Wall Street smashed by months of volatility
Wall Street neared bear market territory on Friday as stocks fell sharply to end the week with the Dow down more than 800 points.
The sell-off was driven by fears of a deeper recession, as data showed that manufacturing activity contracted for the fourth straight month.
The Dow is now down 20% from its peak in February, and if it falls below 19,000 it will officially enter bear market territory.
While some analysts believe that the market is overreacting to the latest data, others say that the sell-off is justified given the deteriorating economic conditions.
It remains to be seen whether the market can recover from this latest setback, but one thing is clear: Wall Street is in for a volatile ride in the weeks and months ahead.
The Dow was down more than 800 points, or 3.2%, at 24,608. The S&P 500 was down 3% at 2,754, and the Nasdaq Composite was down 2.8% at 7,433.
All three indexes are now down more than 20% from their all-time highs set in late September. The sell-off was driven by fears of a deeper recession as the yield on the 10-year Treasury fell below 1.6%.
The market has been deeply volatile in recent weeks on fears that the coronavirus outbreak will lead to a slowdown in global economic growth. Friday’s sell-off suggests that those fears are still very much present.
“TikTok represents two national risks to Australians”: should you delete the app?
Democracies continue to ban popular video-sharing app TikTok over national security concerns
Australia recently banned TikTok from all federal government owned devices over security concerns.
Canberra is the latest in a string of U.S.-backed allies to take action against the popular video-sharing app.
The ban centres around concerns China could use the app to trace users’ data, and undermine democratic values.
Senator James Paterson is the Australian Shadow Minister for Home Affairs and Cyber Security, who said TikTok poses a risk to Australians.
“They can get access to awful amount of information on your phone.
“Because it’s beholden to the Chinese Communist Party, there’s no guarantee it won’t fall into their hands,” he said.
Senator Paterson said there are “six or seven million Australians who use the app.”
Cyber attacks are on the rise, so what is being done to combat them?
Australia experienced two of its worst cyber attacks on record last year, as the world braces for cyber warfare to rise
Ukraine has suffered a threefold growth in cyber-attacks over the past year.
Viktor Zhora is leading Ukraine’s State Service of Special Communications and Information Protection agency, who said cyber attacks are occurring at the same time as missile strikes at the hands of Russia.
Mr Zhora said in some cases, the cyber-attacks are “supportive to kinetic effects”.
On the other side of the planet, Russian hackers were responsible for Australia’s Medibank scandal.
“This is a crime that has the potential to impact on millions of Australians and damage a significant Australian business,” said Reece Kershaw, who is the Commissioner of the Australian Federal Police.
Australian Shadow Minister for Home Affairs and Cyber Security is James Paterson, who said Australia can learn from cyber warfare in Ukraine.
“Ukraine is a lesson for the world.
“They are fighting a hybrid war, one on the ground and one online. If there is to be future conflict including in our own region, in the Indo-Pacific, it’s highly likely that the first shots in that war will occur cyber domain not in the physical world,” Senator Paterson said.
Amazon employees walk out to protest office policies
Staff at warehousing giant Amazon have walked off the job to protest the company’s return-to-office program
Over 1,900 Amazon employees pledged to protest globally over proposed changes to the company’s climate policy, layoffs and a return-to-office mandate.
The activist group behind the rally is known as Amazon Employees for Climate Justice (AECJ), who are seeking a greater voice for employees.
“Our goal is to change Amazon’s cost/benefit analysis on making harmful, unilateral decisions that are having an outsized impact on people of color, women, LGBTQ people, people with disabilities, and other vulnerable people,” organisers said.
Over 100 people gathered at the heart of Amazon’s Seattle headquarters on Wednesday. The company said it had not witnessed any other demonstrations.
AECJ said the walkout comes after Amazon made moves “in the wrong direction”.
The company recently has recently overturned a desire to make all Amazon shipments net zero for carbon emissions by 2030.
The company maintains a pledge on climate change.
Amazon spokesperson Brad Glasser told Reuters the company is pursuing a strategy to cut carbon emissions.
“For companies like ours who consume a lot of power, and have very substantial transportation, packaging, and physical building assets, it’ll take time to accomplish.”
AECJ protesters also sought support for the 27,000 staff, who had lost their jobs in recent months —around 9 per cent of Amazon’s global workforce.
The company has also mandated a return-to-office program.
Is journalism taking a hit in Ukraine?
Is ‘AI’ reducing connection and intimacy between couples?
Is ‘AI’ the future of fantasy?
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
World4 days ago
Is the U.S. debt deal bad fiscal policy?
World6 days ago
Ukraine prepares for a summer of violence
World4 days ago
AI creates a song imitating Drake and The Weeknd
Crypto1 week ago
Who will win the global metaverse race?
World4 days ago
Everything you need to know about music NFTs
Crypto1 week ago
Is the metaverse the future of social network?
Insight5 days ago
Accelerating cybersecurity skills in the workforce
Business6 days ago
“I think there is a great risk”: will AI steal our jobs?