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U.S. stocks took a beating on on Monday: The Dow Jones Industrial Average closed 507 points lower, while the S&P 500 and the Nasdaq both dropped more than 2%.
Why it matters: The Dow and S&P, both down nearly 7% this month, are on pace for their worst December performance since the Great Depression, per CNBC.
Photo: Axios Events
Businessman and Dallas Mavericks owner Mark Cuban said during an Axios virtual event Friday that 3M is "arrogant" for not speaking up about respirator production in the midst of the coronavirus outbreak.
What he said: Cuban criticized the company for "making more globally than domestically," echoing a similar line from President Trump now that the U.S. is the epicenter of the pandemic. "You can't ghost the American people," he told Axios CEO Jim VandeHei from Dallas.
Illustration: Sarah Grillo/Axios
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Illustration: Sarah Grillo/Axios
In two weeks, the coronavirus has brought the entire U.S. auto industry to a screeching halt. When it finally sputters back to life, many companies may be forced to change, defer — or even abandon — their ambitious plans for self-driving vehicles.
The big picture: Auto factories are shut down across North America to prevent the spread of the virus among workers, while stay-at-home orders have kept car shoppers away from showrooms. The resulting financial shock means carmakers have shifted their focus to survival, not investing in expensive technologies with no clear payoff.