Monday’s Headlines: Dow Rebounds From Last Week's Dip
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Dow futures were up 309 points on Sunday evening, rebounding from last week’s losses which were caused by uncertainty surrounding COVID-19. The rise comes following remarks from Fed Chairman Jerome Powell, who said that he does not believe the current downturn will ever become as bad as the Great Depression of 90 years ago. Following similar losses as the Dow last week, the S&P 500 and Nasdaq Composite are also headed for modest gains on Monday morning’s open. See the full story here.
2. Tesla has zeroed in on two locations in Texas and Oklahoma as possible homes for a new final assembly plant, according to sources. Having come to an agreement with Alameda County to reopen its Fremont plant this week, Elon Musk is reportedly not looking to relocate but actually establish a base for the company’s 5th Gigafactory. Though Tesla has not confirmed the reports, it is believed that the next site will be where the company’s new ‘Cybertruck’ will be manufactured. Read the complete report here.
3. Shares in Facebook rose close to 2% on Friday after it was announced that it would acquire Giphy for $400 million. The web-based animated gif search engine already provides built-in search and sticker functions for Facebook’s Instagram, and it will continue to operate in that capacity, becoming a part of the Instagram team. The move does pose some questions related to data privacy, considering Giphy enjoys integration with hundreds of platforms, including Twitter and Slack. Get the full story here.