Coronavirus Update: 3M, McDonald's Post Weaker-Than-Expected Earnings

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Good morning, it’s Tuesday, July 28. Here’s your daily coronavirus update.

There are 16.4 million cases of the virus worldwide, with over 654,000 deaths.

The U.S. has 4.2 million cases with over 148,000 deaths.

According to the COVID-19 Tracking Project, there were 55,134 cases reported yesterday across the U.S., with 1,000 new deaths.

Senate Republicans unveiled their $1 trillion virus aid package that would include cutting the current federal $600 weekly unemployment supplement down to $200 a week, and send $1,200 payments to most Americans. Meanwhile, Democrats are seeking a multi-trillion aid package.

3M reported weaker-than-expected second quarter earnings, and declined to reinstate its full-year profit guidance, as coronavirus shutdowns of businesses around the world hammered industrial sales.

“While our results were significantly impacted by the global economic slowdown, we executed well, managed our costs and delivered another quarter of robust cash flow...We are taking actions to navigate near-term challenges, while relentlessly innovating for our customers and investing for the future to lead out of the slowdown and continue to deliver long-term value for our shareholders," said CEO Mike Roman. 

And McDonald’s also reported weaker-than-expected second quarter earnings Tuesday morning. And global sales slumped amid restaurant closures triggered by the coronavirus pandemic.

This comes after McDonald’s announced last week that it would pause the re-opening of dine-in services for its U.S. restaurants by another 30 days amid the sharp resurgence of coronavirus infections in southern and western states, although nearly all of its domestic locations would remain open for drive-through customers.

You can follow Katherine Ross on Twitter at @byKatherineRoss.

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