Last week the market chugged higher. This is the second-highest weekly close ever in the S&P 500. Really take a moment to let that soak in. Plus, we have a streak of 6 straight higher closes.
Top Stories of last week
Uber
· Ride-share bookings plunged 73%, significantly worse than expected. Uber did 737M trips, less than half the 1.7B from the same quarter last year. But...
· Delivery bookings surged 113% on demand for Eats. Uber made more than double from Eats than it did from Rides. Food delivery was the perfect yin to ride-sharing's pandemic yang.
Hungry for acquisitions... Uber lost $1.8B last quarter, which sounds pretty bad — but it's better than the $5.2B it lost during Q2 of last year. Uber slashed costs by sadly laying off 14% of its workforce (~3.7K employees).
AMAZON
· Amazon is in discussions with mall-owner Simon Property Group about using some closed J.C. Penney and Sears stores for Amazon fulfillment centers, The Wall Street Journal said on Sunday.
· The Wall Street Journal said it’s unclear how many of the stores inside Simon malls are under consideration.
· The Sears and J.C. Penney locations could give Amazon more fulfillment center space, closer to customers, where delivery drivers could come unload and pick up packages.
Week ahead
8/11 July Producer Price Index (8:30 AM ET)
8/12 July Consumer Price Index (8:30 AM ET)
8/14 July Retail Sales (8:30 AM ET)