Monday morning briefing: The $2-trillion company arrives

Last week, the S&P 500 Index reached another record closing price, rising more than 50% from its March 23 low. What comes next? In its recent investor survey, Bank of America found that bullishness among fund managers was rising, which could bode well for equities. However, there are some signs the economic recovery may not be swift. In its meeting minutes, the U.S. Federal Reserve Board expressed some uncertainty given potential headwinds for the economic recovery.

Economic/industry news

The Canadian inflation rate eased to 0.1% in July: Annual inflation rate falls to 0.1%, Statistics Canada reports

Canadian retail sales rose by a record amount in June: Canada retail sales rise 23.7% in June: Statscan

The U.S. labour market could be challenged for years: Millions of U.S. jobs to be lost for years, IRS projections show

How will modern monetary theory impact the global economy?: Modern monetary theory and pandemic debt

Revenues of small businesses falling substantially amid the pandemic: Study finds small business revenues dropped 52% and payrolls declined 54% due to COVID pandemic

Fund managers turning bullish: Fund managers believe this is a whole new cycle

Reasons for hope

This saliva test could be the best: Open-source COVID-19 saliva test could be a game changer

New coronavirus cases in the U.S. declining: New COVID-19 cases are declining across the US, official says, but that could quickly change if people aren’t careful

Canadian government outlines CERB replacement: Ottawa unveils $37B support plan to replace CERB

Music festivals going virtual: Why this Russian billionaire is creating a virtual reality world for music festivals and concerts

Adapting your business

Reinventing during uncertainty: Even in tough times, these companies are set on reinvention

Making remote work more efficient: Four business telecoms trends set to revolutionize the mobile workforce

Navigating tricky markets to keep retirement on track: 4 tips to help clients keep their retirement on track through uncertainty

Communication still key, no matter how it is delivered: Client communications have changed. Needs have not.

Chart of the week: The $2-trillion company arrives

It was a monumental week for Apple Inc. The tech giant’s market capitalization surpassed US$2 trillion on August 19, becoming the first publicly listed U.S. company to reach this milestone. Apple reached a US$1 trillion market cap only two years ago.

Despite COVID-19, demand for Apple products remains high, with iPhones, computers and watches still favourites among consumers. The upcoming 5G iPhone could result in another surge in phone sales. Amid the pandemic, shares of Apple have climbed 60% in 2020. How long will it be until we’re writing about Apple being a $3 trillion company? Let us know what you think.
Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

Hedge funds posted a positive return in June: Hedge funds up 3.29 per cent in July, says Preqin

Oaktree taking a conservative approach given the current conditions: Why Oaktree is more conservatively positioned than usual

A look at the top holdings of hedge funds during the second quarter: Q2 2020 filings insights

Venture capital is an attractive investment for family offices: Wealthy families raise their VC investment profile

Mutual fund sales and performance over the past two weeks: Mutual funds scorecard: August 19 edition

News and notes (Canada)

TD launches three asset allocation ETFs: Three new ETFs from TD Asset Management

Looking at competency requirements for registered and investment representatives: IIROC consulting on competency requirements for reps

Pensions adapting to ensure they meet the required retirement benefit: How have Canada’s DB pensions changed over the last decade?

Chrystia Freeland named new Finance Minister: Chrystia Freeland replaces Morneau as finance minister ahead of Sept. 23 throne speech

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