Due to reopening of schools in Florida and scheduling of Parent Open House scheduling, this week we are forced to forgo our weekly State of the Market video. Our weekly Research Report will be available Sunday morning, per usual. If you have any questions, feel free to message me at your convenience.

Breaking down Macy’s Q2 numbers:
-Loss per share: 81 cents vs. loss of $1.77, expected
-Revenue: $3.56 billion vs. $3.48 billion, expected
-Same-store sales: down 35.1% vs. decline of 28.2%, expected
-Online sales up 53%

Morgan Stanley: “While it’s no surprise banks have underperformed with 10 year yields so low, the magnitude of underperformance has been even worse than projected by the very powerful relationship. Using MS rates strategy team forecast for 10 year yields to be at 1.30% by June 2021 the change in y/y relative performance of banks would be d…[Read more]

•Senate Republicans released a skinny plan last week:

$300 enhanced UI
$158B for PPP firms w/ loss of 35% YoY Rev. Liability
protections
$105B for schools
$29B for COVID vacs/drug/dist
$16B testing/tracing
$10B in debt relief USPS