Friday’s Headlines: If You Thought Monday Was Bad, Think Again...
1. I never thought I’d say this twice in one week, but the Dow plunged in what was its worst day since the infamous 1987 crash known as ‘Black Monday’. The Dow fell 9.99%, while the S&P 500 also had its worst day since 1987 with a 9.5% drop, and the Nasdaq fell 9.4% — you’re starting to get the picture. Thursday’s sell-off got so bad, that trading was halted briefly after the open for 15 minutes as markets hit the mandated “circuit-breaker” threshold used by U.S. exchanges. It could be a long and bumpy road ahead for investors, so strap in. Get the full story here.
2. Apple, Facebook, Alphabet, Amazon, and Microsoft lost a combined $416.63 billion on Thursday, with Apple and Microsoft losing more than $1 billion in value. Shares of Apple plunged 9.88%, Facebook fell 9.30%, Alphabet dropped 8.2%, Amazon fell 7.98% and Microsoft dropped 9.48%, as investors continued to worry about the spread of coronavirus and its potential impact on the economy. Investors seem to be most concerned about how much consumers and businesses will cut back on spending if the economy goes into a recession. Read the complete report here.
3. Slack shares plunged more than 20% in extended trading on Thursday after the maker of messaging software provided a disappointing forecast for the fiscal first quarter. The company did beat estimates though with $0.04 per share on top of revenue of $181.9 million, while guidance for the quarter ended April is expected to be $185 to $188 million. Slack has benefited from the move to cloud computing as more employees working across offices and time zones turn to chat for communication instead of e-mail. Read the full story here.