Tuesday’s Headlines: Twitter Forced To Pull Its Guidance

Tuesday’s Headlines: Twitter Forced To Pull Its Guidance

1. Stocks fell sharply on Monday as U.S. lawmakers failed to push through massive fiscal stimulus to curtail the economic blow from the coronavirus for the second time in 24 hours. The Dow closed 582.05 points lower, or down 3.1%, at 18,591.93, its lowest closing level since November 2016, while the S&P slid nearly 3%. The drop comes on the same day that the Federal Reserve announced an open-ended asset purchase program in order to relieve stress on the economy. Read the full story here

2. Twitter pulled its first-quarter revenue outlook and forecast an operating loss on Monday as the coronavirus outbreak crimped ad sales as companies revise their budgets. However, the outbreak has made social media services such as Twitter vital for a broader population than usual, as people look to stay in touch with the latest news, bringing in more users. Twitter is the first major ad-supported U.S. platform to disclose the impact of the coronavirus and investors will now look how larger internet peers Facebook and Google will be impacted. Twitter stock rose more than 3% on Monday. Get the complete story here

3. Amazon stock jumped 3% Monday after announcing that it is teaming up with a new research effort in Seattle to pick up and deliver tests for COVID-19. The research effort, known as the Seattle Coronavirus Assessment Network, or SCAN, is employing Amazon Care and its staff of couriers trained in delivering medical supplies. “Responding to the rapidly evolving COVID-19 crisis must be a community effort and requires support from both the private and public sectors,” Amazon Care director Kristen Helton told CNBC in an emailed statement. Get the full story here.

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