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Stock Markets Dip as Investors Remain Cautious: Live Updates Stock Markets Dip as Investors Remain Cautious: Live Updates
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U.S. stock futures dipped and European indexes were unsteady on Tuesday as investors remained uncertain following a period of staggering volatility in financial markets in the wake of the coronavirus pandemic.U.S. stock futures dipped and European indexes were unsteady on Tuesday as investors remained uncertain following a period of staggering volatility in financial markets in the wake of the coronavirus pandemic.
Futures for the S&P 500 signaled a downbeat opening on Wall Street.Futures for the S&P 500 signaled a downbeat opening on Wall Street.
It followed a rise on Wall Street on Monday, when the S&P 500 climbed more than 3 percent. Last week, markets also had a strong showing, with the S&P up 10 percent after a three-day run that was its best since 1933, amid relief over Washington’s $2 trillion spending plan.It followed a rise on Wall Street on Monday, when the S&P 500 climbed more than 3 percent. Last week, markets also had a strong showing, with the S&P up 10 percent after a three-day run that was its best since 1933, amid relief over Washington’s $2 trillion spending plan.
In Europe, stock indexes were 1 percent to 2 percent higher before paring most of their gains on Tuesday, following a generally positive trading day in Asia.In Europe, stock indexes were 1 percent to 2 percent higher before paring most of their gains on Tuesday, following a generally positive trading day in Asia.
Signs of cheer could be found in other markets. Oil futures rose after tumbling to their lowest levels since 2002. Oil prices offer a gauge of how investors expect the economy to perform. The price of gold, long considered a safe place to park money, fell in Tuesday trading. Prices for longer-term U.S. Treasury bonds, another safe haven, also fell.Signs of cheer could be found in other markets. Oil futures rose after tumbling to their lowest levels since 2002. Oil prices offer a gauge of how investors expect the economy to perform. The price of gold, long considered a safe place to park money, fell in Tuesday trading. Prices for longer-term U.S. Treasury bonds, another safe haven, also fell.
Yet concerns linger. An index that tracks stock market volatility, known as VIX, fell on Monday in the United States but remains at historically high levels.Yet concerns linger. An index that tracks stock market volatility, known as VIX, fell on Monday in the United States but remains at historically high levels.
The Federal Reserve on Tuesday unveiled a new program that will let foreign central banks swap out their Treasury securities for dollars in short-term agreements, the central bank’s latest effort to keep greenbacks flowing globally — and, in doing so, ease strains on the Treasury market.
The central bank’s new move will allow any foreign central bank with an account at the Federal Reserve Bank of New York enter into overnight repurchase agreements, swapping out security holdings for needed dollar funding.
Anyone who meets the criteria can apply, but the Fed will approve its international counterparts on a case-by-case basis. The goal of the program is to alleviate dollar shortages overseas while maintaining Treasury market functioning: It will help to prevent foreign nations from selling their Treasury holdings in a scramble to acquire dollars, the Fed said.
“This facility should help support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market,” the Fed said in a release.
While the Fed has currency swap lines in place — through which foreign central banks can temporarily exchange their currencies for dollars — those only exist with 14 counterparts. This new effort would potentially widen the scope of the Fed’s efforts, allowing it to funnel dollars into economies where it has fewer longstanding and deep relationships with partner central banks.
Walmart, which has seen a surge in business during the pandemic, said it would provide masks and gloves to workers and check their temperatures when they arrive at work.
Facing increasing criticism from workers and labor rights groups, Walmart said it would begin providing “high quality” masks to any staff member who wanted one.
Additionally, the company will begin taking the temperatures of employees as they show up to work at stores and distribution centers. Any employee with a temperature of 100 degrees or more will be sent home and cannot return to work until they are fever free for at least three days.
“In listening to our associates and listening to our customers we felt this was a prudent step to take,” said Dan Bartlett, Walmart’s executive vice president of corporate affairs, in a call with reporters Tuesday morning.
Walmart said there had been an increase in the number of employees not coming to work since the pandemic hit, but its hiring spree helped alleviate some of the pressure. The company said it had hired 50,000 additional workers since March 19 — about 5,000 workers a day.
Walmart is the largest private employer in the United States, with about 1.5 million employees. Its decision is a significant move in the retail industry, where millions of workers who have continued to come to work and interact with the public have expressed concerns about their safety. Some retailers have told their workers that they cannot wear masks for fear of upsetting customers.
Pennsylvania’s economy was buoyed during the Great Recession when energy companies discovered a way to get at the state’s vast natural-gas reserves, investing billions of dollars in the region.Pennsylvania’s economy was buoyed during the Great Recession when energy companies discovered a way to get at the state’s vast natural-gas reserves, investing billions of dollars in the region.
But as they brace for the coronavirus recession, natural-gas companies are much more likely to weigh on the local economy than to rescue it.But as they brace for the coronavirus recession, natural-gas companies are much more likely to weigh on the local economy than to rescue it.
Even before the latest shock, gas operators were reeling from self-inflicted wounds. They had taken on too much debt and drilled so many wells that they had flooded the market with gas, sending its price into a tailspin.Even before the latest shock, gas operators were reeling from self-inflicted wounds. They had taken on too much debt and drilled so many wells that they had flooded the market with gas, sending its price into a tailspin.
Many local businesspeople and residents expect the energy industry to remain an important part of their economy for years to come.Many local businesspeople and residents expect the energy industry to remain an important part of their economy for years to come.
But there are strong signs that this natural-gas shakeout could grind on longer than others. And if it does turn into a rout that leads to large layoffs and business closures, Pennsylvania may have to reassess its great shale experiment.But there are strong signs that this natural-gas shakeout could grind on longer than others. And if it does turn into a rout that leads to large layoffs and business closures, Pennsylvania may have to reassess its great shale experiment.
Zoom, the popular videoconferencing app whose traffic has surged amid the coronavirus pandemic, is under scrutiny by the office of New York’s attorney general, Letitia James, for its data privacy and security practices.Zoom, the popular videoconferencing app whose traffic has surged amid the coronavirus pandemic, is under scrutiny by the office of New York’s attorney general, Letitia James, for its data privacy and security practices.
The attorney general’s office sent a letter to Zoom on Monday asking what, if any, new security measures the company had put in place to handle increased traffic on its network and to detect hackers, according to a copy reviewed by The New York Times.The attorney general’s office sent a letter to Zoom on Monday asking what, if any, new security measures the company had put in place to handle increased traffic on its network and to detect hackers, according to a copy reviewed by The New York Times.
The letter referred to Zoom as “an essential and valuable communications platform,” but it outlined several concerns, noting that the company had been slow to address security flaws such as vulnerabilities that have allowed malicious users to invade videoconferences held on the service, a practice known as Zoombombing.The letter referred to Zoom as “an essential and valuable communications platform,” but it outlined several concerns, noting that the company had been slow to address security flaws such as vulnerabilities that have allowed malicious users to invade videoconferences held on the service, a practice known as Zoombombing.
Facebook and Twitter took down posts featuring Brazil’s president, Jair Bolsonaro, over the past two days after he claimed that the anti-malaria drug hydroxychloroquine was a “cure everywhere” for the coronavirus and called for an end to social distancing and shelter-in-place measures in Brazil.Facebook and Twitter took down posts featuring Brazil’s president, Jair Bolsonaro, over the past two days after he claimed that the anti-malaria drug hydroxychloroquine was a “cure everywhere” for the coronavirus and called for an end to social distancing and shelter-in-place measures in Brazil.
Mr. Bolsonaro had posted the videos, which showed him talking to street vendors in the Taguatinga district of Brasília, Brazil’s capital, to Twitter, Facebook and Instagram on Sunday. The New York Times has reported that there is no proof that the drug is effective against the virus.Mr. Bolsonaro had posted the videos, which showed him talking to street vendors in the Taguatinga district of Brasília, Brazil’s capital, to Twitter, Facebook and Instagram on Sunday. The New York Times has reported that there is no proof that the drug is effective against the virus.
Twitter took down the videos on Sunday. The videos on Facebook and Instagram were taken down on Monday evening. The companies said the posts violated their policies for spreading misinformation that could also lead to physical harm.Twitter took down the videos on Sunday. The videos on Facebook and Instagram were taken down on Monday evening. The companies said the posts violated their policies for spreading misinformation that could also lead to physical harm.
But the moves were unusual for the tech companies, which have long been hesitant to remove posts from world leaders, even when they walk the line of disinformation. The companies have said posts from world leaders are newsworthy.But the moves were unusual for the tech companies, which have long been hesitant to remove posts from world leaders, even when they walk the line of disinformation. The companies have said posts from world leaders are newsworthy.
Twitter deleted a post by President Nicolás Maduro of Venezuela last week, in which Mr. Maduro promoted a “brew” that he claimed could cure coronavirus. President Trump has previously posted that hydroxychloroquine showed “tremendous promise,” which the social media companies said did not violate their policies because there was not a clear call to action that would cause the public any harm.Twitter deleted a post by President Nicolás Maduro of Venezuela last week, in which Mr. Maduro promoted a “brew” that he claimed could cure coronavirus. President Trump has previously posted that hydroxychloroquine showed “tremendous promise,” which the social media companies said did not violate their policies because there was not a clear call to action that would cause the public any harm.
British supermarkets had their best month on record in March, as panicked shoppers emptied supermarket shelves and hoarded goods, according to the latest report from Kantar, a London-based data and consulting firm.British supermarkets had their best month on record in March, as panicked shoppers emptied supermarket shelves and hoarded goods, according to the latest report from Kantar, a London-based data and consulting firm.
Sales surged nearly 21 percent compared with the same month a year ago.Sales surged nearly 21 percent compared with the same month a year ago.
“It’s inevitable that shoppers will add extra items to their baskets when faced with restrictions on their movement and possible isolation if one of them becomes unwell,” said head of Kantar’s retail and consumer insight, Fraser McKevitt. “But many families are also adjusting to having more mouths to feed.”“It’s inevitable that shoppers will add extra items to their baskets when faced with restrictions on their movement and possible isolation if one of them becomes unwell,” said head of Kantar’s retail and consumer insight, Fraser McKevitt. “But many families are also adjusting to having more mouths to feed.”
Figures indicate that households spent approximately 63 pounds, or about $78, more throughout the month. Alcohol sales surged 22 percent, driven partly by the forced closure of pubs and restaurants on March 20.Figures indicate that households spent approximately 63 pounds, or about $78, more throughout the month. Alcohol sales surged 22 percent, driven partly by the forced closure of pubs and restaurants on March 20.
Goldman Sachs revised its forecast for how much the U.S. economy will contract because of the coronavirus crisis. The bank now estimates economic output will plunge at an annualized rate of 34 percent in the second quarter and the unemployment rate will hit 15 percent. That’s worse than Goldman predicted a few weeks ago. At the same time, the bank is more optimistic about the second half of the year, expecting annual growth in the third quarter to soar by 19 percent.
Dollar Tree, the discount retailer with more than 15,000 locations, said same-store sales soared 7.1 percent for its Dollar Tree brand and 14.4 percent at Family Dollar in the last two months, compared to last year. The company has previously said plans to hire 25,000 additional workers for its stores and distribution centers.
Huawei, the Chinese technology giant, said its sales worldwide last year came in at $123 billion, an increase of nearly one-fifth over 2018. The solid growth came despite a wide-ranging crackdown on the company by the U.S. government, which says Huawei is a national security menace. Company executives declined to give a specific forecast of how the pandemic might affect this year’s financial results.Huawei, the Chinese technology giant, said its sales worldwide last year came in at $123 billion, an increase of nearly one-fifth over 2018. The solid growth came despite a wide-ranging crackdown on the company by the U.S. government, which says Huawei is a national security menace. Company executives declined to give a specific forecast of how the pandemic might affect this year’s financial results.
American Airlines plans to apply for some of the $50 billion airline bailout included in the federal stimulus that was signed into law last week, its chief executive and president said in a memo to staff. The airline expects to receive $12 billion, some of which will be used to pay employees through September.American Airlines plans to apply for some of the $50 billion airline bailout included in the federal stimulus that was signed into law last week, its chief executive and president said in a memo to staff. The airline expects to receive $12 billion, some of which will be used to pay employees through September.
Virgin Australia said it would ask for $1.4 billion Australian dollars ($866 million) in bailout money from the government.Virgin Australia said it would ask for $1.4 billion Australian dollars ($866 million) in bailout money from the government.
Facebook announced on Monday that it would give out $25 million in grants to local news organizations and spend $75 million in marketing that will go to news outlets internationally. Campbell Brown, a Facebook vice president, acknowledged in an interview that the company, whose huge chunk of online ad revenue helped dent media companies’ business models in the first place, felt a “responsibility” to help out. Reporting was contributed by Carlos Tejada, Michael Corkery, Raymond Zhong, Peter Eavis, Davey Alba, Sheera Frenkel, Geneva Abdul, Kate Conger, Ernesto Londono and Daniel Victor.
Reporting was contributed by Carlos Tejada, Raymond Zhong, Peter Eavis, Davey Alba, Sheera Frenkel, Geneva Abdul, Kate Conger, Ernesto Londono and Daniel Victor.