalization reached a record $138 billion.
Elon Musk has stated that Tesla is 'very close' to developing level five autonomous driving technology, which would enable car navigation without a driver present. He believes that basic options for the technology will be finished by the end of the year.
Warren Buffett has donated $2.9 billion to philanthropic causes since the start of 2020, bringing his total philanthropic donations to over $37 billion since 2006. The funds were donated in the form of Berkshire's class B shares to five foundations.
