Monday’s Headlines: Stocks Set To Fall As Senate Rejects Stimulus Package 💰
1. U.S. stock futures plunged nearly 600 points early Monday morning as Wall Street waits on Washington to agree to an economic stimulus and rescue plan to cushion blow from the coronavirus outbreak. A $1 trillion stimulus package was rejected in the Senate on Sunday evening as the democrats believed it did too much to bail out companies and not enough to help workers. Hospitals, workers, companies and states have all warned they need more resources, while the less-essential airline industry has warned that it needs more money for bailouts, or it could face dire consequences. Read the full report here.
2. Netflix has joined the fight against coronavirus by promising to slash streaming traffic across Europe by up to 25% to relieve strain on internet providers. Netflix said it will remove the highest bandwidth streams within each resolution category for the next 30 days in Europe wherein users might notice a slight decrease in video quality within each category. Facebook has also announced that it will reduce the streaming quality of its videos in Europe, joining Amazon, Disney, and YouTube as well, as everybody tries to do their part. Get the complete story here.
3. Time to round off the morning with some good news, as U.S. tech CEOs have pledged aid across the board in combating the coronavirus, including Apple CEO Tim Cook and Tesla boss Elon Musk. Apple will donate millions of masks for health professionals in the U.S. and Europe, while Tesla will distribute 1,200 ventilators this week, with more on the way. Other companies are also joining the fight, with Facebook and Salesforce also donating thousands of masks, as the world continues to rally together in this fight. Read more here.