This week was another busy week all around, with Washington being at the forefront of testimonies given by the Attorney General and Big Tech executives. Home sales continue to surge during the coronavirus pandemic and the world of sports has resumed their delayed seasons.
The House Antitrust subcommittee just concluded one of the highest-profile hearings into antitrust and competition. Wednesday’s hearing was historic for bringing four of the most powerful men in technology before Congress for the first time, Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google’s Sundar Pichai and Apple’s Tim Cook. The hearing was also unprecedented in format, due to the pandemic, the four CEOs, and some members, including Judiciary Committee Chair Nadler, all called in via Cisco’s Webex video conference. Matt Kawashima, from our Investment Team, will be discussing this in further detail in the Market Update tomorrow.
Sales for both existing and new homes have continued to rise throughout the U.S. for the second consecutive month. Last week, existing home sales rose 20.7% for the month of June. This is the largest monthly gain since the National Association of Realtors began tracking the data in 1968.
For all the sports fans out there, the MLB began their season last week and the NBA resumes the rest of their season today. The MLS and many international soccer leagues have been playing for the last few weeks without fans in the stands. This season has already had some hiccups for some teams, with players testing positive for the coronavirus and not adhering to the protocols. The NFL announced that all teams will begin full-contact practices on August 17th and the first regular-season game, Chiefs vs. Texans, is scheduled for Thursday, September 10th.
I would like to thank everyone who joined us for our webinars yesterday on Growing Our Wealth, Part 3 of our Apriem Construction Series. We hope that you enjoyed it and found it informative. If you were not able to attend, the video will be available next week on our website at apriem.com. The invitation for the last webinar of this series went out earlier today for Part 4: Bringing It All Together on August 12th. You can also register for the session of your choosing below: