A large debate has arisen as to whether or not schools should be reopening in the Fall – with some places normally opening in early August. Coronavirus is still rapidly spreading across the nation and it is out of control in some states, such as Florida, Arizona, and Texas. The President, the Education Secretary, and others are pushing for the opening of the schools.
Although it seems to be true that children do not get the more severe symptoms that adults can have, the main problem is that the children will bring it back into their homes where more susceptible people live. Many teachers are against the idea of starting in-class school, partly because the school systems do not have the funds to properly protect students and teachers from COVID-19.
Part of the reason for the push is economic, the administration says. Parents are refraining from going back to work because they have to watch their children. The argument is that if children are in school then many workers can return to their jobs. Such arguments seem to be leaving out any concern for the safety of the children, the teachers, and those they come in contact with. Los Angeles schools have announced that they will not reopen their campuses on their normal opening date because of coronavirus, but they will operate online classes.
Tesla Stock Gained 60% in Two Weeks
Once again, investors are pouring money into Tesla stock. On Monday, it reached a record high gain of 7%. Over the past two weeks, Tesla’s stock value has risen more than 60%. If the company can show a profit in the next quarter on July 22, it may be able to be listed on the S&P 500. During the past year, Tesla’s stock has risen in value by around 600%.
The Status of Unemployment
Even though millions of people have applied for unemployment, many of them have never received a dime from it. Some states do not have enough people on staff to be able to process the applications fast enough. This has left many people without any income and many have not yet received anything after having applied months ago for financial help.
Major Banks Expected to Report Large Losses
Banks are expected to report profits and losses soon, but with the coronavirus situation not under control, the reports are not expected to be positive. Many large banks, including Citigroup, JPMorgan Chase, and Bank of America are all expected to report that they suffered a loss of about 50% of their quarterly profits. Much of the loss is due to the loss of loan repayments, which have greatly decreased because of people being out of work. These banks, and many more, have also seen a large decrease in stock value.
The OPEC+ nations are planning to increase their oil output in August by about 2 million bpd. Many nations already have surplus oil due to the loss of travel because of coronavirus. This has led to the OPEC+ nations losing about $270 billion in revenue. As some European nations are opening back up, OPEC+ hopes to recoup some of their losses, but a current resurgence of coronavirus among some Asian and European nations may shut down the demand for oil again.