Sports and Business News: July 9th
NBA Players Gotta Eat
Pro basketball players inside the NBA’s bubble posted photos of their meals upon arriving in Disney World, and let’s just say those meals looked like a mix between bad airplane food and what was served at the Fyre Festival debacle.
Now the NBA is partnering with several restaurants to provide delivery service. According to USA Today, Morton’s Steakhouse, Saltgrass, Del Frisco’s, Joe’s Crab Shack, The Ocanaire, and Palm are all part of the delivery partnership. Five of those six restaurants are owned by the Landry’s Incorporated which is owned by Tilman Fertitta who also owns the Houston Rockets and the Golden Nugget casino.
The NBA’s Bubble had strict rules regarding players going to restaurants during the first few days of their arrival due to a required quarantine but that didn’t stop some of the league’s stars from complaining about their lackluster meals on their social media platforms.
Tiger Woods Back on PGA Tour
Tiger Woods took to twitter to announce he’ll compete in next week’s Memorial Tournament.
Woods hasn’t participated in a PGA Tour event since February 16th. He's currently ranked 41st on the FedEx Cup Standings and 14th in the World Golf Rankings, Woods has played just three tournaments this season. He did participate in the charity event with Phil Michelson, Peyton Manning, and Tom Brady back in May but the Memorial Tournament is his first official return to the tour since the coronavirus outbreak.
Some of the other world’s top-ranked golfers are scheduled to compete in the Workday Charity Open which started earlier Thursday morning.
Daily Business Update
Stocks were selling off Thursday and we’re starting to see what happens in this market when tech stocks don’t rise. Tech was hanging around flat Thursday and tech has a huge market cap weighting in the S&P 500.
So why was the S&P 500 down Thursday?
Economically sensitive sectors were falling hard. Oil, consumer discretionary (think retail, restaurants, airlines, hotels), banking, and industrials were down more than 1%. This has been a trend since mid-June. So while these sectors have hung in there in some pockets of time, as the government keeps pouring money into the economy, the virus situation is getting so rough, investors are getting a bit nervous that this fast economic recovery isn’t going to stay alive for too long.
On that virus situation, Johns Hopkins data show a new daily case count is 58,000, close to the all-time-high hit this week of 60,000. Before the second surge in cases in June, the high was around 35,000.
TheStreet's Jacob Sonenshine contributed to this report.