The daily business briefing: June 10, 2020

Tech giants lift the Nasdaq above 10,000, CrossFit's CEO resigns, and more

The NASDAQ logo
(Image credit: Spencer Platt/Getty Images)

1. Tech giants lift Nasdaq above 10,000 for 1st time

Amazon, Apple, Microsoft, and Facebook all rose to record highs on Tuesday, briefly lifting the tech-heavy Nasdaq above 10,000 for the first time in history. The technology giants have fared better than most stocks during the coronavirus crisis as remote workers and consumers forced to stay at home relied more heavily on their products and services. Facebook, Apple, and Amazon each gained more than 3 percent on Tuesday. Microsoft rose by 0.8 percent. The S&P 500 and the Dow Jones Industrial Average closed down by 0.8 percent and 1.1 percent, respectively, pausing a rally fueled by hopes of an economic recovery as states ease coronavirus lockdowns and reopen their economies. U.S. stock futures were mixed early Wednesday ahead of a Federal Reserve economic forecast.


2. CrossFit CEO resigns after backlash over his George Floyd comments

CrossFit founder and CEO Greg Glassman announced Tuesday that he was stepping down, saying he had "created a rift in the CrossFit community" by making light of the response to George Floyd's death. On Saturday, Glassman responded to a Twitter post describing racism as a public health crisis by tweeting, "It's FLOYD-19." Hours earlier, he told gym owners in a Zoom call that his company would not mourn Floyd, a black man killed in Minneapolis police custody. "Can you tell me why I should mourn for him? Other than that it's the white thing to do," he said to a Minneapolis gym owner. Reebok and several athletes cut ties with CrossFit over the comments. Glassman apologized, as did the company, which said his remarks were "not racist but a mistake."

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BuzzFeed News The New York Times

3. Boeing says cancellations outpace new orders

Boeing said Tuesday that cancellations were continuing to outnumber orders of new planes as the coronavirus pandemic reduces travel demand. The company said the cancellations included 14 for 737 Max planes grounded since March 2019 after two fatal crashes killed a total of 346 people. The aircraft maker, which shut its factories for a month in March, removed another 80 orders from its backlog because they no longer appeared solid. Some of those orders were from customers looking to delay their purchases, while others were from airlines that have been devastated by pandemic shutdowns and are no longer considered creditworthy. Boeing shares fell by about 0.6 percent on Tuesday.

CNBC The Seattle Times

4. AMC aims to reopen movie theaters in July

AMC Entertainment said Tuesday that it planned to reopen all of its movie theaters worldwide in July after a shutdown that started in March due to the coronavirus pandemic. The company reported a $2.2 billion first-quarter loss caused by the theater closures. Last week, the company warned in filings that "substantial doubt exists" about its future, and raised the possibility of bankruptcy. But CEO Adam Aron said in a statement Tuesday that AMC would "both succeed and prosper." "These are truly unprecedented times," Aron said. "We are confident we are taking the necessary steps on a broad array of fronts to ensure AMC's future success as we navigate these turbulent and uncertain times."


5. Report: Record 25,000 stores could close this year

As many as 25,000 U.S. stores are expected to shut down permanently this year as retailers are hammered by the coronavirus crisis and shoppers continue to buy more online, Coresight Research said in a report released Tuesday. Coresight, a research and advisory firm that tracks the industry, said 4,000 stores have announced they were closing for good so far this year, and that closures were likely to continue rising to bring the year's total far higher than last year's record of 9,302. Pier 1 Imports, J.C. Penney, and Tuesday Morning already have filed for bankruptcy protection and announced that they plan to close hundreds of stores after the pandemic and the recession it triggered added to their existing troubles.


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Harold Maass

Harold Maass is a contributing editor at He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons.