After a record-setting week, the markets turn their attention to the incoming earnings report later this week. — More on that in the “Overall Market” section.
Beyond the overall market, a food delivery company plans its future for the post-pandemic food delivery demand. Meanwhile, an airline company disappointed analysts in two different ways. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, do you believe Amazon’s union fight is over? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the red zone on Monday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin‘s surpassed the $59K per coin mark once.
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Eyes on the Prize
The stock market ended in the red zone on Monday.
Despite record-setting sessions last week, the stock market reversed its direction in its first session this week. The S&P 500 index and the Dow Jones index drifted lower as investors wait for companies to release their earnings reports later in the week. The Nasdaq index didn’t fare any better. The markets expect banks to kick off the first-quarter reporting season with boosted revenues as the economy rebounds.
So, what happened?
Shares of DoorDash (Ticker: DASH) were up by more than 5% on Monday. After the food delivery company reportedly enlarged its market share by more than 50% in February, the company announced plans to launch its credit card. DoorDash believes the proprietary credit card would engage more customers to DashPass, leading to a loyal user base. Although DoorDash has not selected an issuer so far, investors are confident the loyalty card would retain customers after restaurants reopen.
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So what happened?
Shares of United Airlines (Ticker: UAL) were down by almost 4% on Monday. The plunge came after the airline filed regulatory documents stating that it plans to raise $10.75 billion in private loans and bonds. The company confirmed it would use part of the fresh capital to pay off its $520 million government debt. Along with the loans, United reported an expected $3.2 billion first-quarter revenue, which is $90 million lower than the analysts’ consensus. Overall, investors’ sentiment turned bearish toward the airliner as they raised concerns about United not recovering from the pandemic impact anytime soon.
So what happened?
Amazon’s (Ticker: AMZN) Bessemer warehouse workers voted against unionization.
In March, Amazon’s Bessemer warehouse workers started a movement to promote unionization. Although the group claimed that creating a union would give workers a say in how Amazon conducts its business, 71% of the workers decided not to unionize. The warehouse workers stated that intermediaries are unnecessary as it is possible to solve their issues directly with the company. Along with the unnecessary middleman, the workers claimed that Amazon already offers good-enough benefits and higher-than-average starting wages in the state. After the Retail, Wholesale, and Department Store Union pointed to controversies on the election, it decided to dispute the voting outcome.
Meanwhile, Amazon stated that it is not a win for the company but simply its workers’ decision. Despite the workers choosing not to unionize, policymakers from both sides of the political spectrum advocate for better working conditions. Even though the unionization movement may have failed, it could lead to new working regulations for large companies as Amazon.
If you have any questions, or suggestions let us know by emailing us at [email protected]. We look forward to hearing from you.