Financial Daily Dose 3.16.2020 | Top Story: U.S. Stocks Continue to Tumble Amid COVID-19

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U.S. stocks continue to tumble, sinking by “8.1% at the open, triggering a 15-minute trading halt;” “Brent crude sank below $30 a barrel;” treasuries surged despite major moves from the Federal Reserve; and market sentiment is as fearful as it was in 2009. – Bloomberg and NYT

The Fed will buy at least $700 billion in bonds to help the slumping market. The Fed’s rate is also 0 – 0.25%, which matches the low hit during the ’08 financial crisis. This is a reaction to the substantial toll COVID-19 has begun to take on the U.S. economy. Fiscal authorities will have to get creative to lessen the blow of this virulent black swan. – Bloomberg and WSJ and NYT

For more on oil, crash here. – WSJ

Bitcoin collapsed by 57% from its $10,500 high back on February 13; alt coins also tumbled, with Ethereum down by 20% and Litecoin down by 17%. – Bloomberg

Big Tech has been acquiring almost every promising AI startup. Those that believe in diverse competition, however, believe AI startups should look to remain independent. But limited exit options remain the main driver behind the current trend. – Bloomberg

The COVID-19 shopping panic has strained Amazon.com Inc.’s online grocery services. The increase in orders resulted in the company delaying Amazon Fresh and Whole Foods market orders over the weekend. – Bloomberg and WSJ

Big Law learned from its mistakes before the 2008 crash, which means they are well positioned to take care of their clients during the current financial storm. – Law360

New York and California seek to expand their “state regulatory power over consumer financial services, saying federal oversight has become lax under the Trump administration.” – WSJ

Amazon’s cashierless stores remain taboo among big retailers, but Amazon will continue to try and persuade them to join the “Go” store revolution. – WSJ

Airlines have had to make cuts to staff and rethink their flight schedules. Flights might be a bargain, but is it worth the risk? – NYT

On greed: A man with 17,700 bottles of hand sanitizer, may face charges for price gouging. Perhaps Socrates can console him, “He who is not contented with what he has, would not be contented with what he would like to have.” – NYT

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