Friday Morning Reads

Almost the weekend

U.S. futures are trying to come back from a lackluster session on Thursday that was dampened by data showing 1.3M people filing for unemployment benefits last week. At the time of writing, Dow and S&P 500 futures are up 0.3%, though the Nasdaq is powering ahead by 1%, a somewhat surprising move given Netflix's (NFLX) big tumble. On the earnings front, investors will be watching BlackRock (NYSE:BLK) this morning to see how the world's largest asset manager fared during the latest stage of the coronavirus pandemic. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza are also scheduled to testify at a House Small Business Committee hearing on COVID-19-related economic assistance programs.

Crunch talks on massive coronavirus fund

Leaders across the European Union are gathering in person this morning (for the first time since the start of lockdowns) to thrash out a deal and bridge differences over a €750B recovery fund needed to lift the bloc out of recession. In its current form, the plan brings the EU closer to a fiscal union by introducing shared debt liability and mostly grants rather than loans, though it has faced some blowback from the "Frugal Four": Austria, Denmark, the Netherlands and Sweden. While the proposal helped beef up confidence in the region since May - boosting Italian government bonds, the euro and the region's stocks - any changes or deviations could put that rally at risk.

EU set to pick next tech battle

The European Commission is seeking information from 400 companies to establish whether top voice assistants create market problems meriting antitrust investigations. Apple's (NASDAQ:AAPL) Siri, Amazon's (NASDAQ:AMZN) Alexa and Google's (GOOG, GOOGL) Assistant are at "the center of it all," European Competition Commissioner Margrethe Vestager declared, saying the large amounts of user data involved could be used to hurt competition and smaller rivals. Violators of the EU's antitrust rules can be fined up to 10% of their global turnover.

BA retires entire Boeing 747 fleet

"It is unlikely our magnificent 'Queen of the Skies' will ever operate commercial services for British Airways again due to the downturn in travel caused by the COVID-19 global pandemic," a British Airways (OTCPK:ICAGY) spokesman told the BBC. The U.K. carrier was the world's largest operator of the jumbo jet with 31 planes, or about 10% of its total fleet. Boeing (NYSE:BA) and its suppliers recently signaled the end of the production line for the 747 when they set the final number of parts needed for the program (the last 747-8 will roll out of Boeing's Seattle factory in about two years).
Go deeper: The 747 shutdown should not be considered a loss as Boeing will end up with a better product line, writes Dhierin Bechai.

Mask mandates

Due to the uptick in coronavirus cases, a growing number of U.S. states and localities have mandated the use of masks and face coverings while in public. The development has largely benefited mask manufacturers like Alpha Pro Tech (NYSEMKT:APT), Allied Healthcare Products (NASDAQ:AHPI) and Lakeland Industries (NASDAQ:LAKE), as well as 3M (NYSE:MMM) and Honeywell (NYSE:HON), though divisions are rising over particular directives. Georgia Governor Brian Kemp is suing Atlanta Mayor Keisha Lance Bottoms over the city's mask mandate - which is punishable by a fine or up to six months in jail - claiming the measure is more restrictive than a state order that "strongly encourages face coverings" but does not require them. On the corporate side of things, Walmart (NYSE:WMT), Kroger (NYSE:KR) and Target (NYSE:TGT) announced Wednesday that they would will require customers to put on a mask or face covering inside stores.

New COVID-19 treatment by the fall?

"What we really need are drugs that, when given early, can prevent a symptomatic person from requiring hospitalization or very dramatically diminish the time that they're symptomatic," Dr. Anthony Fauci told Mark Zuckerberg during a Facebook Live interview. Looking for a treatment, he expects results for a clinical trial on monoclonal antibodies by late summer or early fall. The laboratory-produced proteins - described as "precise bullets" that can be developed from antibodies from other people who've been infected by COVID-19 - are hoped to be used to treat sick coronavirus patients as well as for prophylaxis.

Extending cruise ban

The CDC has lengthened its no-sail order for cruise ships through the end of September, preventing vessels from sailing in U.S. waters out of concern of COVID-19. The extension, which had been set to expire on July 24, is the second for the initial order that was given on March 14. However, the move is not expected to dramatically change the timeline for cruise lines like Carnival (NYSE:CCL), Royal Caribbean (NYSE:RCL) and Norwegian (NYSE:NCLH) returning to the seas. The Cruise Lines International Association already said it would suspend voyages from U.S. ports until Sept. 15.

What else is happening...

Twitter (NYSE:TWTR) says about 130 accounts were targeted in breach.

Barr warns companies on pushing China's agenda.

U.S. travel ban may be coming for Chinese Communist Party members.

United Airlines (NASDAQ:UAL), pilots union reach deal to limit furloughs.

PG&E (NYSE:PCG) power lines caused last year's wine country fire - Cal Fire.