1️⃣ Big banks are bracing for trouble.
America’s four largest consumer lenders — Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — set aside $33 billion to cover potential loan losses, nearly $10 billion more than in the previous quarter and $30 billion more than the same time last year. And even the investment banks that had a better quarter thanks to rising markets — Goldman Sachs and (especially) Morgan Stanley — said their good fortune was unlikely to last.
2️⃣ People are watching a lot of streaming content.
Netflix added a larger-than-expected 10 million new subscribers in the second quarter, on top of 16 million in the previous quarter. So why did its stock price plunge? The company appears to be borrowing customers from the future: It expects to add only 2.5 million subscribers in the third quarter.
3️⃣ Pizza delivery thrives in a pandemic.
Domino’s beat expectations for both sales and profits in the second quarter by a lot. Despite some of its locations being forced to close because of lockdowns, it has managed to report 37 consecutive quarters of same-store sales growth in the United States and an astonishing 106 quarters in a row at its international operations. Domino’s stock price is up nearly 40 percent so far this year, about the same percentage rise as high-flying tech stocks like Apple.