Predictions on Economic Recovery After COVID-19
After a devastating loss of life and tragedy for many families all over the country, COVID-19 and the subsequent economic crash has led to wild speculation about the future of…
February 5, 2020
The Coronavirus outbreak is starting to affect the markets.
Stocks are currently on a rollercoaster ride as the market quickly rebounded over 300 points on Tuesday, following a 450 point drop on Monday–the biggest drop since last October.
More volatility is expected as the market grapples with the uncertainty of a sustained outbreak.
Coronavirus Pushing Oil Prices Lower: Oil prices fell over 2 percent on Monday due to the Coronavirus outbreak. Analysts believe travel advisories related to the virus outbreak will reduce oil demand. When SARS hit China in 2002, China’s annual growth fell from 11 percent to 9 percent.
Apple’s Next Big Thing: Apple is set to report its first-quarter earnings on Tuesday. While iPhone sales are generally the most valued metric, Apple’s AirPods are now coming into focus as the company’s next big thing. Remarkably, AirPod’s yearly revenue is currently more than that of Twitter, Snap, AMD, Spotify, NVIDIA, and Adobe.
US Budget Deficit To Surpass $1 Trillion: According to the Congressional Budget Office, the U.S. budget deficit will likely break the $1 trillion mark in 2020, the first time it has reached this figure since 2012. The CBO expects the U.S. economy to grow by 2.2 percent in 2020.
Delphi Technologies Acquired: Automotive parts supplier, BorgWarner, has announced it is acquiring Delphi Technologies in an all-stock transaction valued at $3.3 billion. BorgWarner says Delphi’s portfolio of combustion-propulsion products will complement its own portfolio which is focused on clean technologies to increase efficiency and performance of modern combustion engines.
Kobe Merchandise Sold Out: Just two days after the devastating loss of basketball legend Kobe Bryant, Nike says it is completely sold out of its Kobe merchandise. It was initially reported that Nike suspended all sales of Kobe products after the news broke, but the company then confirmed it, in fact, was sold out. Bryant had been a Nike endorser since 2003.
McDonald’s Biggest Threat: A survey of McDonald’s franchisees from Nation’s Restaurant News, has found the biggest threat to the world’s biggest fast-food chain is not from another burger chain, but from Chick-Fil-A. The survey found that 89 percent of McDonald’s owners listed Chick-Fil-A as its biggest competitor. As a result, McDonald’s is now testing two new chicken sandwich offerings to combat the competition.
Gold Hits Highest Mark Since 2013: Prices of the precious metal was one of the few investments moving higher on Monday after markets suffered a big selloff. Gold prices are currently hovering around $1,600, and are up roughly 20 percent in the past year.
Jack Dorsey’s Big Bet On Bitcoin: Twitter and Square CEO Jack Dorsey’s comments on Bitcoin sent prices beyond $9,000 this week. Dorsey said he is committed to helping bitcoin through his payments company Square, stating that it is “only a matter of time until instant, low-fee bitcoin payments are as common as cash used to be.”
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