The daily business briefing: March 9, 2021
The Nasdaq drops into correction territory but futures surge, the House nears vote on $1.9 trillion coronavirus relief package, and more

- 1. Nasdaq enters correction territory as tech stocks dive
- 2. Study: Pfizer vaccine works against Brazil coronavirus variant
- 3. House heads toward vote on $1.9 trillion coronavirus relief package
- 4. 1,000 COVID deaths linked to workplace transmission weren't investigated
- 5. Interior Department completes review of giant offshore wind power project

1. Nasdaq enters correction territory as tech stocks dive
Tech stocks dropped on Monday, sending the tech-heavy Nasdaq index plunging by 2.4 percent and officially entering correction territory. It is now more than 10 percent below its Feb. 12 record high. Rising bond yields have been blamed for decreasing investor demand for big technology stocks and other growth companies. Apple shares fell by 4.2 percent on Monday, bringing their 2021 decline to 12 percent. Tesla dropped by 5.8 percent, and it's now down by more than 20 percent on the year. Netflix fell by more than 3 percent. Despite the Nasdaq's pain, the Dow Jones Industrial Average rose by nearly 1 percent to close at a record high. The S&P 500 fell by 0.5 percent. Futures for all three of the main U.S. indexes made solid gains overnight, with those of the Nasdaq rebounding by 2.2 percent.
2. Study: Pfizer vaccine works against Brazil coronavirus variant
The Pfizer-BioNTech COVID-19 vaccine appears to be highly effective against the more contagious coronavirus variant discovered in Brazil, scientists from the two companies and the University of Texas Medical Branch reported in a study published in the New England Journal of Medicine. The findings came as public health experts warned that highly transmissible variants could drive a new surge in infections as more states lift restrictions intended to fight the pandemic. The Centers for Disease Control and Prevention said Monday that people who have been fully vaccinated against the coronavirus can safely gather in small groups without masks or social distancing, but urged those who have been fully vaccinated to continue to wear masks and take other precautions when in public or when meeting with unvaccinated people.
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. House heads toward vote on $1.9 trillion coronavirus relief package
The House is preparing to vote as soon as Tuesday on the $1.9 trillion coronavirus relief package amended by the Senate. The proposal, called the American Rescue Plan, passed the Senate without a single Republican vote, as did an earlier version approved by the House. The current version of the legislation includes $1,400 per-person checks for most Americans, but it no longer includes an increase of the federal minimum wage to $15 an hour, a provision removed by the Senate. Democrats are rushing to approve the bill, which extends extra unemployment benefits, before the benefits are scheduled to expire mid-month. White House Press Secretary Jen Psaki said that if the House quickly approves the legislation and sends it to President Biden for his signature, many families could receive checks "by the end of the month."
4. 1,000 COVID deaths linked to workplace transmission weren't investigated
More than 1,000 worker deaths from COVID-19 that were linked to workplace transmission were never investigated by the Occupational Safety and Health Administration at the state or local level, a Wall Street Journal investigation found. The Journal notes that the number likely understates that actual toll. OSHA records and state health-care data show the agencies often took limited steps when they did respond to safety complaints. Despite an increase in complaints during the pandemic, OSHA agencies conducted fewer inspections than they did in the previous year. The agency's rules are "designed to minimize chemical-exposure risks and injuries such as falls and electric shocks," not infectious disease. Officials did start drafting rules centered on preventing the spread of such diseases in health-care facilities after the 2009 H1N1 flu pandemic, but never completed the process.
5. Interior Department completes review of giant offshore wind power project
The Interior Department said Monday that it had completed an environmental analysis of Vineyard Wind, a massive wind farm off the Massachusetts coast that would create enough electricity to power 400,000 New England homes. A decision on whether to approve the 800-megawatt project could come as soon as next month. If the project south of Martha's Vineyard near Cape Cod goes forward, it would be the nation's first utility-sized wind power project built in federal waters. President Biden has vowed to double offshore wind production by 2030. The $2 billion project would be 15 miles offshore, significantly farther out than the Cape Wind project that failed after facing opposition from the Kennedy family and billionaire William Koch.
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.
-
Gandhi arrests: Narendra Modi's 'vendetta' against India's opposition
The Explainer Another episode threatens to spark uproar in the Indian PM's long-running battle against the country's first family
By Harriet Marsden, The Week UK
-
How the woke right gained power in the US
Under the radar The term has grown in prominence since Donald Trump returned to the White House
By Chas Newkey-Burden, The Week UK
-
Codeword: April 24, 2025
The Week's daily codeword puzzle
By The Week Staff
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'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
-
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
-
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
-
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
-
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
-
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