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Streaming app Quibi shuts down 6 months after debut

Dan Rayburn, Frost & Sullivan Principal Analyst, joins Yahoo Finance’s Akiko Fujita to discuss why Quibi is shutting down despite $1.75 billion in venture funding.

Video Transcript

JEN ROGERS: We are watching crude here pretty closely because it seems to be driving the market here to sell off a little bit. I want to go to Jared Blikre with what's happening with crude. Jared.

JARED BLIKRE: Yeah, I think the market's in sell mode and just looking for an excuse. But here is crude oil for the day. About 12:30, we got some headlines from the Energy Information Association, part of the DOE in the US, dropped their demand forecast for the US.

I don't see this as a big deal in the big picture. Because I think there are global macro forces at work that are much bigger, such as trying to get an oil cut. Whether or not that materializes, I don't think is the point. The point is, this is a headline-driven market. And here's a look at the S&P 500 today.

Been talking for weeks about 27.50 resistance. Well, that's exactly where we opened here. Sold off, came up, and then we sold off again. I just think it's kind of arbitrary what the excuse was. We still have a very volatile, illiquid, event-driven market, Jen.