The Trump administration and Democrats have not agreed to any "top-line numbers" and remain "trillions of dollars apart" on coronavirus stimulus negotiations, White House chief of staff Mark Meadows said Wednesday.
The state of play: Meadows told reporters, "At this point we’re either going to get serious about negotiating and get an agreement in principle or — I’ve become extremely doubtful that we’ll be able to make a deal if it goes well beyond Friday.”
Nikola Corp., a company planning to build electric and hydrogen fuel-cell trucks, posted an $86.6 million quarterly net loss Tuesday in what was its first earnings report after going public in June.
Why it matters: Nikola is attracting lots of attention for plans to build a line of semi-trucks, as well as a pickup, in the coming years as it tries to break through in those fledgling markets.
D.C. remains deadlocked on the next stimulus package, days after extended unemployment benefits ended and days before PPP is set to expire.
Where it stands: One unresolved issue that hasn't gotten enough attention is a proposed expansion of the employee retention credit, which could have a significant impact for companies that have experienced severe revenue declines.
E-scooter company Unagi on Wednesday debuted a personal scooter subscription service in Los Angeles and New York that allows people to lease their own scooter rather than take their chances with a shared one on the sidewalk.
Why it matters: In the COVID-19 era, people are wary of mass transit and shared vehicles, instead opting for personal cars, bikes and scooters that are seen as safer.
For the first time in its nearly 170-year history, the New York Times made more money from digital products than it did from its print newspaper during a three-month quarterly earnings period, the Times announced Wednesday.
Why it matters: It's a huge milestone for The Gray Lady, which six years ago published a digital "Innovation Report" that detailed the paper's shortcomings in adjusting its business to embrace the digital world.
Gold prices closed at a record high, above $2,000 an ounce, on Tuesday and investors are getting even more bullish.
What happened: Bank of America released the summary of a call between its chief investment strategist and heads of its commodities, rates and technical strategy teams Tuesday that concluded gold was very well supported and could rise as high as $3,000 per ounce in the next 18 months.
The state of play: New CivicScience data provided first to Axios show continued growth in TikTok’s user base since the beginning of the year, with 14% of those surveyed saying they use the app.
The New York Fed's Weekly Economic Index turned lower for the week ending Aug. 1, showing real-time, high-frequency economic data again weakening in the last week of July.
Why it matters: The index turned negative again after an upwardly revised previous week. It supports other recent real-time economic data that show U.S. growth reversing.
U.S. auto sales have bounced back in recent months despite the coronavirus pandemic, with some brands even seeing their sales increase over 2019's numbers at this point in the year.
Why it matters: Cars and trucks were seen as one of the sectors that would be hardest hit as Americans were called to stay home from work and entertainment destinations were shuttered.
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