This morning, we’re breaking down the latest stories as the futures point to a down open.
So let’s take a look at the markets, give you a coronavirus update and talk about Twitter.
A Look at the Markets
The Dow Jones Industrial Average futures fell over 500 points overnight, which could indicate that this week may be just as volatile as last week, which saw the Dow drop around 3,600 points in total.
A private survey on Chinese manufacturing data came in at its weakest ever, showing just how much of a toll the coronavirus has taken on the world’s second-largest economy.
An Update on the Coronavirus
And then there’s the reason that the markets saw its worst week since 2008 last week -- the coronavirus.
There are over 87,000 cases worldwide. The death toll has surpassed 3,000 with two deaths reported in Washington state over the weekend.
The United States has 88 cases, with New York and Rhode Island reporting their first cases over the weekend.
South Korea has over 4,200 cases of the virus, with 26 deaths.
Italy now has 1,600 cases, with 34 deaths. Outside of Asia, it’s the country with the highest amount of confirmed cases.
And over the weekend, France announced that it would be closing the Louvre due to concerns around the virus. The country has 100 cases and two deaths.
It’s important to note, however, that the Louvre’s closure wasn’t ordered by the government. However, France has cancelled all public gatherings of 5,000 people or more.
And Then There’s Twitter.
Twitter CEO Jack Dorsey’s job may be at stake.
Hedge fund Elliott Management has reportedly bought a sizable stake in Twitter
Reports suggest that Elliott Management has nominated four directors to the board of Twitter and has taken a $1 billion stake in the company.
The activist hedge fund reportedly wants Dorsey to choose between Square and Twitter. Dorsey is currently the CEO of both.