Apple market cap falls below $1 trillion as Democrats block $2 trillion stimulus

Apple market cap has fallen below the $1 trillion level as cases of SARS-CoV-2 in the U.S. surged above 35,000 Monday morning, as COVID-19 infections topped 354,000 worldwide. With widespread testing now ongoing, the U.S. is, as expected, accounting for more new virus cases than any other country.

Ed Carson for Investor’s Business Daily:

Apple market cap. Image: Apple stock chartSenate Democrats blocked Congress a $2 trillion coronavirus stimulus package Sunday. The Federal Reserve signaled it’ll buy unlimited assets to support the economy after a top Fed official said U.S. GDP could contract 50% in the second quarter.

With the stimulus bill in doubt, futures plunged “limit down” on Sunday. Futures erased losses Monday morning and turned solidly higher after the Federal Reserve vowed to buy assets “in the amounts needed.” Also, Treasury Secretary Steven Mnuchin said a stimulus deal is close. But the stock market traded modestly lower Monday.

Dow Jones giants Boeing and UnitedHealth and Citigroup were huge losers, but even the likes of Apple and Microsoft [dropped] with the economy coming to a virtual halt…

New York state has nearly 17,000 Covid-19 cases. Most of those are in New York City itself.

[See also: New York City Hall didn’t secure 1st order of COVID-19 supplies for NYC until March 6: “City officials waited for over two months after the coronavirus outbreak first hit China to start emergency procurements of masks and hand sanitizer, putting in orders on March 6 and March 10, according to the city comptroller’s office. “Our city is the epicenter of this outbreak in the United States, and we are lacking supplies because the mayor didn’t notice until two weeks ago?” fumed City Councilman Chaim Deutsch. “We ought to have been prepared for this. Blaming Trump is an easy way to avoid hard questions, but it exposes a distinct lack of management on the part of this administration,” the Brooklyn Democrat said.]

Testing will continue to ramp up in the next several weeks, with private labs and tests rushing in. LabCorp (LH) is now able to do more than 20,000 Covid-19 tests per day. The FDA on Saturday gave emergency approval to a Cepheid Covid-19 test that produces results in 45 minutes. The test can run on over 23,000 Cepheid GeneXpert machines, including nearly 5,000 in the U.S. Cepheid is a unit of Danaher (DHR).

The coronavirus stimulus package, approaching $2 trillion, would provide aid would include direct checks to many Americans, expanded jobless benefits, loans to small businesses aid to states and hospitals. It would also give Treasury Secretary Mnuchin $500 billion in discretionary funds to aid businesses.

Democrats objected to that provision, and wanted several new features of their own.

Apple stock tumbled 17.5% last week, while Microsoft stock fell 13.5%.

MacDailyNews Take: The U.S. federal government will work it out. The U.S system is messy (it’s designed that way), but unparalleled.

Microsoft continues to be valued above the $1 trillion mark (currently $1.066 trillion). Apple has fallen below that threshold in morning trading (currently $978.808 billion), so the trillion-dollar market cap club is a club of one.


        1. Read this, moron:

            1. This is how smart Democrats are: They’re going to nominate a dementia patient and then try to use their lackeys in the old guard media to convince the terminally stupid that creepy Uncle Joe” hasn’t lost his marbles:

      1. The bill in question was aimed at giving Rich People money in the hopes they would let it “trickle down”. How has that worked out in the past? The Rich get Richer is all. The workers get screwed. So … how is it the Rich get to be “Socialists” while the poor get to starve?
        The original bill, that he one proposed by Das KKKadet BoneSpurs (of all people) wanted to give every person $1,000 – what happened to THAT?

      1. Senate Democrats opposed the Moscow Mitch-sponsored stimulus bill for these reasons:

        –it gives 500 billion dollars to corporations;

        –it allows the Treasury Department to waive the prohibition against using this money for stock buybacks;

        –It does not prohibit evictions during the crisis;

        –it limits unemployment insurance to 3 months…

        In other words, Republicans are being Republicans in this time of crisis. Fortunately, Democrats are being the people they’re supposed to be.

            1. If ‘fact-free’ is to be a litmus then MDN is going to lose a LOT of Leftinista hits….

              And as far as the name calling, it has gotten so bad the last ten years there is simply no way to talk to a Uber-lib. They just can’t comprehend basic reality. Every common-sense decision has to be weighted politically, racially, and sexually before the left can come to a conclusion. And no, this isn’t done to help those groups, it is only done to USE them to gain votes. The left doesn’t do shit for anybody except their own and then CLAIM they have helped mankind.

              This Corona-Kung-Flu is an exact microcosm of how they intend to rule. Make rules/laws that help a small group of people, shame many more to support it and then hold a knife to the throat of the rest of America to get it enacted. ObamaCare much?

              Fuck y’all. Here’s how you think-

              Does a country need a border? No.
              Does a full term baby deserve to live? No.
              Do low-income children deserve better education? No.
              Should the family unit be encouraged? No

              If you can’t say yes to any of those, let alone ALL of them, you don’t have enough common sense to hold scissors.

              Your party doesn’t want a border so they can import voters and have low slave-wages. Does it help the illegals? It keeps them in the shadows. Want to make them all legal? Then their pay scale has to go up to minimum wage and guess what? There will THEN be a new illegal coming in to take the job at a lower wage than the one who just became legitimate. Libs don’t understand economics.

              The second is a (suction) no-brainer. Libs don’t understand science.

              The third is because they care more about the teacher’s union support than they do for the actual kids or they would acknowledge public schools are broken in many places and parents should be allowed choices like charter schools. Problem is they want to keep the cycle of poverty so those poor minorities will keep voting for them so they can ‘fight the power’. What hypocrites.

              Don’t get me started on the fourth. The Dems have done everything they can to destroy it (save make them illegal). The high Black crime/unemployment/death and incarceration rates prove this. Hold on to your hats (and religion) Hispanics, you’re next!!

              After having to state all that it’s easier to just call y’all Pelosi supporters a bunch of libturds and then ignore you.

      2. Political leanings aside, we’re all waking up to about $4 trillion in deficit spending pushed by the administration, Treasury Secretary Mnuchin most enthusiastically. Much of that would go to Fed purchases of corporate equities. That is, government ownership of production, a.k.a. socialism. You seem fine with that now. You seem to be against the Dem position that any bailouts should go directly to the working classes who are now losing income, insurance, and their life savings. Rep position, as usual, is top down, handing cash to corporations that did nothing but buy back their own stock last time around. Care to discuss why party loyalty is more important to you than simple common sense?

    1. Wrong. Here’s what really happened. The Dem Senators found out that 5 Rep Senators tested positive for COVID-19 and, since you cannot vote without being present (a rule that needed to be changed 20 years ago, at least), the Dems decided to take advantage of the COVID-induced vote tie to push things like solar tax credits and all manner of pet projects instead of helping American workers.

      The Republican Senate held their nose and passed the Democrat House mess last week. Then the Democrats blocked the Senate bill. Democrats cannot be trusted – ever. Why Republicans all the way up to Mitch cannot remember that is beyond comprehension. Only Trump knows he’s dealing with snakes and remembers it always.

        1. CitizenX, you are a fucking idiot. STOP BREEDING AND VOTING. Idiots like you have already caused too much damage.

          Why do you have to prove your stupidity with every post?????

        2. Democrats are engaging in political gamesmanship on this essential stimulus bill because some of their Republican colleagues are unable to vote due to the very coronavirus their bill is aiming to combat. This is utterly disgusting as are people who support Democrat excrement like Pelosi and Schumer.

          The coronavirus crisis is no time for political gamesmanship, yet Democrats are working overtime not to let this crisis “go to waste.”

          1. Moscow Mitch would neeeeeeeeever play political games. He arrived penniless and is now the richest multimillion senator by a long shot. Couldn’t be because of all the campaign donor favors he bakes in his bills, could it? How dare we exercise scrutiny on a socialist bailout bill! Everyone should put their heads down and keep shoveling the money at Wall Street! Dig deeper!!!!

      1. At this writing, only one Senator has tested positive, not five. There are three others who are self-isolating, but that includes a Democrat.

        Repeating conspiracy stories does not help this situation. If 1918 taught us nothing else, it was that absolute honesty is a life-saver.

      2. When the dems approved the stimulus for the banking crisis, the funds where supposed to be for “shovel ready jobs” . The problem was there were none, so they gave the money to many blue states to spend and most of them just used it to pay down their state deficits none of which helped the “workers or created any jobs.

    2. Let’s see. Dead company v dead individual.
      For business – loans, tax breaks, government stimulus, the buildings, equipment and skills are all there as is the market. Chances of revival – Good to very good.
      Dead individual, a victim of health cuts, hospital underfunding and careless government policies driven by partisan disfunction. Chances of revival – Zero

      Republican response. “That’s easy, the individual is dead so let’s do business.”
      Democrat response. “Let’s alleviate the suffering, prevent deaths AND do business in a commensurate manner.”
      Are there no middle ground voters left in America with a moral prerogative based on justice rather than the almighty buck?

  1. More proof, as if we needed it, that the NYT is a sham. Fake news.

    1. Landslides are disasters. They happen when the position some people want to hold up doesn’t have a solid foundation under it. Exactly like right wing talking points repeating their chants on a Mac blog.

    2. The republicans are trying to include a 500B or more slush fund that Trump can spend, no strings attached. Of course the Democrats and some Republicans voted that down. If they put responsible controls on that it will pass.

        1. “Early Sunday evening, Senate Majority Leader Mitch McConnell scheduled a procedural vote for the roughly $2 trillion stimulus package that Senate Republicans and Democrats had been negotiating over the weekend. Democrats hadn’t signed off on the deal, though, and were still pushing for increased benefits for the unemployed, hospitals, and states, as well as stronger guardrails and oversight of the roughly $500 billion fund for large corporations, disbursement of much of which would otherwise be largely left to the treasury secretary’s discretion.”

          Oooooh, I hate it when that evil mainstream press tells me things I don’t want to hear! They might prove me wrong!!!

  2. If you get money, you can’t layoff people, use the money to enrich management, use it for stock buybacks, and money can’t be handed out without making sure it is used right (Covid related).

    1. Good ideas, Danox. Why isn’t that in the bill, rather than its assertion that we can trust the Treasury Department and big business to protect the rest of us?



  4. From what I hear too much of the stimulus went to big business and not to lesser people’s and institutions. That is what the Democrats object to but naturally the Republicans would have a heavy business slant and try to make the Dems look like the bad guy as they try to support a more equal proposition.

  5. If the corporations get another 2008-like second and third helping, without cost, or full payback, the citizens should revolt. It’s a bad habit we are developing and it’s wrong in principle, but it sets up a repeating pattern where the profits are again individualized, but the losses are AGAIN socialized. The citizens get a peanut share of the profit, but absorb the majority of “their” debt. (I couldn’t care less about other’s profiting, but when I/we hold their debt, it’s enraging.) It seems this would be a position more embraced by the D’s? The R’s need spanking, or a loud f’n public rebuke, if this multi-trillion package doesn’t clearly define the payback structure.

    On the other hand, some of the D principles noted below provide understanding to their propensity to see this tragedy as an opportunity to add non-timely costs on to the massive, we-don’t have-the-f’g-money-bill….

    Principles in conflict:

    “This is a tremendous opportunity to restructure things to fit our vision,” Majority Whip James Clyburn (D-S.C.) told lawmakers, according to a source on the call.”

    “”Anything that doesn’t address that pandemic, it seems to me, should not be considered,” he said (McConnell).

    ““Let’s not worry about the cost. It’s an investment in the health of the economy,” Pelosi told Democratic lawmakers.

    Bones the D’s want….

    Rep. Jim Langevin (D-R.I.) said he backed sweeping infrastructure legislation by House Transportation and Infrastructure Committee Chairman Peter DeFazio (D-Ore.), and proposed tying it to the coronavirus package.

    Rep. Julia Brownley (D-Calif.)….proposed that the federal government offer death benefits to families of TSA officers who die from the coronavirus.

    James Clyburn, the No. 3 Democratic leader, suggested the deadly outbreak — which has confined millions of children and adults to their homes — has illuminated a need to secure 100 percent broadband coverage, including for schools and rural communities.

    Broadband…I get it. Infrastructure…I get it. TSA family death beni’s? Now? No.

    1. “f the corporations get another 2008-like second and third helping, without cost, or full payback, the citizens should revolt. ”

      The real reason for the National Guard activation.

  6. This

    ” the profits are again individualized, but the losses are AGAIN socialized.”

    I have no problem with the Government trying to give businesses a break, but workers should get some kind of profit sharing (like sports leagues, for example) and management should take pay cuts until all money is paid back.

    1. Workers should have always enjoyed profit sharing in any large business; just as Congress should have the exact same choices in healthcare insurance as the least of the American people. That hasn’t happened yet. There is no trumpcare, nor was there ever a genuine effort to improve healthcare for Americans. The administration was slashing government health organizations just like all other govt functions that the extreme right doesn’t appreciate until the disaster strikes.

      What is happening is the administration like the public at large was complacent. Now it’s in full panic, worried it will not be able to halt the wall street crash. Kudlow Mnuchin et al flipped to a pro-bailout position across the board. Prez is trying to tell everyone there are magic drugs in the pipeline, everything will wind down in a couple weeks. Everyone else should know better. The administration is digging the biggest peacetime debt ever. It wants to invest in companies with no oversight. Yes, that does include direct investment by the Fed into private businesses. Nobody on the right will ever admit that it is socialism, but that is precisely what it is. Once again, profits got privatized, and the big corporations that pumped up executive bonuses with billions is stock buybacks are in line for government welfare.

      You can see which party wants to bail out their corporate campaign donors immediately. They even cranked up the troll farm to lay down a thick smokescreen of Covid 19 and anti-democratic propaganda distraction so the public won’t notice.

  7. I’m usually not on the side of Congressional Democrats, but anybody stopping more crony giveaways for whatever reason are doing the right thing, even if unwittingly.

  8. The three problems the Democrats see here is that most of the money is going to go to large corporations, with little to prevent them from spending it on bonuses and buybacks. Suggestions not to do so, but no actual restrictions.

    The second it that they want more of that money to go to individuals and families, as opposed to those large corporations. Many people will be out of work, and a lot of big corporations are laying people off without paying them.

    The third is that $500 billion is to be given to companies without any oversight by Congress. The Bush administration tried to do this with the $950 billion stimulus package they proposed, and Congress didn’t allow it. That was a Republican Congress back then. But Bush didn’t command their loyalty by then, and so Congress rejected that, and The Bush administration backed down.

    Right now, Republicans fawn over Trump, and so the Republican Senate, led by “Moscow Mike” won’t give in on this. They don’t want any oversight over where the administration gives this money. Trump should explicitly state that his companies won’t accept any financing. We all know that he really does control his companies despite his stating that his son does. Does anyone really believe that Trump junior doesn’t ask daddy before he make a real decision?

    Republican donors also shouldn’t get any financing unless they can prove the money was deserved.

  9. Meanwhile in my country, Australia, the conservative government proposed the latest stimulus package of $AUS22 billion. After discussions with the centrist Labor party the amount was increased to $AUS40 billion. No real dramas, it just happened.

    Let me be clear in Australia we’re making mistakes (allowing hairdressers to remain open is one of them) and things are from smooth in the country, but I’d rather be in Australia than the US. And the real test for America is whether President Trump has his way and reverses social distancing rules. If that happens then all hell will break loose.

    1. You’re lucky you have the whole Pacific Ocean separating Australia and the USA with its delusional, selfish president. Canada and Mexico aren’t so lucky.

      Trump doesn’t actually care about the economy and how this downturn is hurting people, he doesn’t even care about his own businesses (hell he bankrupted his own casinos several times, how incompetent do you have to be do that? But that’s another story). He only cares that he won’t be able to tout the economy in his re-election propaganda.

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