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Wall Street Rallies as Investors Focus on the Recovery Wall Street Rallies as Investors Focus on the Recovery
(7 days later)
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.
Wall Street resumed its rally on Wednesday. With a more than 3 percent gain, the S&P 500 is now up about 23 percent from its March 23 low.Wall Street resumed its rally on Wednesday. With a more than 3 percent gain, the S&P 500 is now up about 23 percent from its March 23 low.
The market has been steadily climbing since it hit that bottom, a rebound that began after the Federal Reserve and lawmakers in Washington took steps to protect the U.S. economy from a collapse amid the coronavirus pandemic. Stocks are still down about 19 percent from their late February high.The market has been steadily climbing since it hit that bottom, a rebound that began after the Federal Reserve and lawmakers in Washington took steps to protect the U.S. economy from a collapse amid the coronavirus pandemic. Stocks are still down about 19 percent from their late February high.
More recently, the gains have reflected hope that the peak of the pandemic in many cities is near, or already past. The growth rate of hospitalizations in hot spots like New York is slowing; China has lifted its lockdown of Wuhan, the city where the virus emerged; and governments in parts of Europe are making plans to do the same.More recently, the gains have reflected hope that the peak of the pandemic in many cities is near, or already past. The growth rate of hospitalizations in hot spots like New York is slowing; China has lifted its lockdown of Wuhan, the city where the virus emerged; and governments in parts of Europe are making plans to do the same.
To some extent, the recent gains also reflect Wall Street’s fear of missing out on the rebound that many analysts predicted would eventually come.To some extent, the recent gains also reflect Wall Street’s fear of missing out on the rebound that many analysts predicted would eventually come.
“If you wait until the coast is clear, you will have missed a huge part of the gains,” said Matt Maley, chief market strategist at Miller Tabak a trading and asset management firm. “And professional investors can’t afford to do that.”“If you wait until the coast is clear, you will have missed a huge part of the gains,” said Matt Maley, chief market strategist at Miller Tabak a trading and asset management firm. “And professional investors can’t afford to do that.”
For now, though, it is big money managers — not mom-and-pop retail investors — who are in on the action. Hedge fund traders and mutual fund managers have swooped into the market, driving sharp gains for blue-chip shares that have been battered by the market sell-off.For now, though, it is big money managers — not mom-and-pop retail investors — who are in on the action. Hedge fund traders and mutual fund managers have swooped into the market, driving sharp gains for blue-chip shares that have been battered by the market sell-off.
Still, the market’s recent optimism is set against a grim backdrop of economic and human catastrophe that continues to play out — and which threatens to undercut any rally at a moment’s notice.Still, the market’s recent optimism is set against a grim backdrop of economic and human catastrophe that continues to play out — and which threatens to undercut any rally at a moment’s notice.
In Europe, data released on Wednesday showed that Germany and France, the largest economies in the region, were heading toward their sharpest downturns since World War II.In Europe, data released on Wednesday showed that Germany and France, the largest economies in the region, were heading toward their sharpest downturns since World War II.
There’s more data to come. A new report on weekly jobless claims on Thursday is certain to show millions more Americans are out of work. The two prior reports recorded more than 10 million claims for unemployment in late March.There’s more data to come. A new report on weekly jobless claims on Thursday is certain to show millions more Americans are out of work. The two prior reports recorded more than 10 million claims for unemployment in late March.
After a 3.4 percent rise on Wednesday, the S&P 500 has bounced 23 percent from its low in a disastrous March, despite a darkening outlook for economic growth and corporate profits.After a 3.4 percent rise on Wednesday, the S&P 500 has bounced 23 percent from its low in a disastrous March, despite a darkening outlook for economic growth and corporate profits.
One reason: It’s the time to buy for investors able to stomach the market’s swoons.One reason: It’s the time to buy for investors able to stomach the market’s swoons.
Cole Smead, a portfolio manager at the Smead Value Fund, has been snapping up bargains in beaten-up parts of the market, like oil and energy producers, homebuilders and shopping-mall companies, that are closely tied to short-term swings in the economy.Cole Smead, a portfolio manager at the Smead Value Fund, has been snapping up bargains in beaten-up parts of the market, like oil and energy producers, homebuilders and shopping-mall companies, that are closely tied to short-term swings in the economy.
“We will never get these prices again,” said Mr. Smead, whose fund has $1.3 billion in assets.“We will never get these prices again,” said Mr. Smead, whose fund has $1.3 billion in assets.
As economically damaging as the pandemic will no doubt be, Wall Street is starting to see a path forward that wasn’t clear a few weeks ago. Slowing infection rates, hefty government relief packages and the Federal Reserve’s efforts to calm the markets have helped eased investors’ minds.As economically damaging as the pandemic will no doubt be, Wall Street is starting to see a path forward that wasn’t clear a few weeks ago. Slowing infection rates, hefty government relief packages and the Federal Reserve’s efforts to calm the markets have helped eased investors’ minds.
Some of the buyers are opportunistic hedge fund traders and mutual fund managers, driving sharp gains for blue-chip shares that were battered by the market sell-off. Some are traders feeling pressure to get into a rising market. And some are short-sellers forced to buy to minimize their own losses.Some of the buyers are opportunistic hedge fund traders and mutual fund managers, driving sharp gains for blue-chip shares that were battered by the market sell-off. Some are traders feeling pressure to get into a rising market. And some are short-sellers forced to buy to minimize their own losses.
But mom-and-pop investors have largely been sitting out — a sign that the rally doesn’t reflect widespread optimism.But mom-and-pop investors have largely been sitting out — a sign that the rally doesn’t reflect widespread optimism.
WeWork has not made scheduled rent payments to the landlords of some of the buildings where it operates its co-working spaces, according to a person briefed on the situation.WeWork has not made scheduled rent payments to the landlords of some of the buildings where it operates its co-working spaces, according to a person briefed on the situation.
The decision to hold back rent is part of WeWork’s efforts to renegotiate better deals with building owners as the company tries to cut costs and limit its losses. WeWork’s executive chairman, Marcelo Claure, said in December that the company would try to get better terms from landlords, but the economic swoon caused by the coronavirus pandemic has made the task more urgent.The decision to hold back rent is part of WeWork’s efforts to renegotiate better deals with building owners as the company tries to cut costs and limit its losses. WeWork’s executive chairman, Marcelo Claure, said in December that the company would try to get better terms from landlords, but the economic swoon caused by the coronavirus pandemic has made the task more urgent.
“Rather than implementing a company-wide policy on rent payments, we are individually reaching out to our more than 600 global landlord partners to work in good faith towards finding asset-specific solutions that benefit all parties involved,” WeWork said in a statement.“Rather than implementing a company-wide policy on rent payments, we are individually reaching out to our more than 600 global landlord partners to work in good faith towards finding asset-specific solutions that benefit all parties involved,” WeWork said in a statement.
The person briefed on the situation said WeWork was seeking to renegotiate leases around the world, not just in the United States.The person briefed on the situation said WeWork was seeking to renegotiate leases around the world, not just in the United States.
The Wall Street Journal first reported that WeWork was skipping rent payments.The Wall Street Journal first reported that WeWork was skipping rent payments.
The virus outbreak has emptied many of WeWork’s locations and may reduce demand for its space over the longer terms. Seeing the empty spaces, landlords might be persuaded to reduce WeWork’s lease payments, but they also know that SoftBank, the company’s dominant shareholder, committed billions of dollars to finance WeWork’s expansion.The virus outbreak has emptied many of WeWork’s locations and may reduce demand for its space over the longer terms. Seeing the empty spaces, landlords might be persuaded to reduce WeWork’s lease payments, but they also know that SoftBank, the company’s dominant shareholder, committed billions of dollars to finance WeWork’s expansion.
In a sign of just how desperate hospitals and doctors are for cash during the coronavirus pandemic, insurance companies, notorious for slow-walking their payments to health care providers, are now speeding up how quickly they pay.In a sign of just how desperate hospitals and doctors are for cash during the coronavirus pandemic, insurance companies, notorious for slow-walking their payments to health care providers, are now speeding up how quickly they pay.
“There was a universal cry for cash,” said Paul Markovich, the chief executive of Blue Shield of California, which said it would advance up to $200 million in payments to hospitals and doctors.“There was a universal cry for cash,” said Paul Markovich, the chief executive of Blue Shield of California, which said it would advance up to $200 million in payments to hospitals and doctors.
With revenues down for surgeries and other care not viewed as essential, providers are scrambling for money to pay for protective equipment and other supplies. “The pressure on the entire health care ecosystem is something I’ve never seen before,’‘ said Mr. Markovich, who hopes to get out the first payments as soon as this week.With revenues down for surgeries and other care not viewed as essential, providers are scrambling for money to pay for protective equipment and other supplies. “The pressure on the entire health care ecosystem is something I’ve never seen before,’‘ said Mr. Markovich, who hopes to get out the first payments as soon as this week.
“We’re effectively advancing payment now and collecting later,” he said, even as it is also working with customers about letting them delay paying premiums.“We’re effectively advancing payment now and collecting later,” he said, even as it is also working with customers about letting them delay paying premiums.
UnitedHealth, which owns one of the nation’s largest insurance companies, said it would also take a series of steps, like waiving the need for pre-authorization when patients see a new doctor or go to a skilled nursing facility, that should result in nearly $2 billion in payments getting in the hands of providers more quickly. Providers could be paid in a matter of days rather than several weeks.UnitedHealth, which owns one of the nation’s largest insurance companies, said it would also take a series of steps, like waiving the need for pre-authorization when patients see a new doctor or go to a skilled nursing facility, that should result in nearly $2 billion in payments getting in the hands of providers more quickly. Providers could be paid in a matter of days rather than several weeks.
United also announced it would be making $125 million available in small-business loans to medical groups that work with its Optum unit, which provides consulting and other services.United also announced it would be making $125 million available in small-business loans to medical groups that work with its Optum unit, which provides consulting and other services.
Highmark, a Blue Cross plan in Pittsburgh, said it was advancing more than $30 million to primary care doctors, who have been particularly hard hit as many patients have decided to forgo face-to-face doctors’ visits.Highmark, a Blue Cross plan in Pittsburgh, said it was advancing more than $30 million to primary care doctors, who have been particularly hard hit as many patients have decided to forgo face-to-face doctors’ visits.
New data on electricity use suggest that U.S. economic activity probably declined more over the past three weeks than it did during the entire year and a half of the Great Recession. It may already be the deepest downturn since the Great Depression; it is certainly the fastest.New data on electricity use suggest that U.S. economic activity probably declined more over the past three weeks than it did during the entire year and a half of the Great Recession. It may already be the deepest downturn since the Great Depression; it is certainly the fastest.
These numbers are important because our official statistics cannot keep pace with the abrupt economic changes the coronavirus shutdown has caused. All those closed stores, silenced factories and darkened office buildings are yet to be counted in the government’s official economic numbers, which take months to collect, process and report.These numbers are important because our official statistics cannot keep pace with the abrupt economic changes the coronavirus shutdown has caused. All those closed stores, silenced factories and darkened office buildings are yet to be counted in the government’s official economic numbers, which take months to collect, process and report.
Updated June 24, 2020 Updated June 30, 2020
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
But evidence of the sharp economic shift shows up in a large and rapid decline in electricity usage over recent weeks.But evidence of the sharp economic shift shows up in a large and rapid decline in electricity usage over recent weeks.
Demand for food assistance in the United States is surging, as millions of Americans find themselves out of work and school closures mean that many families who counted on them for free or subsidized meals need to turn elsewhere.Demand for food assistance in the United States is surging, as millions of Americans find themselves out of work and school closures mean that many families who counted on them for free or subsidized meals need to turn elsewhere.
The rise in need is coming just as food banks face shortages of both donated food and volunteer workers.The rise in need is coming just as food banks face shortages of both donated food and volunteer workers.
It’s a nationwide phenomena:It’s a nationwide phenomena:
At Food Bank for the Heartland in Omaha, the amount of food donated for March dropped by nearly half. The food bank typically purchases $73,000 of food in a month this time of year but has spent $675,000 in the past four weeks.At Food Bank for the Heartland in Omaha, the amount of food donated for March dropped by nearly half. The food bank typically purchases $73,000 of food in a month this time of year but has spent $675,000 in the past four weeks.
In Jonesboro, Ark., after a powerful tornado struck, a food bank received less than half the donations it expected because nervous families held on to what they had.In Jonesboro, Ark., after a powerful tornado struck, a food bank received less than half the donations it expected because nervous families held on to what they had.
In Washington State and Louisiana, the National Guard has been called in to help pack food boxes and ensure that the distributions run smoothly.In Washington State and Louisiana, the National Guard has been called in to help pack food boxes and ensure that the distributions run smoothly.
Feeding America, the nation’s largest network of food banks, with more than 200 affiliates, has projected a $1.4 billion shortfall in the next six months alone.Feeding America, the nation’s largest network of food banks, with more than 200 affiliates, has projected a $1.4 billion shortfall in the next six months alone.
“I’ve never seen anything like it,” said Stacy Dean, vice president for food assistance policy at the Center on Budget and Policy Priorities, a left-leaning research organization in Washington. She has studied food security for more than a quarter century. “People love the phrase ‘the perfect storm,’” she added, “but nothing is built for this.”“I’ve never seen anything like it,” said Stacy Dean, vice president for food assistance policy at the Center on Budget and Policy Priorities, a left-leaning research organization in Washington. She has studied food security for more than a quarter century. “People love the phrase ‘the perfect storm,’” she added, “but nothing is built for this.”
Europe’s pandemic-induced lockdowns were widely expected to throw the continent into a deep recession. Germany and France, the largest economies, said on Wednesday that they were headed toward their sharpest downturns since World War II, a warning that showed just how bad it’s about to get.Europe’s pandemic-induced lockdowns were widely expected to throw the continent into a deep recession. Germany and France, the largest economies, said on Wednesday that they were headed toward their sharpest downturns since World War II, a warning that showed just how bad it’s about to get.
France officially slid into a recession after suffering one of the worst quarterly contractions in more than 50 years. Growth tumbled an estimated 6 percent from January to April, from the fourth quarter, the central bank said. For every two weeks the population remains under confinement, the economy shrinks by at least 1.5 percent, it added.France officially slid into a recession after suffering one of the worst quarterly contractions in more than 50 years. Growth tumbled an estimated 6 percent from January to April, from the fourth quarter, the central bank said. For every two weeks the population remains under confinement, the economy shrinks by at least 1.5 percent, it added.
And Germany is sliding toward its deepest recession on record, with growth expected to plunge almost 10 percent from April through June, five leading economic institutes said Tuesday.And Germany is sliding toward its deepest recession on record, with growth expected to plunge almost 10 percent from April through June, five leading economic institutes said Tuesday.
The federal stimulus bills enacted in March, including a $2 trillion economic relief plan, offer help for the millions of American small businesses affected by the coronavirus pandemic.The federal stimulus bills enacted in March, including a $2 trillion economic relief plan, offer help for the millions of American small businesses affected by the coronavirus pandemic.
Cash grants. Low-interest loans. Payments to offset some payroll costs for businesses that keep or rehire workers. There are also enhancements to unemployment insurance and paid leave.Cash grants. Low-interest loans. Payments to offset some payroll costs for businesses that keep or rehire workers. There are also enhancements to unemployment insurance and paid leave.
Here are the answers to common questions about these programs. If you have questions, or have applied for small business aid and can tell us how the process went, we’d love to hear from you.Here are the answers to common questions about these programs. If you have questions, or have applied for small business aid and can tell us how the process went, we’d love to hear from you.
More information on money help during this difficult period be found in our F.A.Q. for individuals and our Hub for Help.More information on money help during this difficult period be found in our F.A.Q. for individuals and our Hub for Help.
The used-car retailer CarMax said on its website on Wednesday that it would furlough 15,500 employees, effective April 18. The company’s president and chief executive, Bill Nash, will forgo half of his salary, and the company’s senior leadership will take an unspecified reduction in pay.The used-car retailer CarMax said on its website on Wednesday that it would furlough 15,500 employees, effective April 18. The company’s president and chief executive, Bill Nash, will forgo half of his salary, and the company’s senior leadership will take an unspecified reduction in pay.
The Walt Disney Company has been badly battered by the pandemic, with its theme parks closed and movies postponed, but the company on Wednesday offered an upbeat update on its nascent streaming service: Disney Plus has passed 50 million paid subscribers worldwide in just five months of operation. Before its November introduction, analysts had predicted that Disney Plus would take a full year to sign up half that many subscribers. A hit series, “The Mandalorian,” has greatly increased demand. The pandemic has likely also helped, with parents looking for ways to entertain homebound children.The Walt Disney Company has been badly battered by the pandemic, with its theme parks closed and movies postponed, but the company on Wednesday offered an upbeat update on its nascent streaming service: Disney Plus has passed 50 million paid subscribers worldwide in just five months of operation. Before its November introduction, analysts had predicted that Disney Plus would take a full year to sign up half that many subscribers. A hit series, “The Mandalorian,” has greatly increased demand. The pandemic has likely also helped, with parents looking for ways to entertain homebound children.
Nordstrom, one of the country’s best-performing department stores, said in a regulatory filing on Wednesday that it did not have a “firm date” on when its stores would reopen. Most of the company’s work force — about 69,000 people, according to a separate filing — has been furloughed “or assigned zero hours of work.” Nordstrom has also temporarily closed its headquarters in Seattle.Nordstrom, one of the country’s best-performing department stores, said in a regulatory filing on Wednesday that it did not have a “firm date” on when its stores would reopen. Most of the company’s work force — about 69,000 people, according to a separate filing — has been furloughed “or assigned zero hours of work.” Nordstrom has also temporarily closed its headquarters in Seattle.
Amazon said it planned to pause a pilot program that shipped products for sellers on its marketplace in a bid to ease the pressures on its logistics operations, which are stretched thin by the surge in online shopping. The program, called Amazon Shipping, picked up packages that were already packed and labeled from a seller’s warehouse and then delivered them using Amazon’s delivery network. It competed with U.P.S. and FedEx’s ground service.Amazon said it planned to pause a pilot program that shipped products for sellers on its marketplace in a bid to ease the pressures on its logistics operations, which are stretched thin by the surge in online shopping. The program, called Amazon Shipping, picked up packages that were already packed and labeled from a seller’s warehouse and then delivered them using Amazon’s delivery network. It competed with U.P.S. and FedEx’s ground service.
Airbus, the European aerospace giant, said it was cutting production by about a third in response to the reshaping of the aircraft market. “Our airline customers are heavily impacted by the COVID-19 crisis,” Guillaume Faury, Airbus’s chief executive, said in a statement. “We are actively adapting our production to their new situation.”Airbus, the European aerospace giant, said it was cutting production by about a third in response to the reshaping of the aircraft market. “Our airline customers are heavily impacted by the COVID-19 crisis,” Guillaume Faury, Airbus’s chief executive, said in a statement. “We are actively adapting our production to their new situation.”
The London-based Jewish Chronicle, one of the oldest Jewish newspapers in the world, said on Wednesday that it would cease publication after being crushed by the financial impact of the coronavirus pandemic. Founded in 1841, The Chronicle claims to be the oldest continuously published Jewish paper in the world.The London-based Jewish Chronicle, one of the oldest Jewish newspapers in the world, said on Wednesday that it would cease publication after being crushed by the financial impact of the coronavirus pandemic. Founded in 1841, The Chronicle claims to be the oldest continuously published Jewish paper in the world.
Reporting was contributed by Peter Eavis, Reed Abelson, Jeanna Smialek, Emily Flitter, Ana Swanson, Stacy Cowley, Karen Weise, Noam Scheiber, Liz Alderman, Jack Ewing, Sapna Maheshwari, Conor Dougherty, Niraj Chokshi, Adam Satariano, Choe Sang-Hun, Jack Nicas, Ceylan Yeginsu, Austin Ramzy, Mohammed Hadi, Matt Phillips, Katie Robertson, Carlos Tejada and Amie Tsang.Reporting was contributed by Peter Eavis, Reed Abelson, Jeanna Smialek, Emily Flitter, Ana Swanson, Stacy Cowley, Karen Weise, Noam Scheiber, Liz Alderman, Jack Ewing, Sapna Maheshwari, Conor Dougherty, Niraj Chokshi, Adam Satariano, Choe Sang-Hun, Jack Nicas, Ceylan Yeginsu, Austin Ramzy, Mohammed Hadi, Matt Phillips, Katie Robertson, Carlos Tejada and Amie Tsang.