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How’s your Monday?

Yesterday the stock market appeared to respond favorably to the White House’s optimistic outlook on the coronavirus—there are signs it is stabilizing. Meanwhile, most businesses are still shut down due to the pandemic quarantine, which is creating plenty of ripples in our economy. And Dallas Mavericks owner Mark Cuban has some wise words for business owners who are having to lay off employees…have a good read.
 

Commodities

U.S. Oil Drops 7% as Monday Meeting of Big Producers Gets Postponed

Oil futures headed lower on Sunday evening in electronic trade after news broke that a planned meeting between oil giants Saudi Arabia and Russia was tentatively shifted to Thursday, as tensions between the two leading oil producers continued to rise over the weekend.

Entrepreneurial Tip

   

Mark Cuban Warns: Don’t Make This Mistake

Billionaire entrepreneur and Shark Tank investor Mark Cuban is warning brands to be careful how they handle their employees during this coronavirus economic crash, “[You’ve] got to be cognizant of the reality that what you do as a company today is how you will be branded for the next decade if not more,” Cuban told Yahoo Finance in an interview. Cuban said the biggest mistake a company can make right now is to layoff or furlough employees via email. “That is the biggest mistake you can make.”

Stock Market

   

Dow Futures Rise After Trump Signals Coronavirus Stabilizing

A little optimism went a long way Sunday evening as the Stock-index futures rose sharply after the White House pointed out some signs of potential stabilization of the coronavirus in the U.S.

Real Estate

American Housing Market Shows First Signs of Trouble

Spring is typically the best time to buy a house. However, with the coronavirus pandemic disrupting the economy, the U.S. housing is showing signs of slowing down as sellers appear to be holding off on listing their homes because they anticipate less buyer traffic now.

Airline Industry

American Airlines Makes Drastic Cuts on Flights into New York City

90% - that’s how much American Airlines slashed its flights to the Big Apple. “As coronavirus (COVID-19) cases in New York City and the surrounding region continues to increase, along with Centers for Disease Control and Prevention guidelines for travel to the area, the demand for flights to the New York area is rapidly evaporating,” David Seymour, American’s senior vice president of operations, wrote to employees in a memo. 

Silicon Valley

Food, Event & Entertainment Businesses in Silicon Valley Dying

So far, the tech giants like Apple and Microsoft are not feeling any pain from the coronavirus pandemic recession now underway…but the businesses that made their living from the tech industry—performers, food caterers, event planners, models, DJs, and more are getting crushed by the economic downturn. Layoffs are underway.

Auto Industry

GM Offers Plan for Face Mask Production-Calls on Suppliers for Help

General Motors is encouraging its auto suppliers to assist them in efforts to produce medical masks amid the coronavirus pandemic. GM expects to deliver 20,000 masks by Wednesday.

Labor

Non-Union Amazon Workers Protesting Coronavirus Conditions in Workplace Get Huge Endorsement

Big Labor groups are coming out in support of the Amazon workers who are protesting their working conditions, saying management is not doing enough to protect them from the coronavirus. The unions have called for the “swift reinstatement” of former Amazon employee Christian Smalls.

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