Wednesday’s Headlines: The Worst First-Quarter In History
1. Stocks fell on Tuesday once more to mark the worst first-quarter ever on Wall Street and wrapping a period of historic market volatility sparked by the coronavirus pandemic. The Dow Jones fell 404 points late in the day to close down 1.8%, bringing its 3-month total losses to 23.2%, while the S&P 500 is down 19.6% this quarter, in the index’s biggest quarterly loss since 2008. According to S&P analysts, the disastrous first quarter is pushing global economic growth towards zero. Read more here.
2. Despite faring relatively well in comparison to its Big Tech counterparts, Amazon is facing a bevy of workers strikes during this pandemic. On Tuesday, warehouse workers on Staten Island in New York walked off the job in protest of Amazon’s treatment amid the crisis, while today, Amazon-owned Whole Foods is expecting employees to hold a ‘sick-out’ strike. The industrial action comes in response to reports that Amazon has not provided safe conditions for workers, and could see strikes spread across its fulfillment centers at a critical time for the company. Get the full story here.
3. Shares in Zoom fell 3% after reports emerged that the video-conferencing app is under scrutiny from New York’s attorney general for its data privacy and security practices. The office wrote to Zoom asking what new security measures the company has put in place to handle increased traffic on its network and to detect hackers which have been hijacking private conversations in recent weeks. The stock has soared 44% in the last month as individuals and businesses are forced to self-isolate due to the coronavirus pandemic, with active users up 151% in March alone. Read more here.
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️