Briefs for Thursday

July 22, 2020 Updated Wed., July 22, 2020 at 9:44 p.m.

U.S. stocks rose for a fourth day as investor optimism over the likelihood for a new spending bill and potential coronavirus vaccines outweighed concern about an escalation of tensions with China.

The S&P 500 jumped to a five-month high with utilities, real estate and industrial shares leading the gains. Futures had retreated overnight on news that the U.S. ordered China’s Houston consulate to quickly close.

SEC approves ‘activist’ rules

U.S. companies scored a win Wednesday when the Securities and Exchange Commission approved new rules that are expected to make it harder for activist investors to push for changes in corporate strategy.

The main target of the SEC’s overhaul is firms such as Institutional Shareholder Services and Glass Lewis & Co., which are paid by pension funds and other institutional investors to advise shareholders on how they should vote their stock.

Nike job cuts cost up to $250M

Job cuts at Nike will cost it between $200 million and $250 million as the world’s largest athletic brand refocuses on selling directly to consumers.

The company didn’t say how many positions would be eliminated.

Nike’s strategy shift comes as the pandemic expedites a move away physical storefronts.

From wire reports

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