Friday’s Headlines: Grim Unemployment Plan Points To Bleak Times Ahead
1. U.S. stock futures were pointing lower on Friday as investors shook off grim unemployment data. The Dow rallied more than 1,300 points earlier on Thursday, or 6.4%, following the government's $2 trillion stimulus plan, but reports of 3.28 million newly unemployed U.S. workers could offset much of these gains on Friday. As some investors grow wary of the market's recent run, the grim jobs report will see the Dow drop 500 points upon market open, with the S&P and Nasdaq also pointing to losses. Read more here.
2. Shares of Teladoc popped more than 12% on Thursday as a historic $2 trillion stimulus bill continues to make its way through Congress. The bill currently contains provisions that would increase funding for telehealth services — like those Teladoc offers — by an estimated $200 million, according to several reports. Demand for Teladoc's services has soared amid the ongoing COVID-19 crisis as patients seek remote help. Get the full story here.
3. Shares in electric vehicle-maker Tesla dropped 2% on Thursday after it reported plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic. The move comes after its Japanese battery partner Panasonic Corp said it would scale down operations at the Nevada factory this week before closing it for 14 days. CEO Elon Musk has been among several notable holdouts encouraging employees to come to work amid the pandemic, but this move could signal the start of factory closures nationwide. Read the complete report here.
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️