Somebody finally told Wall Street the world is on fire

WELCOME TO THE PARTY, BROS

Like a pack of disoriented mountaineers wandering around Peak Delusion, investors found their way back to the base camp of reality today, where, perhaps, somebody handed them a newspaper.

"A pandemic, mass unemployment, a recession, social unrest? When did all this happen?"

The Dow plunged 1,862 points, or 6.9%, on Thursday in the biggest selloff since March 16. Even the previously red-hot Nasdaq tumbled 5.3% back below the 10,000 level.

Wall Street is unprepared for a potential second wave of the pandemic, CNN Business' Matt Egan writes. Here's why.

AND IF THE SECOND COVID WAVE DOESN'T CONCERN YOU...

Here's another bite of reality pie for any investors still high on hopes for a quick cure: Even if a miracle drug were found tomorrow, we would still face a looonnng battle with coronavirus.

Why? The world has neither enough glass vials to house a vaccine nor the capacity to fill and package them.

The pandemic is once again laying bare how fragile global supply chains are, and how one unexpected bottleneck can affect the integrity of the entire system.

IF YOU AREN'T A MILLENNIAL YOU CAN KEEP SCROLLING

If you were born in the 80s, there's a good chance someone gave you an odd little toy called a Tamagotchi that took over your life for a time in the 90s.

Tamagotchis were those tiny virtual "pets" that annoyingly needed feeding and seemed to die without warning.

(Full disclosure: I never got one because all my friends who had one seemed SO STRESSED trying to keep the thing alive. My very real dogs were lower maintenance.)

Anyway, the Tamagotchi, like "Friends" and choker necklaces, is back. CNN Business' Shannon Liao has the details on the reboot.

REVOLT AT R29

Last week, Refinery29 swapped the colors of its website, going from its usual jewel-tone to the Black Lives Matter movement's signature black. It was supposed to be a show of solidarity. It inspired a revolt.

Former employees began tweeting, accusing the site and its leadership of hypocrisy on matters of race and diversity. One former employee said she left "due to a toxic company culture where white women's egos ruled."

Some sources who spoke to CNN Business said there was a glaring lack of diversity at the company. Some said that despite the inclusive image that the site tried to present, its editor made a number of editorial decisions that had the effect of diminishing minority and especially black women. CNN Business' Kerry Flynn has the full story.

LET'S WRAP ON A HIGH NOTE

Every day, we are seeing some businesses make an effort to right wrongs within its corporate culture. Here are a few:

Walmart will no longer store multicultural cosmetic products in security cases inside its stores after a black woman called out her local store.Nike is joining a growing number of companies in adding Juneteenth to its list of official, paid company holidays. Twitter, Square and Vox Media are doing the same. The holiday, on June 19, is the oldest known US celebration of the end of slavery. Microsoft said it will not sell facial-recognition technology to police departments in the United States, at least until there is a federal law to regulate the technology. IBM and Amazon also rolled out limitations on the technology this week.

BUT WE SHOULD ALSO NOTE: While big corporations have been swift to position themselves as supporters of Black Lives Matter, few, if any, are willing to talk about specific policy initiatives. CNN Business' Chauncey Alcorn looked into why Corporate America won't talk about defunding police.

IN OTHER NEWS

Twitter just announced it shut down thousands of accounts tied to the Chinese government that were pushing deceptive, pro-Beijing narratives around the Hong Kong protests, Covid-19, and other topics.Google will stop letting advertisers target housing ads based on gender, age and ZIP code.Instacart is now valued at nearly $14 billion after an 'unprecedented surge' in demand during the pandemic.Sony finally revealed the PlayStation 5's design and all of its exclusive games.