The daily business briefing: March 6, 2020
Stock futures fall further as coronavirus fears mount, economists expect a strong February jobs report, and more

- 1. Stock futures drop, extending Thursday's big losses
- 2. Economists expect jobs report to show another month of strong hiring
- 3. Bond yields fall to record lows as investors seek safe assets
- 4. Hachette employees protest publishing of Woody Allen memoir
- 5. JPMorgan's Dimon recovering after emergency heart surgery

1. Stock futures drop, extending Thursday's big losses
U.S. stock index futures dropped by 1 percent early Friday, after the Dow Jones Industrial Average closed down 970 points, or 3.6 percent, on Thursday in the fourth straight rollercoaster day for Wall Street. Thursday's selloff came as the continuing spread of the flu-like coronavirus around the world, including in the U.S., fueled fears of painful economic fallout. The Dow Jones Industrial Average skidded all last week in its worst week since the 2008 financial crisis, but jumped back up more than 1,000 points on Monday in its biggest one-day points gain ever. It then slid down 1,000 points the next day, then rebounded, and then flopped again on Thursday. The instability is likely to continue.
2. Economists expect jobs report to show another month of strong hiring
The February jobs report being released Friday is expected to show another month of strong hiring. Economists expect the Labor Department data to show that U.S. employers added about 175,000 nonfarm jobs last month, leaving unemployment at 3.6 percent, near a five-decade low. Analysts expect the report to show that wages rose by 0.3 percent, with a year-over-year increase of 3 percent. The figures will give a picture of where the economy was before the bulk of any economic fallout from the new coronavirus. The rapidly spreading outbreak of the flu-like virus "didn't really become a major scare until the last week of the month, so we may not see this weigh heavy on the February report," JJ Kinahan, chief market strategist at TD Ameritrade, told CNN Business.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Bond yields fall to record lows as investors seek safe assets
Bond yields fell to record lows early Friday as investors fearing coronavirus fallout continued to dump risky assets like stocks and seek safer assets. The yield on the benchmark 10-year Treasury note fell by 14 basis points to 0.78 percent. The 10-year Treasury bond yield only fell below 1 percent for the first time ever on Tuesday as the continued spread of coronavirus outside of China, including in the U.S., raised concerns and rattled stock markets. The Federal Reserve's first emergency rate cut since 2008 stoked those fears, rather than soothing them. The yield on the 30-year Treasury bond hit 1.28 percent, also a new low. Bond yields move inversely to prices, dropping when stronger demand pushes prices up.
4. Hachette employees protest publishing of Woody Allen memoir
Dozens of Hachette Book Group employees walked off the job on Thursday to protest the company's decision to publish Woody Allen's autobiography, Apropos of Nothing. The publisher said earlier in the week that it's Grand Central imprint would release the book April 7, describing it as "comprehensive account" of the filmmaker's personal and professional life. The announcement angered critics who said the publisher should have steered clear of Allen because of the allegations that he molested his adopted daughter Dylan Farrow. Allen denies the allegations. He wasn't charged after two investigations conducted two decades ago. Hachette said through a spokeswoman: "We respect and understand the perspective of our employees," and "will engage our staff in a fuller discussion about this at the earliest opportunity."
5. JPMorgan's Dimon recovering after emergency heart surgery
JPMorgan Chase said Thursday that its CEO, Jamie Dimon, had undergone emergency heart surgery to repair an acute aortic dissection. The bank's co-presidents, Daniel Pinto and Gordon Smith, released a statement telling employees and shareholders that Dimon was now recuperating. "The good news is that it was caught early and the surgery was successful. He is awake, alert, and recovering well," the statement said. An aortic dissection involves a tear in the inner layer of the large blood vessel that branches off the heart. Dimon performed his duties until recently, and made a presentation at the company's annual investor day late last month.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Scottish hospitality shines at these 7 hotels
The Week Recommends Sleep well at these lovely inns across Scotland
By Catherine Garcia, The Week US Published
-
Scientists invent a solid carbon-negative building material
Under the radar Building CO2 into the buildings
By Devika Rao, The Week US Published
-
Crossword: April 1, 2025
The Week's daily crossword
By The Week Staff Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published