Newsletter Jul 21, 2022

3 things you must know

Biden tests positive for Covid-19, suffers 'mild symptoms'
President Joe Biden tested positive for Covid-19 on Thursday, his administration announced, saying the 79-year-old leader was experiencing "mild symptoms" and would carry out his full duties while isolating at the White House. Biden had been due to travel to Pennsylvania during the day, the latest in a series of trips around the country seeking to revive waning Democrat fortunes ahead of midterm elections. Biden is reported to be in good health, but his age will heighten concern over the impact of Covid.
HOW THE INFECTION COULD HINDER MIDTERM EFFORTS

Demand for mortgages plummets to lowest level since 2000
Mortgage demand sank to its lowest level in two decades over the combination of high inflation and rising interest rates pushed by a more hawkish Federal Reserve. Together, the two have driven demand to a level last seen in 2000. The latest data from the MBA showed mortgage applications fell by 6.3% in the last week, while the average interest rate on a 30-year fixed-rate mortgage rose to 5.82% -- nearly double the rate from earlier this year.
FIND OUT WHAT THE DATA MEANS FOR HOME BUYERS

Tesla profits top expectations amid Musk's Twitter lawsuit
Tesla CEO Elon Musk's EV company scored about twice the profits in the just-finished quarter as those of last year. Although profits topped estimates, they yielded the first sequential profit drop since late 2020, coinciding with a fall in automotive profit margins due to rising costs and China shutdowns. Musk has made recent headlines over his withdrawal from a $44 billion deal to buy Twitter, drawing a lawsuit from the social media giant.
FIND OUT WHY TESLA SOLD OFF ITS BITCOIN HOLDINGS

Markets

DJIA	31,848.70	-0.08%
S&P 500	3,977.96	0.46%
Nasdaq Composite	12,002.72	0.88%
Japan: Nikkei 225	27,803.00	0.44%
UK: FTSE 100	7,270.51	0.09%
Crude Oil Futures	97.12	-2.76%
Gold Futures	1,712.40	0.72%
Yen	137.91	-0.26%
Euro	1.02	-0.05%
* As of market close

UK's choices for PM down to Sunak, Truss

The UK's leadership contest to succeed outgoing-Prime Minister Boris Johnson is entering its final stretch. After numerous rounds of internal voting, the Conservative Party is readying for a final round between former Treasury Chief Rishi Sunak and Foreign Secretary Liz Truss. On Wednesday, the Tories completed their penultimate round of voting for the PM slot as two candidates failed to make it to the final round. With the Tories now rallying around either Sunak or Truss, the two will try to win over Conservatives before a final result is announced Sept. 5.

SEE THE ISSUES IN THE RACE DIVIDING SUNAK AND TRUSS

BA.5 accounts for 80% of all US infections

As COVID-19 cases in the U.S. continue on a steady incline, the CDC reported that the BA.5 subvariant now comprises nearly 80% of all new infections -- up from 67% a week ago. The subvariant of Omicron was first detected in the U.S. in the Northeast back in April, with initial reports of the strain of COVID first being reported in South Africa. The subvariant has spread wildly across the country in only three months.

SEE WHAT THE CDC IS SAYING ABOUT INFECTIONS FROM BA.5

Quidditch ditches name in snub to Rowling

The real-life sport of quidditch has officially ditched its name amid the transphobia allegations against â€œHarry Potterâ€ author J.K. Rowling. Inspired by the broom-flying game featured in the â€œHarry Potterâ€ books and movies, the sport changed its name to quadball this week.Two years ago, Rowling was accused of transphobia for mocking a headline about â€œpeople who menstruateâ€ and sparking a wildfire on social media.

SEE HOW QUADBALL HAS BECOME AN INTERNATIONAL SPORT

Bad sport

What are the four positions in the real and fictional game of quidditch?

Thursday's answer: The four player positions on the field in an official game of quidditch are beaters, chasers, keepers and seekers.