Contrarians are holding firmly onto the floor…
After a sharp rally on Thursday in response to the $2.2 trillion U.S. bailout, Dow, S&P 500 and Nasdaq futures all slid overnight as China began to report the record-setting economic impact of the Covid19 coronavirus.
In the U.S., investment-grade bond funds saw outflows of $38 billion last week, a record. And U.S consumer-confidence numbers get released this morning in the first survey since containment measures for Covid19 became widespread.
TODAY IN…
DEEP TECH:
There is a racial divide in speech-recognition systems, researchers say
United Technologies’ Raytheon deal won U.S. antitrust approval
Softbank tried to go private and is now fighting a junk-bond rating
MEDIA & TELECOM:
Houseparty, Discord, Zoom, and Marco Polo downloads explode amid coronavirus pandemic … See also: Zoom calls aren't as private as you think … And: Zoom sends your personal info to Facebook even if you don’t have a Facebook account
Necessity is still the mother of invention: Slack, Microsoft working to integrate distance-working tools … See also: Microsoft moved to acquire Affirmed Networks, a maker of software to build mobile networks, including those running 5G protocols
Amazon surprisingly lags competitors like Walmart and Target in e-commerce surge
HEALTHCARE TECH:
Gee, thanks? Ransomware groups promise not to hit hospitals amid pandemic
The U.S. Department of Health & Human Services eased privacy restrictions on telehealth apps … See also: Hospitals and health systems concerned about insider snooping of personal patient data via electronic health records
FINANCE:
Fed balance sheet tops $5 trillion for first time
Quite the shake-up within Institutional Investor’s annual hedge-fund ranking (leader board immediately below) … See also: This hedge fund manager is up 27% in a market down 30%: Here's how - and why he thinks investors shouldn't necessary bank on a V-shaped recovery
PUBLIC POLICY:
The U.S. is moving forward with limits on chips to Huawei
The U.S. Justice Department sued Anthem, alleging Medicare fraud within coding
As coronavirus surveillance escalates, personal privacy plummets … See also: Facebook's board shifts further to the right
And finally… It’s important to remember that these initial unemployment claim numbers do not include “gig” workers or independent contractors/freelancers