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Calling the coronavirus pandemic as an “unprecedented moment”, Apple boss Tim Cook asked employees to work remotely. The virus outbreak has sent tremors all across Wall Street. Trading on U.S. exchange closed for 15 minutes on Monday market opening.
As the fears of coronavirus continue to aggravate further, markets continue to make new lows. Even giants like Apple Inc (NASDAQ: AAPL) and Microsoft Corporation (NASDAQ: MSFT) are feeling the heat of this pandemic. Today, both APPL and MSFT stocks are down by nearly 6% as investors continue to dump their holdings.
At press time, the Apple (AAPL) stock is trading 6.56% down at a price of $270. With the rising number of coronavirus cases in the U.S, the Apple stock has plunged over 15% over the last month. But it’s not Apple along facing the heat of the market.
Tim Cook Asks Apple Employees to Work Remotely Due to Coronavirus Fears
Speaking on the coronavirus outbreak, Apple CEO Tim Cook has called it an “unprecedented event” and a “challenging moment”. As per the latest Bloomberg report, “Please feel free to work remotely if your job allows,” for the week of March 9-13.
Furthermore, in the memo, Cook has said that the policy impacts “areas with the greatest density of infections”. Besides, there’s good news for employees receiving hourly paychecks at the affected offices. Cook said that these employees will “continue to receive pay in alignment with business as usual operations”.
In the memo to Apple employees, Cook has also mentioned that Apple is “making a major effort to reduce human density”. This is applicable to Apple offices across the globe. Currently, Apple has implemented this policy at its corporate offices in Seattle, Santa Clara Valley and Elk Grove areas of California along with overseas destinations like France, Germany, Italy, Japan, South Korea, Switzerland, and the UK.
Last month in February, Apple had to temporarily close its retail store in China. Besides, the company has also restricted employees to travel to most affected areas like China, Italy, and South Korea.
Apple has already cautioned its investors saying that with the impact of Coronavirus, it possibly won’t meet its revenue guidance for the second quarter. Apple is already facing a shortage of its new AirPods as manufacturing in China takes a hit. Reportedly, Apple is working out other ways to cater to the global demand.
Wall Street Trade Halted as S&P 500 Tanks 7%
It has been one of the worst Monday openings to the market in the last decade. Trading on the U.S. stock exchanges halted for 15 minutes after S&P 500 opened 7% down amid coronavirus fears and the crashing oil prices. This has happened for the first time after the 2008-09 financial crisis.
The Brent crude prices tanked 30% today going as low as $30 per barrel. The U.S. benchmark commodity witnessed its worst day in almost the last three decades since January 17, 1991. The prices came crashing down after the OPEC and non-OPEC allies failed to reach a consensus last week, on cutting oil production. This has allegedly triggered a price war between the two oil giants Saudi and Russia.
Well, nothing seems to be working currently in favor of investors are markets continue to send new tremors.