Big-Tech Slump Drags U.S. Stocks to Two-Week Low: Markets Wrap

(Bloomberg) — U.S. stocks bounced back from a sharp selloff but still closed at a two-week low as megacap tech shares sold off.

Loading...

Load Error

Losses for Amazon.com, Microsoft Corp. and Facebook Inc. pushed the tech-heavy Nasdaq 100 down more than 5% at one point, though it pared those declines to just over 1% as the day wore on and investors spotted bargains. Gains in financial shares limited losses in the S&P 500 Index, which ended the week down 2.3% at the lowest level since Aug. 21.

Treasury yields jumped while the dollar slipped. Oil fell below $40 a barrel to reach the lowest since late June.

The worst of Friday’s stock selloff appeared to stem from concern that the recent run-up in tech shares wasn’t tied to broad investor sentiment, but instead was driven by outsize options trades from one firm. The Financial Times reported that SoftBank bought billions

Read More

United Air to Cut More Than 16,000 Jobs on Slump in Travel

(Bloomberg) — United Airlines Holdings Inc. will eliminate 16,370 jobs next month as the carrier shrinks operations in response to the steep decline in travel demand amid the Covid-19 pandemic.



a chair sitting in front of a window: United Airlines Holdings airplanes stand past an empty waiting area for travelers at Newark International Airport on June 9.


© Photographer: Angus Mordant/Bloomberg
United Airlines Holdings airplanes stand past an empty waiting area for travelers at Newark International Airport on June 9.

The furloughs announced Wednesday will take effect as soon as Oct. 1, the expiration of a six-month restriction on job cuts imposed in exchange for payroll aid under the U.S. Cares Act. To date, about 7,400 United employees have chosen to exit the company voluntarily, while another 20,000 are on temporary leave.

Loading...

Load Error

United’s reductions add to the 19,000 job cuts planned by American Airlines Group Inc. Both carriers said the only thing that would avert the furloughs would be an extension of government aid to the industry that’s being debated in Washington.

Last month, United

Read More

Lufthansa Weighs Cutting More Jobs as Travel Slump Endures

(Bloomberg) —



a group of people standing in a room: A Deutsche Lufthansa AG crew member holds sachets of disposable handwipes as the airline and airport operator Fraport AG showcase new coronavirus safety measures at Frankfurt Airport in Frankfurt, Germany, on Wednesday, June 17, 2020. Deutsche Lufthansa said a low turnout at its extraordinary general meeting next week is placing its 9 billion-euro ($10 billion) German bailout at risk of falling apart.


© Bloomberg
A Deutsche Lufthansa AG crew member holds sachets of disposable handwipes as the airline and airport operator Fraport AG showcase new coronavirus safety measures at Frankfurt Airport in Frankfurt, Germany, on Wednesday, June 17, 2020. Deutsche Lufthansa said a low turnout at its extraordinary general meeting next week is placing its 9 billion-euro ($10 billion) German bailout at risk of falling apart.

Deutsche Lufthansa AG, Europe’s biggest airline, is working on further belt-tightening measures that could result in the elimination of 20,000 more jobs, according to newspaper NZZ am Sonntag.

Loading...

Load Error

The steps are currently being hammered out by the management of the German carrier and could be communicated in September, the Swiss newspaper reported on Sunday, citing two people it didn’t identify. The cuts under consideration for September would be on top of measures already publicly announced, NZZ am Sonntag said.

A spokesman for

Read More