Tuesday’s Headlines: Oil Price Troubles Drive The Market Down

Tuesday’s Headlines: Oil Price Troubles Drive The Market Down

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

SSTI +9.2%

IMAX +7.3%

SHOP +6.7%

ETSY +6.5%

SMAR +6.2%

Moving Down ⬇️

STNE -6.9%

PTON -7.2%

JWN -7.4%

TWOU -7.5%

NLS -8.3%

1. Stock futures pointed to losses in early morning trading Tuesday as oil prices remained under pressure following an unprecedented wipeout a day earlier. Futures on the Dow Jones Industrial Average fell 227 points, implying an opening drop of about 278 points, while the S&P 500 and the Nasdaq also pointed to lower Tuesday openings. The Dow dropped nearly 600 points on Monday to start another likely volatile week, as demand for oil fell to record lows, with millions of people forced to stay at home amidst the COVID-19 pandemic. Read the complete report here

2. Shares in Brazilian payment platform StoneCo fell close to 7% on Monday following renewed coronavirus pessimism in South America. Emerging markets such as Brazil are in a tough position to fight the virus, with investors beginning to worry about companies from the region and their ability to pull through a long-term recession. The Warren Buffett-backed platform has fallen more than 50% from its all-time highs since the pandemic began, and is now below its IPO price from late 2018. Get the complete story here

3. I hope you aren’t waiting on any important packages, because Amazon warehouse workers are planning to stage a “mass call out” this week to call for greater safety protections amid the coronavirus outbreak. More than 300 Amazon workers across at least 50 facilities have signed up to take part in the protest, which is calling for Amazon to close any facilities with a confirmed case of COVID-19. The tech giant has been one of the few benefactors of this pandemic as e-commerce has surged, with its stock up 31% in the past month. Get the complete report here.

JamieJamie

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