Market Event, General

Week in Review: social networks ban President Trump

Annie Charalambous, Monday, 11 January 2021

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We’re a week into 2021, and what a week it’s been. As the world, and indeed much of America looks on, riots in Capitol Hill this week have further ignited already-tense political disparity among the nation. Markets have seen subsequent moves, too, and these are the stories that stood out.

Facebook blocks Trump indefinitely

Following the chaos in Washington, largely attributed to Trump, Mark Zuckerberg has announced that the President will be suspended from posting on Facebook or Instagram at least until Biden takes office. He added that the company thought it risky to allow Trump to continue using their platforms during this period, and the ban could stay in place indefinitely. 

While Twitter has since reinstated his access, they did place a similar block on Trump after a video was posted in which he is egging on the violence. Congress confirmed Biden’s win Thursday, and sent US stocks soaring, with the NASDAQ surpassing $13k for the first time.

Job market plunges into more losses 

As Friday’s nonfarm payroll came through, we got a surprise result of -140k jobs, compared to the modest 71k gain analysts were expecting. This is the first negative result since April’s data was published at -20 million, and wipes out more than half of the previous month’s gains.

Employment is a major gauge on the overall direction and health of the economy, and as COVID cases climb each day across the country, the needs for mass vaccine rollouts is imperative. The unemployment rate remains unchanged.

Movers & shakers

🔺 Lemonade (LMND) gained 27.5% Thursday, after a week of gains since announcing their 1 millionth customer last week. For the full story, check out The Motley Fool

🔻 Sarepta Therapeutics (SRPT) was down over 50% in Friday’s session (at time of writing) after disappointing study results. Read more about this on The Street

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