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Wall Street Awaits Fed Chief’s Speech on Economy: Live Updates Wall Street Awaits Fed Chief’s Speech on Economy: Live Updates
(32 minutes later)
U.S. stock futures edged higher on Wednesday as investors awaited an address by the head of the Federal Reserve that could shed further light on the state of the economy.U.S. stock futures edged higher on Wednesday as investors awaited an address by the head of the Federal Reserve that could shed further light on the state of the economy.
The Fed chair, Jerome H. Powell, will speak via webcast at 9 a.m. Eastern. He is expected to talk about the challenges facing the U.S. economy, and investors will be watching for any hints of further action from the central bank.The Fed chair, Jerome H. Powell, will speak via webcast at 9 a.m. Eastern. He is expected to talk about the challenges facing the U.S. economy, and investors will be watching for any hints of further action from the central bank.
Futures for the S&P 500 were up less than 1 percent, signaling a positive open to trading on Wall Street. Global markets were broadly down, with European indexes trading 1 to 2 percent lower after a mixed day in Asia.Futures for the S&P 500 were up less than 1 percent, signaling a positive open to trading on Wall Street. Global markets were broadly down, with European indexes trading 1 to 2 percent lower after a mixed day in Asia.
It came after a downbeat day on Wall Street on Tuesday, with the S&P 500 dropping 2 percent after officials warned that fully reopening the country’s economy could be a long and protracted process. The gloomy news continued on Wednesday, as the British government reported its economy fell 2 percent in the first quarter, and 5.8 percent in March alone. Commerzbank, Germany’s second-largest lender, said it was anticipating a large number of customers would be unable to repay loans.It came after a downbeat day on Wall Street on Tuesday, with the S&P 500 dropping 2 percent after officials warned that fully reopening the country’s economy could be a long and protracted process. The gloomy news continued on Wednesday, as the British government reported its economy fell 2 percent in the first quarter, and 5.8 percent in March alone. Commerzbank, Germany’s second-largest lender, said it was anticipating a large number of customers would be unable to repay loans.
Oil prices fell after gains over the last several days.Oil prices fell after gains over the last several days.
Britain’s economy contracted by 2 percent in the first three months of 2020, the government reported on Wednesday, the steepest quarterly drop since the financial crisis in 2008. In March alone, the economy shrank by 5.8 percent, the largest drop since the Office of National Statistics began keeping monthly tallies in 1997. The Internal Revenue Service on Tuesday made it easier for employers to allow workers to make adjustments to their health insurance plans and flexible spending accounts in response to the coronavirus pandemic.
Normally, strict rules prevent employees from changing health insurance plans in the middle of a year. But the I.R.S. is giving employers a way to let workers make changes without waiting for the usual enrollment period.
Under the new guidance, employers can let their workers drop out of their health insurance if they have another option, or sign up if they failed to earlier in the year. Workers could also be allowed to add more family members to their plan, or switch from one workplace plan to another.
Britain’s economy contracted by 2 percent in the first three months of 2020 , the government reported on Wednesday, the steepest quarterly drop since the financial crisis in 2008. In March alone, the economy shrank by 5.8 percent, the largest drop since the Office of National Statistics began keeping monthly tallies in 1997.
The January-March period did not reflect the full effects of the coronavirus pandemic that has led to government-ordered lockdowns in Britain and elsewhere. Britain’s lockdown only began in the last week in March. Since then, schools and many shops have been closed, and many employees have either been furloughed from their jobs — a government scheme pays up to 80 percent of furloughed employees’ wages — or are working at home.The January-March period did not reflect the full effects of the coronavirus pandemic that has led to government-ordered lockdowns in Britain and elsewhere. Britain’s lockdown only began in the last week in March. Since then, schools and many shops have been closed, and many employees have either been furloughed from their jobs — a government scheme pays up to 80 percent of furloughed employees’ wages — or are working at home.
The agency said that in March nearly every part of the economy was hit, with education, car sales and restaurants all falling substantially. Among the few industries that recorded growth were IT support and pharmaceuticals and cleaning products as the country stocked up to prepare for the pandemic.The agency said that in March nearly every part of the economy was hit, with education, car sales and restaurants all falling substantially. Among the few industries that recorded growth were IT support and pharmaceuticals and cleaning products as the country stocked up to prepare for the pandemic.
Last week, the Bank of England published a scenario forecasting that the gross domestic product could fall by 14 percent in 2020, which would be the steepest annual drop in economic activity since 1706.Last week, the Bank of England published a scenario forecasting that the gross domestic product could fall by 14 percent in 2020, which would be the steepest annual drop in economic activity since 1706.
Tesla’s California car factory received a conditional approval from local officials late Tuesday to begin getting ready to restart production next week.Tesla’s California car factory received a conditional approval from local officials late Tuesday to begin getting ready to restart production next week.
The Alameda County Public Health Department said that it had held “productive discussions” with Tesla’s representatives, and that it made “additional safety recommendations” to the carmaker’s plans.The Alameda County Public Health Department said that it had held “productive discussions” with Tesla’s representatives, and that it made “additional safety recommendations” to the carmaker’s plans.
“If Tesla’s Prevention and Control Plan includes these updates, and the public health indicators remain stable or improve, we have agreed that Tesla can begin” to prepare the factory this week for “possible reopening as soon as next week,” the health department said.“If Tesla’s Prevention and Control Plan includes these updates, and the public health indicators remain stable or improve, we have agreed that Tesla can begin” to prepare the factory this week for “possible reopening as soon as next week,” the health department said.
The announcement came after a day when Tesla was shipping out new cars from the site despite the county’s order prohibiting it from restarting production.The announcement came after a day when Tesla was shipping out new cars from the site despite the county’s order prohibiting it from restarting production.
The company’s chief executive, Elon Musk, said on Monday that the factory would restart in violation of an order from Alameda County, and dared officials to arrest him. President Trump threw his weight behind the billionaire entrepreneur on Tuesday, saying California should allow Tesla to restart “NOW.”The company’s chief executive, Elon Musk, said on Monday that the factory would restart in violation of an order from Alameda County, and dared officials to arrest him. President Trump threw his weight behind the billionaire entrepreneur on Tuesday, saying California should allow Tesla to restart “NOW.”
It was not clear how many cars Tesla was making. But on Tuesday, trucks were leaving the factory, which is the Bay Area city of Fremont, with new sedans and sport-utility vehicles. New cars were also parked in rows outside the factory. The parking lot for employees was also filled.It was not clear how many cars Tesla was making. But on Tuesday, trucks were leaving the factory, which is the Bay Area city of Fremont, with new sedans and sport-utility vehicles. New cars were also parked in rows outside the factory. The parking lot for employees was also filled.
Tesla’s head of human resources for North America, Valerie Workman, sent an email to employees on Monday saying that their furloughs had ended on Sunday. She said employees who were uncomfortable returning to work could stay home on unpaid leave.Tesla’s head of human resources for North America, Valerie Workman, sent an email to employees on Monday saying that their furloughs had ended on Sunday. She said employees who were uncomfortable returning to work could stay home on unpaid leave.
Tesla did not respond to a request for comment.Tesla did not respond to a request for comment.
The county’s director for health care services, Colleen Chawla, had sent a letter to Tesla late Monday saying that the company was violating its order. “We hope that Tesla — like other businesses who have been notified of noncompliance — comes into compliance with the order without the need for additional enforcement measures,” Ms. Chawla said.The county’s director for health care services, Colleen Chawla, had sent a letter to Tesla late Monday saying that the company was violating its order. “We hope that Tesla — like other businesses who have been notified of noncompliance — comes into compliance with the order without the need for additional enforcement measures,” Ms. Chawla said.
The plant is Tesla’s main source of revenue and has been closed for more than a month. County officials have said they were working with Tesla on an agreement to reopen the plant on May 18. But Tesla sued the county on Saturday in United States District Court in San Francisco, arguing that the county’s order was unconstitutional and contradicted an order by Gov. Gavin Newsom that permits manufacturing statewide.The plant is Tesla’s main source of revenue and has been closed for more than a month. County officials have said they were working with Tesla on an agreement to reopen the plant on May 18. But Tesla sued the county on Saturday in United States District Court in San Francisco, arguing that the county’s order was unconstitutional and contradicted an order by Gov. Gavin Newsom that permits manufacturing statewide.
Some automakers may emerge stronger, others too weak to survive on their own. Factories will shut down. The pressure to go electric could become more intense.Some automakers may emerge stronger, others too weak to survive on their own. Factories will shut down. The pressure to go electric could become more intense.
The outbreak will realign the business of making cars in ways that could have a profound effect on the eight million people worldwide who work for vehicle manufacturers. As Volkswagen, Daimler, Fiat Chrysler and other companies slowly restart their assembly lines, people who work in the car business are beginning to ponder what the repercussions of this crisis will be.The outbreak will realign the business of making cars in ways that could have a profound effect on the eight million people worldwide who work for vehicle manufacturers. As Volkswagen, Daimler, Fiat Chrysler and other companies slowly restart their assembly lines, people who work in the car business are beginning to ponder what the repercussions of this crisis will be.
People may travel less now that they have discovered how much they can get done from home. Or they may commute more by car to avoid jostling with others on crowded buses and trains. Companies like Chinese automakers could swoop in on competitors elsewhere with battered share prices. Labor strife could become more common as factories close. All the chaos may leave room for start-ups that could inject new life in the industry.People may travel less now that they have discovered how much they can get done from home. Or they may commute more by car to avoid jostling with others on crowded buses and trains. Companies like Chinese automakers could swoop in on competitors elsewhere with battered share prices. Labor strife could become more common as factories close. All the chaos may leave room for start-ups that could inject new life in the industry.
“We shouldn’t be too optimistic and expect that in 2021 everything is going to go back to normal as if nothing happened,” Ola Källenius, the chief executive of Daimler, told reporters during a recent conference call. The pandemic, he said, “will probably have a huge effect on the economy and we have to prepare.”“We shouldn’t be too optimistic and expect that in 2021 everything is going to go back to normal as if nothing happened,” Ola Källenius, the chief executive of Daimler, told reporters during a recent conference call. The pandemic, he said, “will probably have a huge effect on the economy and we have to prepare.”
We’ve never been such attractive targets for fraudsters and scammers, writes Brian X. Chen. Uncertainty around the coronavirus pandemic has created opportunities for robocallers, hackers and other thieves.We’ve never been such attractive targets for fraudsters and scammers, writes Brian X. Chen. Uncertainty around the coronavirus pandemic has created opportunities for robocallers, hackers and other thieves.
Millions of people are filing claims for unemployment benefits and awaiting stimulus checks. So when a phone call or an email from someone purporting to be a bank or a government official comes in, it is tougher to ignore.Millions of people are filing claims for unemployment benefits and awaiting stimulus checks. So when a phone call or an email from someone purporting to be a bank or a government official comes in, it is tougher to ignore.
Here’s what not to fall for:Here’s what not to fall for:
FAKE WEBSITES Fraudsters are trying to capitalize on our behavior by creating fake websites. To protect yourself, check the website’s URL and install an ad blocker.FAKE WEBSITES Fraudsters are trying to capitalize on our behavior by creating fake websites. To protect yourself, check the website’s URL and install an ad blocker.
SCAM CALLS Robocallers have a reputation for sounding dumb, but they are resourceful and work hard for your money. If you think a scammer is calling, hang up and call back. To avoid falling for a spoofed number, remove businesses from your phone’s address book.SCAM CALLS Robocallers have a reputation for sounding dumb, but they are resourceful and work hard for your money. If you think a scammer is calling, hang up and call back. To avoid falling for a spoofed number, remove businesses from your phone’s address book.
EMAIL AND TEXT MESSAGES Phishing is one of the oldest internet scams, but it still happens because it works. Check the sender. Fraudulent email addresses will look like legitimate ones but often be off by a character or two. And check — but don’t click on — hyperlinks.EMAIL AND TEXT MESSAGES Phishing is one of the oldest internet scams, but it still happens because it works. Check the sender. Fraudulent email addresses will look like legitimate ones but often be off by a character or two. And check — but don’t click on — hyperlinks.
THE HOME OFFICE Hackers trying to steal information from a business might look to attack our personal email accounts or home networks. Check your network security and update your Wi-Fi router. And keep work and business tech separate, because your equipment and apps were probably not set up to protect your company’s network security.THE HOME OFFICE Hackers trying to steal information from a business might look to attack our personal email accounts or home networks. Check your network security and update your Wi-Fi router. And keep work and business tech separate, because your equipment and apps were probably not set up to protect your company’s network security.
Shortages of safety gear and staff. Workers who may inadvertently be carriers. A disease that preys on older people with underlying health conditions. There are many reasons the coronavirus has hit nursing homes so hard.Shortages of safety gear and staff. Workers who may inadvertently be carriers. A disease that preys on older people with underlying health conditions. There are many reasons the coronavirus has hit nursing homes so hard.
Add the design of the buildings to the list.Add the design of the buildings to the list.
With shared resident rooms off long corridors and vast dining rooms where everyone mingles, nursing homes may have been laid out to be efficient and cost effective. But these very features have also allowed the virus to spread from person to person in what Gov. Andrew M. Cuomo of New York called “a feeding frenzy.”With shared resident rooms off long corridors and vast dining rooms where everyone mingles, nursing homes may have been laid out to be efficient and cost effective. But these very features have also allowed the virus to spread from person to person in what Gov. Andrew M. Cuomo of New York called “a feeding frenzy.”
New York State has become a pandemic hot spot. “Why are we seeing such a high rate in nursing homes?” asked Richard J. Mollot, executive director of the Long Term Care Community Coalition, an advocacy group for residents. “Maybe it’s because some nursing homes are so big.”New York State has become a pandemic hot spot. “Why are we seeing such a high rate in nursing homes?” asked Richard J. Mollot, executive director of the Long Term Care Community Coalition, an advocacy group for residents. “Maybe it’s because some nursing homes are so big.”
Before the pandemic, a movement under the banner of “culture change” was challenging the institutional model, calling for dividing up large nursing home populations into small, self-sufficient units with kitchens, private rooms and a dedicated staff. Now, anecdotal reports suggest that private rooms may be having more success at keeping the coronavirus at bay.Before the pandemic, a movement under the banner of “culture change” was challenging the institutional model, calling for dividing up large nursing home populations into small, self-sufficient units with kitchens, private rooms and a dedicated staff. Now, anecdotal reports suggest that private rooms may be having more success at keeping the coronavirus at bay.
Commerzbank, Germany’s second-largest lender after Deutsche Bank, fell into the red during the first three months of 2020 as it faced an increase in problem loans caused by the pandemic. The bank reported a loss of 295 million euros, or $320 million, in the quarter, compared with a profit of €122 million a year earlier. While revenue from interest and commissions rose because of higher demand for loans, Commerzbank quadrupled the amount it set aside to cover losses from delinquent borrowers.Commerzbank, Germany’s second-largest lender after Deutsche Bank, fell into the red during the first three months of 2020 as it faced an increase in problem loans caused by the pandemic. The bank reported a loss of 295 million euros, or $320 million, in the quarter, compared with a profit of €122 million a year earlier. While revenue from interest and commissions rose because of higher demand for loans, Commerzbank quadrupled the amount it set aside to cover losses from delinquent borrowers.
TUI, the world’s largest travel company, said it would cut its work force by more than 10 percent after the pandemic brought its operations almost to a standstill. The company, based in Hanover, Germany, said it would begin reopening some of its 400 hotels and resorts in coming days, but that it would still need to cut 8,000 jobs out of a total of 70,000 worldwide. TUI also owns a fleet of 150 aircraft and 18 cruise ships.TUI, the world’s largest travel company, said it would cut its work force by more than 10 percent after the pandemic brought its operations almost to a standstill. The company, based in Hanover, Germany, said it would begin reopening some of its 400 hotels and resorts in coming days, but that it would still need to cut 8,000 jobs out of a total of 70,000 worldwide. TUI also owns a fleet of 150 aircraft and 18 cruise ships.
Reporting was contributed by Stanley Reed, Jack Ewing, Carlos Tejada, Mohammed Hadi, Vikas Bajaj, Niraj Chokshi, Neal Boudette, Jane Margolies and Gregory Schmidt.Reporting was contributed by Stanley Reed, Jack Ewing, Carlos Tejada, Mohammed Hadi, Vikas Bajaj, Niraj Chokshi, Neal Boudette, Jane Margolies and Gregory Schmidt.