Monday’s Headlines: Trump Finally Signs Economic Bill
1. President Trump signed a $2 trillion coronavirus relief bill on Friday, as Washington tries to blunt the economic destruction from the COVID-19 pandemic. The bill’s signing was not enough to prevent the market dipping on Friday after being on course for its best single-week performance in 90 years. “I signed the single biggest economic relief package in American history,” Trump said in the Oval Office. “This will deliver urgently needed relief to our nation’s families, workers and businesses, and that’s what this is all about.” Get the full story here.
2. Trouble is brewing for e-commerce leader Amazon, as workers at its Staten Island warehouse are planning to strike today, demanding better coronavirus protections. Following reports of laxed safety measures at factories nationwide, it is possible that this industrial action may spread to more of the company’s 110 facilities in North America. Elsewhere, Big Tech has been taking the fight to COVID-19, with Apple developing a coronavirus screening app in association with the CDC, and Google offering $800 million in free advertising to help small businesses. Who said chivalry is dead? Get the complete report here.
3. Accommodation-booking giant Airbnb may have more to worry about than a delayed IPO in 2020, after it announced a hiring freeze and marketing suspension on Friday. In a bid to reduce the financial impact of COVID-19 on its business, what was to be the hottest IPO (or direct listing) this year will also be cutting executives salaries for 6 months, with its founders taking no pay at all. The company, last valued at $31 billion, recently reported a $322 million loss in the first 9 months of 2019, and will be severely impacted by the pandemic, with the U.S. Travel Association expecting the industry to lose 4.6 million jobs in 2020. Read here for more.
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️