What’s driving the tech stock sell-of f

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September 11, 2020

Welcome to this edition of The Reader, a weekly roundup of Fortune stories and insights.

It's been an eventful week. Citigroup named Jane Fraser CEO, shattering Wall Street’s glass ceiling. Across the country in Silicon Valley, the TikTok sale remains tech's biggest soap opera. In Washington, Senate Democrats blocked the GOP's $500 billion aid package. Meanwhile, coronavirus positivity rates reached ‘red zone’ territory in 13 U.S. states.

Read on for more news.

Clifton Leaf

Editor-in-chief, Fortune

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MUST READ

GOP $500 billion aid package blocked by Senate Democrats—here’s what it means for unemployment benefits and stimulus checks

The Republicans' "skinny" stimulus package did not include funding for a second round of $1,200 stimulus checks

BY LANCE LAMBERT

SEPTEMBER 10, 2020

TECH

TikTok: Everything to know about tech’s biggest soap opera

Here’s everything you need to know about TikTok and moment of reckoning.

BY DANIELLE ABRIL

SEPTEMBER 5, 2020

COVID-19

There’s now even more evidence that restaurant dining sharply increases COVID spread

The CDC found that people who had contracted COVID were twice as likely to say they had dined at a restaurant in the preceding two weeks.

BY SY MUKHERJEE

SEPTEMBER 11, 2020

FINANCE

Here’s one possible reason why Tesla wasn’t added to the S&P 500

BY ANNE SRADERS

SEPTEMBER 8, 2020

MUST WATCH

Here’s what’s driving the tech stock sell-off

And why investors aren't that worried.

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From the archives

“So what is the real result of Obama’s “stimulus?” The plan has surely shifted money from savings to consumption, although the amounts are impossible to determine. For example, the Making Work Pay program last year gave $800 in cash to middle-class families. It’s probable that they spent more of that money than the folks who bought the bonds, who typically have higher incomes, would have spent. The grants to the states to maintain government jobs made those workers feel more comfortable about their futures, and doubtless gave them the money and confidence to spend more of their incomes. The government also spent tens of billions directly on goods and services.

So what would have happened if we’d had no stimulus at all? By economic law, all of the money that was borrowed and redirected to consumption would have gone somewhere else.”

—Why savings stimulate more than spending by Shawn Tully, September 2010

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