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Happy Friday, Bull Sheeters. Solid U.S. labor data couldn’t save the Dow and S&P 500 from finishing in the red yesterday. But the benchmark S&P 500 is still up more than 50% since its March lows as it nears a new all-time high. Alas, U.S. futures point to a flat open today.

Let’s check in on the action.

Markets update


  • The major indexes are mostly higher, with the Shanghai Composite leading the way, up 1.2% in afternoon trade.
  • China’s industrial output continues to crank into high gear, rising 4.8% YOY in July. Elsewhere, China’s retail sales were flat.
  • There are just 48 total active coronavirus cases, but New Zealand isn’t taking any chances. It’s extending a lockdown in Auckland as a 102-day streak of being COVID-free was snapped a few days ago.


  • The European bourses were down at the open with travel and energy stocks leading the way lower. The benchmark Stoxx Europe 600 dropped 1.6% two hours into the trading session.
  • Daimler shares fell 1.4% in mid-morning trade after

American Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020.

Nick Oxford | Reuters

American Airlines is preparing to scrap flights serving two-dozen medium and small cities as the expiration of federal coronavirus aid that placed restrictions on carriers from cutting service approaches, according to an executive at the carrier.

Airlines are required to maintain minimum levels of service through Sept. 30 under a $25 billion federal aid package that also prohibited layoffs through the end of the third quarter. American was granted $5.8 billion in support under the program.

The deal was meant to preserve both jobs by providing payroll assistance and air service around the country, even though most planes were flying with a fraction of their normal passenger loads. Regulators allowed airlines some exemptions in service.

The new cancellations for up to 30 destinations could show up in fall schedules as early as next week, the American Airlines executive told CNBC. The person asked not to be identified because the changes haven’t been finalized yet.

Airline labor unions and executives from carriers themselves

13 min read

Opinions expressed by Entrepreneur contributors are their own.

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This is something I’ve intuited for years. So many experiences have driven that lesson home: The time I found myself unable to even consider most accelerators because I couldn’t afford to leave my family for three months. The time I attended a demo night and out of a dozen or so companies there was only one woman on a team slide—and her title was “Executive Assistant.” The times—and there have been many—when members of our community who are going through top accelerators themselves share their experiences with me: their struggle to fit in; their struggle to keep up with the hustle-and-play-hard environment; their struggle to fundraise despite the programs’ genuine best intentions to help them. 

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Accelerators have the power to be a great democratizing force in venture capital, but this promise …

This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.

Buongiorno, Bull Sheeters. The August rally has been truly impressive. The S&P 500 has gained ground on all but one trading session this month. Alas, this morning investors have hit pause on equities, with U.S. futures slightly down, and Europe and Asia mixed.

Let’s check in on the action.

Markets update


  • The major Asia indexes are mostly higher with Japan’s Nikkei up 1.8% in afternoon trade.
  • Facing a potential U.S. ban, Tencent Holdings, operators of the popular WeChat messaging platform, is trying to placate investors that any impact on the business would be a narrow one. Conversely, any ban could inadvertently hit Apple’s $44 billion China business pretty hard.
  • Saudi Aramco has vowed to meet its commitment of paying out $75 billion in dividends this year despite a huge drop-off in revenues and a rising debt pile. Unless crude prices rise significantly, that strategy isn’t a viable one, analysts tell the Financial Times.


  • The European bourses sank at the open, with London’s FTSE down 0.9% in the

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