CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, we break down today's ugly stock market action, and CNBC's Kate Rooney digs into the numbers behind the wave of retail investors during the coronavirus pandemic. Plus, CNBC's Deirdre Bosa breaks down the most controversial software dividing the tech world: facial recognition technology.
Here's what you missed:
Stocks suffered their biggest one-day pull-back in three months on Thursday as traders grew concerned about the number of coronavirus cases increasing in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines.
The Dow Jones Industrial Average plunged 1,861.82 points, or 6.9%, to close at 25,128.17. The S&P 500 slid 5.9% to 3,002.10 while the Nasdaq Composite dropped 5.3%. to end the day at 9,492.73. The major averages posted their worst day since March 16, when they all dropped more than 11%. The S&P 500 also logged in its first three-day losing streak since early March.
Amazon said on Wednesday that it's banning use of its facial recognition software by police for one year, as pressure on tech companies builds to respond to the killing of George Floyd by a police officer in Minneapolis.
"We've advocated that governments should put in place stronger regulations to govern the ethical use of facial recognition technology, and in recent days, Congress appears ready to take on this challenge," Amazon said in a statement. "We hope this one-year moratorium might give Congress enough time to implement appropriate rules, and we stand ready to help if requested."
Treasury Secretary Steven Mnuchin told CNBC on Thursday that shutting down the economy for a second time to combat the spread of Covid-19 isn't a viable option and could cause even more headaches for Americans.
His comments came as Wall Street grew more concerned about a second wave of coronavirus cases in the United States. Texas has reported three consecutive days of record-breaking Covid-19 hospitalizations while nine California counties are reporting a spike in new cases or hospitalizations of confirmed cases, AP reported Wednesday.
"We can't shut down the economy again. I think we've learned that if you shut down the economy, you're going to create more damage," Mnuchin said in an interview with CNBC's Jim Cramer on "Squawk on the Street."