Monday’s Headlines: Tesla Slips 20% In 1 Week
1. Tesla has shed 20% last week through Friday’s close as the coronavirus outbreak weighs on the broader market. There could be further pain ahead of China's struggling automotive industry and Tesla, which had to shut its Shanghai Gigafactory in early February due to the virus outbreak. Before last week, Tesla shares had soared more than 100% since the start of the year, fueled by a positive earnings report and an upward trend in deliveries from the company. Read more here.
2. Stock futures rose from an earlier tumble on Sunday night as the market recovered slightly from coronavirus sell-offs last week. After the worst week for the market since the 2008 crash, the Dow is likely to open on Monday up 500 points, with the Nasdaq and S&P 500 also set for gains. As of Sunday, more than 85,000 coronavirus cases have been confirmed around the world along with more than 2,900 virus-related deaths, with a second U.S. death reported, in Washington. Read the full report here.
3. Despite the slight recovery over the weekend, the coronavirus remains a serious threat. Google has restricted all worker travel after it was confirmed that an employee in Switzerland tested positive for the Coronavirus. Fellow tech companies Twitter and Amazon have also restricted all non-essential travel within the U.S., a month after Amazon banned all business trips to China. With companies such as Apple and Microsoft being forced to review their guidance for the year already due to the outbreak, it is likely that other Big Tech members will be hard hit as the contagion spreads. Get the complete report here.