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Generational Wealth is Usually Wasted Away By the Third Generation

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Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Hip-Hop Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is also a speaker, and bestselling author of six books. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. Ash is best known for helping people maximize their full potentials by giving them the inspiration, tools, and resources needed to live their best lives. For more info on Ash please visit www.IamAshCash.com

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Top Finance and Hip-Hop News – 8.6.20

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MARKETS

NASDAQ 10,998.40

+ 0.52%

S&P 3,327.73

+ 0.64%

DJIA 27,201.52

+ 1.39%

GOLD 2,055.40

+ 1.70%

10-YR 0.552%

+ 4.30 bps

OIL 42.13

+ 1.03%

*As of market close
  • 2020: These party conventions keep getting smaller…and smaller…yesterday, Joe Biden said he won’t travel to Milwaukee to accept the Democratic nomination for president. The convention is now entirely virtual.
  • Markets: Rally caps on. The major indexes are all on long winning streaks and the S&P closed just 2% below its intraday record from February.

Stock futures fall slightly after Nasdaq hits another record, jobless claims data ahead

https://www.cnbc.com/2020/08/05/us-stock-futures-flat-after-nasdaq-hits-another-record-jobless-claims-data-ahead.html

Futures contracts tied to the major U.S. stock indexes dipped early Thursday, hours after the Nasdaq Composite clinched its 31st record close for 2020.

Dow Jones Industrial Average futures fell about 40 points, indicating an 80-point loss to start to the trading day. S&P 500 and Nasdaq 100 futures were also down by 0.2% and 0.1%, respectively.

The moves followed a positive regular session on Wednesday, with the major indexes brushing off a weaker-than-expected private payrolls report and the Dow rising some 370 points.

Cyclical sectors including industrials, materials and financials contributed the most to the market’s gains during regular trading on Wednesday and allowed the Dow industrials (up 1.39%) and S&P 500 (up 0.64%) to outpace the Nasdaq Composite (up 0.52%).

Still, the Composite did manage to clinch yet another record close for the year and at one point Wednesday traded above 11,000 for the first time. The major market indexes are having a robust week, up 2.9%, 1.7% and 2.3%, respectively, since Friday’s close.

Some of the market’s optimism on Wednesday came after reports said that the nation’s top lawmakers are making more material progress toward a coronavirus relief bill.

The most recent sign of compromise came from the White House, which appeared to yield slightly on its opposition to continued federal support for unemployment benefits. The Trump team offered to extend extra federal unemployment insurance into December at $400 per week, NBC News and Politico reported.

Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows also offered to extend a moratorium on evictions from federally backed housing into December. Democrats, meanwhile, cut their request for U.S. Postal Service funding to $10 billion from $25 billion, according to the reports.

The latest iteration of the Labor Department report on weekly jobless claims will be released Thursday morning.

The weekly figures provide Wall Street with critical insight on how many Americans continue to collect unemployment benefits, known as continuing claims.

Another 1.423 million workers are expected to have filed first-time claims for state unemployment benefits during the week ended August 1. That would mark a deceleration from the prior week, though still well above any reading prior to the pre-Covid era.

New York City will set up checkpoints to enforce quarantine for travelers

https://www.politico.com/states/new-york/albany/story/2020/08/05/new-york-city-will-set-up-checkpoints-to-enforce-quarantine-for-travelers-1305021?utm_source=morning_brew

New York City will set up checkpoints at entry points to the city to find travelers from states with high coronavirus infection rates and order them to quarantine for two weeks, officials said Wednesday.

The new checkpoints at bridges and tunnels will stop cars and seek to enforce quarantine orders imposed by New York State, which require people coming from 34 states and Puerto Rico to self isolate for up to 14 days to avoid spreading Covid-19.

The city Sheriff’s Office will run the checkpoints and stop a random sampling of cars entering the city, reminding drivers of the quarantine order and requiring them to fill out a registration form if they’re coming from a high risk state.

People caught violating the quarantine — which applies to both residents of the high-risk states and New Yorkers returning from visits — can be hit with fines up to $10,000.

Los Angeles Will Shut Off Water And Power To Houses Throwing Large Parties, Mayor Says

https://www.forbes.com/sites/rachelsandler/2020/08/05/los-angeles-will-shut-off-water-and-power-to-houses-throwing-large-parties-mayor-says/#737fa8a3555f

Los Angeles Mayor Eric Garcetti said Wednesday the city will cut off water and power to houses or businesses that repeatedly hold large gatherings, taking the most aggressive action in the country to stop parties that violate local health orders meant to stem the spread of the coronavirus.

“Starting Friday night if the LAPD responds and verifies that a large gathering is occurring at the property and if we see these properties reoffending time and time again, they will provide notice and initiate the process to request the DWP shut off services within the next 48 hours,” the mayor said at a press conference Wednesday.

Garcetti said parties have been often thrown in vacant homes or short-term rental properties like Airbnbs, calling such gatherings “unsafe and can cost Angelenos their lives.”

Over the last few weeks, YouTubers and influencers have thrown large parties in Los Angeles, including one mansion party this week for an unidentified NFL player— which was caught on camera via helicopter from local news stations—and ended after one person was killed and two were critically injured from gunfire.

Biden VP search narrows to Kamala Harris and Susan Rice, report says

https://nypost.com/2020/08/05/biden-vp-search-narrows-to-kamala-harris-and-susan-rice-report/

Joe Biden’s veep pick has reportedly narrowed to two candidates: Sen. Kamala Harris and Susan Rice.

According to an Axios report published Wednesday, the Democratic nominee, 77, is holed up in his Delaware home where his campaign is in the final stages of vetting a handful of potential running mates.

But people close to Biden believe his search has narrowed to either Kamala Harris, the Democrat senator from California, or Susan Rice, President Obama’s former national security adviser, and would be “surprised if he picks anyone else,” the report said.

A third contender is Californian Rep. Karen Bass but her stock appears to have fallen in recent weeks after years-old comments of her praising Scientology and Cuban dictator Fidel Castro surfaced.

Biden previously said he would announce his running mate on Aug. 1 but is now not expected to name his veep until at least Aug. 10.

At age 77, Biden would be the oldest ever elected president and has signaled that he will only serve one term, making his VP pick all the more important.

He has committed to choosing a woman to join his ticket and under pressure to choose someone of color, said last month that there were four black women on his shortlist.

NBA Foundation created, pledges $300 million to Black growth

https://www.nbcnews.com/news/sports/nba-foundation-created-pledges-300-million-black-growth-n1235984

The NBA’s Board of Governors and the National Basketball Players Association have finalized plans to create the first NBA Foundation that will work to spur economic growth in the Black community, announcing Wednesday that the initial contribution will be $300 million over the next decade.

Each team will donate $1 million annually, or $30 million collectively, over those 10 years. An eight-person Board of Directors will be installed, with four of those seats going to representatives from the board of governors, three seats to NBPA players and executives, and one to the league office.

NBPA President Chris Paul had said earlier in the season restart at Walt Disney World that $300 million would be the start, and now those plans are complete.

The league said the charity would be public and that the foundation would work to deepen “the NBA family’s commitment to racial equality and social justice.” Those missions have been front-and-center at the restart at Walt Disney World, where games are played on courts with “Black Lives Matter” painted on them and about 85 percent of players are choosing to have a social justice message on their jerseys for the remainder of the season.

The foundation’s mission is “to drive economic empowerment for Black communities through employment and career advancement” for high school, college-aged and career-ready Black men and women, plus aid organizations that offer training and mentoring. Efforts will be centered on helping people get a first job, finding careers after high school or college, then career advancement.

Twista Launches Gun Camp To Teach Firearm Safety

https://hiphopdx.com/news/id.57189/title.twista-launches-gun-camp-to-teach-firearm-safety

Twista is launching a gun camp to teach firearm safety amid these wild times.

The legendary Chicago MC opened enrollment on Wednesday morning (August 5) for sessions in his hometown. For $499, interested parties will work with Twista, law enforcement specialist Joe Joe Stagen and Creative Scott and receive a concealed carry certification, lunch, fingerprints and the opportunity to hear new music from the “Overnight Celebrity” rapper.

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Podcasts

Top Finance and Hip-Hop News – 7.22.20

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MARKETS

NASDAQ 10,680.36

– 0.81%

S&P 3,257.31

+ 0.17%

DJIA 26,840.68

+ 0.60%

GOLD 1,841.90

+ 1.35%

10-YR 0.606%

– 0.90 bps

OIL 41.76

+ 2.33%

*As of market close
  • Energy: Oil prices hit a four-month high, pulling energy stocks up with them. Higher energy prices indicate investors think demand for fuel is on the comeback trail.
  • COVID-19 update: At the White House, President Trump said the pandemic will “get worse before it gets better” and encouraged Americans to wear masks.

Stock futures under pressure from U.S.-China tensions, earnings onslaught

https://www.cnbc.com/2020/07/21/stock-market-futures-open-to-close-news.html

U.S. stock futures fell in early trading Wednesday amid renewed U.S.-China tensions and ahead of major technology earnings from Microsoft and Tesla after the closing bell.

Dow futures pointed to an opening loss of 100 points. Futures also implied a lower open for the S&P 500 and Nasdaq-100.

Futures briefly extended losses in premarket trading after the U.S. State Department abruptly ordered China to close its consulate in Houston. Foreign ministry spokesperson Wang Wenbin condemned the action and warned of firm countermeasures if the U.S. does not reverse its decision.

A few disappointing company earnings after the bell Tuesday also weighed on investor sentiment. Shares of Snap dropped more than 9% in extended trading after the social media company reported fewer-than-expected daily active users.

Shares of United Airlines dipped in extended trading after the company reported a net loss of $1.62 billion for the second quarter. The coronavirus pandemic’s impact on travel fueled an 87% year-over-year revenue decline for the Chicago-based airline.

Earnings season continues on Wednesday with reports from Microsoft, Tesla, Chipotle Mexican Grill, CSX and Las Vegas Sands after the closing bell. All eyes will be on Tesla’s earnings, which could make the company qualify to become an S&P 500 constituent.

Biogen, Baker Hughes and Nasdaq all report earnings before the bell on Wednesday.

On Tuesday, the Dow Jones Industrial Average climbed more than 150 points, after rising more than 300 points at its high of the day. Chevron and Exxon Mobil fueled the 30-stock index, gaining about 7% and 5%, respectively, as oil rose to its highest level since March. The S&P 500 closed in positive territory with a modest gain of 0.2%.

United Airlines loses $1.6 billion in second quarter but expects to further lower cash burn

https://www.cnbc.com/2020/07/21/coronavirus-pushes-united-airlines-ual-to-a-1point6-billion-loss-in-second-quarter.html?utm_source=morning_brew

United Airlines on Tuesday said it lost $1.63 billion during the second quarter, driven by a plunge in air travel demand because of the coronavirus pandemic. During the same quarter last year it posted a $1.05 billion profit.

Revenue plunged to $1.48 billion in the three months ended June 30, an 87% drop from $11.4 billion during the same time last year. The sharp decline in sales wasn’t as bad as feared, beating analysts’ estimates of $1.32 billion.

The Chicago-based carrier and other large airline competitors that spent years building up their networks are grappling with what are expected to be long-lasting impacts from the pandemic.

United said it expects to reduce its cash burn to $25 million a day in the third quarter from an average daily burn of $40 million in the second quarter. The carrier has slashed thousands of flights and idled scores of planes to cut its costs.

The airline said its capacity in the third quarter will likely be down 65% compared with the same quarter a year ago.

A recovery in air travel is challenged by a spike in coronavirus cases around the U.S. as well as quarantine orders for travelers arriving from a host of states to New York, New Jersey, Connecticut and elsewhere.

United said it will “proactively evaluate and cancel flights on a rolling 60-day basis until it sees signs of a recovery in demand,” which executives expect to be limited until there is a treatment or vaccine for the virus.

McConnell Finally Confirms GOP Support For Second Round Of Stimulus Checks

https://www.forbes.com/sites/sarahhansen/2020/07/21/mcconnell-finally-confirms-gop-support-for-second-round-of-stimulus-checks/#154475bf7043

Senate Majority Leader Mitch McConnell confirmed today that there will be second stimulus checks in his new stimulus package.

Here’s what you need to know.

McConnell says that Senate Republicans, after a closed meeting Tuesday, support second stimulus checks. This is the first time that McConnell has confirmed that Senate Republicans officially will support second stimulus checks. Previously, there has been debate within the party whether second stimulus checks were necessary given other economic priorities. With Republican support in Congress, this now means that President Donald Trump and Democrats in Congress all support second stimulus checks. While not guaranteed to be included in the new stimulus package, it’s a good bet that second stimulus checks, or Economic Impact Payments, likely will be included to help the American people.

Trump orders Census not to count undocumented immigrants for awarding congressional seats

https://www.cbsnews.com/news/trump-census-undocumented-immigrants-congressional-seats/

President Trump issued a directive Tuesday instructing the U.S. Census Bureau to not count undocumented immigrants for purposes of apportioning seats in the House of Representatives, targeting states like California, Texas and New York with large communities of residents who lack a legal immigration status.

Mr. Trump’s authority to exclude unauthorized immigrants from the calculations made after each census to determine how many representatives each state should have in Congress is unclear, and Tuesday’s order is expected to face court challenges. If enacted, however, the policy could have a seismic political impact, as states can gain or lose seats in the House every 10 years after the census, depending on how their populations compare to others.

U.S. census data is also used to allocate federal resources to states and local communities.

Banking Committee Says Gimme Shelton

Yesterday, the Senate Banking Committee approved President Trump nominee Judy Shelton to the Federal Reserve’s Board of Governors.

  • Shelton got the greenlight by the skin of her teeth—i.e. a party-line 13–12 vote. All 12 of the committee’s Democrats signed a letter to committee chairman Sen. Mike Crapo requesting another hearing.
  • Three of the committee’s Republicans had previously expressed doubts about Shelton.

FYI: The Board of Governors is a seven-member body that oversees the Federal Reserve system, including emergency lending activities and orchestrating monetary policy.

Christopher Waller also got the nod to the board, but he’s much less controversial than Shelton. We’ll explain.

Shelton has held some…unorthodox positions

For a while, she advocated for a return to the gold standard, though more recently she’s backed off that highly unconventional idea. Her views on the Fed’s independence are now causing more sleep loss for legal and economic experts.

  • The White House and the Fed are traditionally held as far apart as the parking lot and the concert venue. The distance is meant to enable the Fed to make decisions based on long-term economic trends, not short-term political interests.
  • But Shelton has questioned that separation. And she was an informal adviser to  President Trump’s 2016 campaign, leading some experts to worry she’d serve his goals. Trump also has been aggressively pressuring current Fed Chair Jerome Powell, which adds to their nightmares of a politicized Fed.

Shelton may rise even higher than the Board. Some think that, if he’s reelected, Trump will nominate Shelton for Powell’s spot.

Zoom out: The Fed and the central bankers who comprise it are more crucial than ever as lawmakers and economists search for a way out of the current economic crisis.

Looking ahead…Shelton and Waller’s next (and final) stop on the nomination circuit is the full Senate, where President Trump’s Republican Party has a majority.

Verzuz to Stream Battles on Apple Music and Beats 1 in New Partnership Deal

https://thegrapevine.theroot.com/verzuz-to-stream-battles-on-apple-music-and-beats-1-in-1844453618

The highly-discussed, head-to-head music battle series Verzuz has gotten many of us through lockdown since Timbaland and Swizz Beatz’s inaugural duel on Instagram in March. The creators have discussed the possibility of bringing the entertaining showdown to a platform even bigger than the social media site—and now, fans can stream Verzuz on Apple Music and Beats 1.

According to a press release obtained by The Root, fans will be able to watch the battles in real-time on Verzuz’s Instagram page, Apple Music and Beats 1. After the battle’s conclusion, they can run it back on Apple Music to relive the moments made…all for free. Apple Music worked with Verzuz for the special Juneteenth edition of the series, which featured John Legend and Alicia Keys. The music celebration was live-streamed on the service

Tonight will be the next Verzuz match-up between Snoop Dogg and DMX at 8 p.m. ET.

 

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Podcasts

Top Finance and Hip-Hop News 7.21.20

Published

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MARKETS

NASDAQ 10,767.09

+ 2.51%

S&P 3,251.84

+ 0.84%

DJIA 26,680.93

+ 0.03%

GOLD 1,818.80

+ 0.49%

10-YR 0.617%

– 1.70 bps

OIL 40.70

+ 0.27%

*As of market close
  • Markets: Stocks gained with Bezos at the forefront—Amazon had its best day since December 2018, rising nearly 8%. The S&P turned positive for the year.
  • COVID-19: President Trump tweeted a picture of himself in a face mask, saying “it is Patriotic to wear a face mask when you can’t socially distance.” Trump only recently wore a mask in public for the first time.

Nasdaq jumps more than 2% led by Amazon, S&P 500 goes positive for 2020

https://www.cnbc.com/2020/07/19/stock-market-futures-open-to-close-news.html?utm_source=morning_brew

Stocks rose on Monday as Amazon shares led other major tech stocks higher. Traders also weighed the prospects of a potential coronavirus vaccine and more U.S. fiscal stimulus.

The S&P 500 advanced 0.8%, or 27.11 points, to 3,251.84, turning positive for 2020 with a 0.6% gain on the year. The Nasdaq Composite outperformed, rising 2.5%, or 263.90 points, to 10,767.09. The Dow Jones Industrial Average traded 8.92 points higher to 26,680.87, after being down more than 150 points earlier in the day.

Amazon rose 7.9% to post its best day since December 2018 after a Goldman Sachs analyst hiked his price target on the stock to $3,800 per share, the highest on the Street. Facebook and Netflix gained more than 1% each, while  Apple and Alphabet gained 2.1% and 3.1%, respectively. Shares of Microsoft jumped 4.3%.

Monday’s strong gain in tech shares came after the Nasdaq’s first negative week in three, while beaten-down value names outperformed in that time period.

Blacks, Latinos and the poor less likely to get $1,200 coronavirus stimulus checks, new report says

https://www.usatoday.com/story/news/politics/2020/07/20/coronavirus-blacks-latinos-poor-less-likely-get-1-200-checks/5471086002/

With another round of stimulus checks in the works, a new study concludes that people who are poor, Black or Latino were less likely to get the $1,200 payments distributed last spring under a new federal law aimed at blunting the economic fallout of the coronavirus pandemic.

The study, by the nonpartisan Tax Policy Center, concluded that while the rollout of the cash payments was a success in many ways, there were significant disparities by income, race, ethnicity and family citizenship in terms of who received the money.

Thirty percent of adults younger than age 65 reported that their families had not received the stimulus payments or that they didn’t know if the money had arrived as of late May.

Just six in 10 adults (nearly 59 percent) with incomes at or below 100 percent of the federal poverty level reported receiving the payments. Nearly 74 percent of white adults reported getting the checks, compared to almost 69 percent of Black adults and nearly 64 percent of Hispanics.

Whole Foods punishes workers wearing Black Lives Matter face masks: lawsuit

https://www.reuters.com/article/us-amazon-com-whole-foods-race-lawsuit/whole-foods-punishes-workers-wearing-black-lives-matter-face-masks-lawsuit-idUSKCN24L1UM

Whole Foods Market was sued on Monday by employees who accused the upscale grocery chain of punishing workers who wear “Black Lives Matter” face masks on the job.

The 14 plaintiffs in the proposed nationwide class action accused Whole Foods, a unit of Amazon.com Inc (AMZN.O), of sending workers home without pay or imposing disciplinary actions for wearing the masks and related apparel.

Whole Foods said the masks violate its longstanding dress code banning clothing with “visible slogans, messages, logos or advertising” unrelated to the company.

But the complaint filed in Boston federal court said Whole Foods has selectively enforced its code, and seeks an injunction to stop it from targeting Black Lives Matter supporters.

Savannah Kinzer, a white plaintiff, said she was fired on Saturday after organizing co-workers in protest at a Whole Foods in Cambridge, Massachusetts.

A Whole Foods spokeswoman declined to discuss the lawsuit, but said the company has “zero tolerance” for retaliation. She also said Kinzer was fired for lateness and missing shifts.

Kinzer disputed this, and said Whole Foods has let employees wear masks bearing political messages and sports team logos, and let her wear a mask with the phrase “Soup is Good,” without incident.

The plaintiffs come from four states, and several racial and ethnic backgrounds. More plaintiffs are expected.

Black Lives Matter protests gained new strength after the May 25 death of George Floyd in Minneapolis, where a police officer pinned his neck to the ground.

Essential Workers Hold Walkouts And Protests In National ‘Strike For Black Lives’

https://www.npr.org/sections/live-updates-protests-for-racial-justice/2020/07/20/893316011/essential-workers-hold-walkouts-and-protests-in-national-strike-for-black-lives

From Boston to San Francisco, essential workers in cities around the U.S. walked off their jobs and took to the streets Monday to demand racial and economic justice as part of a nationwide “Strike for Black Lives.”

The planned day of strikes and protests was organized by 60 different labor unions and racial and social justice organizations, from the International Brotherhood of Teamsters to the Movement for Black Lives to the U.S. Youth Climate Strike Coalition.

Organizers listed four primary demands on their website: “Justice for Black communities, that elected officials use their authority to rewrite the rules so that Black people can thrive, that corporations dismantle racism, white supremacy and economic exploitation including at work and that every worker has the opportunity to join a union.”

They also encouraged workers unable to participate for the full day to take a knee, hold a moment of silence or walk off their jobs at noon local time for 8 minutes and 46 seconds in memory of George Floyd and other victims of police violence.

In New York City, essential workers marched in the blazing sun and 100 Teamsters Local 808 building service workers took a knee in honor of Floyd. In Washington, D.C., workers holding signs spelling out “the heroes” gathered outside the Capitol in support of the HEROES Act, the proposed coronavirus relief package.

In Chicago, fast food workers marched to a local McDonald’s where multiple workers had tested positive for the virus. Fast food workers in Florida walked off the job. In Durham, N.C., crowds observed a moment of silence before breaking into chants calling for $15 an hour. They also painted “Strike For Black Lives” in block letters on the street.

In Detroit, workers at five nursing homes participated in a walkout to protest low wages and poor working conditions, exacerbated by the coronavirus pandemic. And in San Francisco, 1,500 janitors walked off the job.

The Moment: Kanye West Calls Out The Kardashians

https://hiphopdx.com/news/id.56927/title.the-moment-kanye-west-calls-out-the-kardashians

Kanye West appears to be spiraling out of control. After Ye’s tear-filled political rally in South Carolina on Sunday (July 19), the seemingly troubled rapper continued his wild verbal rampage via Twitter on Monday night (July 20) and this time, he set his sights on the Kardashian clan.

As the word “Calmye” started trending on the social media platform — a nickname for Kris Jenner’s boyfriend Corey Gamble — the presidential hopeful started lighting up his own account, claiming the Jordan Peele-directed psychological thriller Get Out is actually about him. Like he said in April 2018, he knows all about the film’s “sunken place” and joked he’d produced Nas’ NASIR album from the fictional black hole.

He then claimed his wife Kim Kardashian and other members of the family attempted to have him committed for saying he almost “killed” his daughter North during the rally.

“Everybody knows the movie get out is about me,” he tweeted. “Kim was trying to fly to Wyoming with a doctor to lock me up like on the movie Get Out because I cried about saving my daughters life yesterday.”

Kanye’s recent behavior is reminiscent of what sent him to a psychiatric hospital in 2016. After canceling the Saint Pablo Tour over “exhaustion,” a 911 call came in saying he was “acting erratically.” Ye was then rushed to UCLA Medical Center while chained to a gurney, standard protocol for such incidences.

Since announcing his intent to run for president on the Fourth of July, Kanye’s time in the limelight has been peppered with often incoherent ramblings and dramatic outbursts, like the one seen at the aforementioned South Carolina rally.

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