(Bloomberg) — Oil fell in New York and the global benchmark Brent plummeted to the lowest level since June after President Donald Trump’s positive Covid-19 diagnosis combined with labor market weakness heightened concerns over an economic recovery.

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U.S. crude futures declined 4.3% and Brent slid below $40 a barrel in volatile trading on Friday. A top World Health Organization official said the outbreak in the White House constitutes a disease cluster and needs to be taken seriously. While Trump is experiencing mild symptoms, the diagnosis adds another degree of uncertainty to a market reeling from a resurgence of the global pandemic from New York to London.

Meanwhile, U.S. job gains slowed in September and many Americans quit looking for work, further underscoring the shaky state of the economy. U.S. House Speaker Nancy Pelosi said negotiations on a new stimulus with the White House will press ahead. Still, both

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Amazon continues to thrive and benefit from the COVID-19 pandemic because of the high demand for groceries and essentials. Since the coronavirus outbreak, Amazon has seen strong financial results and an overall boost in sales and advertising.

Analysts at Jefferies reiterated their Buy rating on shares of Amazon on Wednesday, with a price target of $3,800. The analysts now value Amazon’s advertising business at $350B which is up from their previous value estimate of $300B for the segment.

The analysts are expecting increased Consumer Packaged Goods (CPG) spending to be a key long-term driver for Amazon’s advertising revenues, and raised their annual sales growth estimates by 2% in 2021 and beyond. Also, the analysts estimate a combined $1T CPG advertising opportunity for AMZN, consisting of $800 billion in trade spending, and 200 billion in advertising.

“According to our survey, 40%/60% of U.S. online shoppers purchased more groceries/essentials on AMZN during

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