Monday’s Headlines: We’re In For Another Rough Week 😨
1. Stock futures tumbled early Monday morning as investors continued to brace for the economic fallout from the spreading coronavirus. The Dow plunged as much as 1,300 points in pre-trading while both the S&P 500 and Nasdaq also look to open with significant losses on Monday morning. Amid the market turmoil, investors continued to seek safer assets amid additional fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. Get the complete story here.
2. Amazon is set to announce a new business line on Monday that sells the technology behind its cashier-less convenience stores to other retailers. The world’s biggest web retailer said it has “several” signed deals with customers it would not name, while a new website will invite others to inquire about the service, dubbed ‘Just Walk Out’ technology by Amazon. This new strategy reflects Amazon’s ambitions to build out its internal capabilities, even amidst a wider market sell-off which has seen the company’s stock fall 7% in pre-market trading. Get the full story here.
3. Shares in Apple fell as much as 7% in pre-trading on Monday as coronavirus-related panic continues to sweep the market, forcing the Big Tech company to call for its staff to work from home. CEO Tim Cook told employees at several global offices to “please feel free to work remotely if your job allows” for the week of March 9 to 13, following similar calls from other tech giants including Microsoft, Amazon, Google, and Facebook. The company was forced to temporarily shutter all 42 of its retail stores in mainland China, but nearly all locations have since re-opened. Get the full report here.