The Daily Valet. - 3/10/20, Tuesday
✔️ Dive and Spiral
Tuesday, March 10th Edition
What song are YOU singing while you wash your hands?
Cory Ohlendorf , Editor ⋯ @coryohlendorf
Today’s Big Story
The Markets Dive and Spiral
A free fall in oil prices along with mounting coronavirus fears push stocks closer to a bear market
It wasn’t the darkest day the US stock market has ever seen, but Monday’s meltdown was ugly—with the Dow Jones industrial average plunging 7.8%, its biggest one-day drop since the financial crisis in 2008, reports the New York Times.
Stock indexes tumbled so fast Monday that trading on the New York Stock Exchange was halted temporarily for the first time since October 1997.
The financial chaos comes amid increasing worries that the coronavirus epidemic will push the global economy into a true recession. The price of oil also fell dramatically—down about 25% Monday following the unexpected Saudi move to slash prices due to a supply dispute with Russia, reports NPR.
But according to the Wall Street Journal, this might not end up as bad as people are fearing. James Mackintosh writes, “You know things are bad when the good news in markets is that the financial system seems to be working well enough that people can dump their stocks in a reasonably orderly way.”
He also says that regulators are also more alert to the dangers now than in past crises, which means they should act more quickly. Case in point: the New York Federal Reserve added $50 billion to its overnight lending on Monday.
↦ Be Prepared: According to the experts at CNN Business, a "short, sharp" global recession is starting to look inevitable.
The President Floats Economic Stimulus
But key Democrats dismiss the administration’s approach while working on their own plan
President Trump said Monday he is seeking major policy changes that he and his administration hope will lessen the growing economic turmoil caused by the coronavirus outbreak by providing immediate federal aid to workers and a number of business groups, reports the Washington Post.
The president, who played down the virus threat earlier in the day, made an unscheduled evening appearance in the White House briefing room after five Republican members of Congress (including his future chief of staff), put themselves into quarantine following exposure to the virus.
Trump said he'll be asking Congress to cut payroll taxes and provide relief to hourly workers suffering from the economic fallout of the outbreak. He's also seeking to provide some assistance to the travel industry, which has obviously been suffering as Americans rapidly cancel trips.
But Democratic leadership say they don't support a payroll tax cut and claim Trump appears to be more concerned about the stock market than dealing with the outbreak itself, reports NPR. They're currently working on their own plan that could be released as soon as this week.
Jack Dorsey Will Remain at Twitter
For now, anyway ...
It looks like Jack Dorsey will get to keep his day job. Twitter announced Monday that the embattled founder will continue to serve as its CEO, despite an effort from activist investor Paul Singer to oust him and take control.
According to CNET, rumors began circulating last month that Singer’s Elliott Management firm planned an attempt to oust Dorsey. Among Singer's complaints were Twitter's poor stock market performance—still sitting more than 16% below its IPO price seven years ago.
Yesterday’s announcement also detailed a new $1 billion investment deal with Silver Lake and a corresponding "cooperation" agreement with Elliott. And while this means Dorsey's safe for the moment, the deal ultimately means he has growth targets he needs to achieve if he wants to stay at the top, reports Engadget.
As for spending those six months in Africa like he was talking about before all the drama, Bloomberg reports that Dorsey is considering putting those plans on hold … for now.
All the Cars We Would’ve Seen
Checking out the vehicles that should’ve debuted at the Geneva International Motor Show
Every year, Europe’s automakers head to Geneva’s annual motor show to roll out their latest and greatest creations. And while it’s not the largest auto expo of the year, it’s by far the most luxurious. It’s the show where such iconic cars as the Ferrari 250 California Spider, Porsche 904, Lamborghini Diablo and Jaguar E-Type were first seen.
But like so many events around the world, it was nixed at the last minute—the show’s first cancellation since World War II. But in the age of live-streams and social media, car shows aren’t the exclusive first looks they once were. And the automakers still found a way to get the word out about their new EVs, hypercars and grand tourers.
InsideHook has rounded up some of the vehicles getting the most attention, from Bentley’s Bacalar grand tourer and Hyundai’s Tesla-like Prophecy concept vehicle to the all new 911 Turbo model (which starts at $203,500). And if you’re feeling snarky, TopGear pulled together a few they loved and more they’d like to mock.
↦ FYI: The Porsche 911 was first unveiled at the Frankfurt IAA Motor Show in 1963 as the 901, and was later renamed for its market launch in 1964.
Other Things We’re Talking About Today
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Time to Reset Your Computer
It’s easier than ever to restore and you’ll be surprised at how much zip it’ll give your machine
Have you ever reset your computer back to "factory conditions"? Me neither. Why would I? But according to Wired, it’s "one of the most powerful munitions you've got in your troubleshooting armory."
The process—which is apparently easier than ever before—puts your Windows, macOS or Chrome OS machine back to the state it was in when you first got it home from the store, and that means you've got none of the clutter, or bugs, that may have built up in the time since.
This is because as time goes on, software can get bloated, settings files can become corrupt, and your computer's drive can fill up with superfluous stuff you don't really need. Kind of like your closet or your garage. So think of this as spring cleaning for the machine you use daily. Don’t you want it running as fast as possible?
↦ Do It: Wired shows you step-by-step how to reset your computer.
What We’re Buying
If you haven't heard of the “unbutton” down shirt from Bonobos, then you're in for a treat. It may appear to be designed like all your other dress shirts, but it has one pristine difference—ultimate casual comfort. Dress it up or dress it down because the days of only wearing stiff and starched shirts are gone. This has a modern spread color and like all Bonobos products, comes in a wide variety of sizes. Choose your general size, but then get even more specific with the fit and length. So trust us when we say that you'll find one that works for you.
↦ Get It $88 / $48 at Bonobos
Today’s Deals
Expires 3/19
Ongoing Sale
Expires 3/19
↦ Want More? See all 48 sales
Morning Motto
A fresh outlook is never a bad idea.
↦ Follow: @oliviasantnerdesign
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