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1. AutoNation says sales fell about 50% in last two weeks of March, places 7,000 workers on unpaid leave13:29[−]

AutoNation Inc. said Friday the coronavirus pandemic has significantly impacted sales of new and used vehicles, which were down about 50% in the last two weeks of March. About 95% of the markets the company generates its revenue from are under lockdown orders from federal, state and local governments, the company said in a regulatory filing. To combat the impact, the company has placed about 7,000 workers on unpaid leave, has cut pay and frozen all new hiring. The company has cut its advertising expenses for the second quarter by about 50% and postponed more than $50 million of discretionary spending. The company has cut the pay of its executive chairman, CEO and president by 50%, cut the pay of its executive vice presidents by 35% and cut the pay of senior vice presidents and region presidents by 30%. The remaining corporate and region staff are taking pay cuts of 20%, and the board of directors is waiving retainer fees temporarily. The company had about $1.1 billion of liquidity as of March 31, and about $700 million of availability under a revolving credit facility. Shares were not yet active premarket, but have fallen 48% in the year to date, whlie the S&P 500 has fallen 22%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


2. American Airlines to cut summer international capacity by 60%, including an 80% reduction to the Pacific13:28[−]

American Airlines Group Inc. said Friday that it will suspend 60% of its international capacity for the "peak" summer travel season compared with a year ago, in response to "record low customer demand" resulting from the COVID-19 pandemic. The stock rose 2.1% in premarket trading, after plummeting 35.8% over the past five sessions. The suspensions include an 80% reduction in Pacific capacity, a 65% cut in Atlantic capacity and a 48% reduction in Latin America capacity. The air carrier said it was also suspending 25 summer seasonal flight until 2021 and delaying the launch of new routes. The stock has tumbled 63.6% over the past three months through Thursday, while the U.S. Global Jets ETF has dropped 59.4% and the S&P 500 has lost 21.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


3. Tenneco to reduce second-quarter salary costs by 25%, including furloughs and pay cuts13:14[−]

Auto parts maker Tenneco Inc. announced Friday a series of actions its taking to combat the negative effects of the COVID-19 pandemic, which current estimates suggest the second-quarter will be the most severely impacted. For the second quarter, the company said it will cut salary cuts by at least 25% through unpaid furloughs and reduced pay and available temporary support programs. Tenneco said its executive leadership will take a 50% pay cut during the quarter, with the CEO not receiving any salary. After the second quarter, overall salary costs will be lowered by at least 10% from the original levels for the rest of the year. In addition, Tenneco said it will cut capital expenditures for 2020 to less than $400 million from previous guidance of $610 million to $650 million, and is withdrawing the financial guidance it provided in February. For liquidity, the company said it had cash balances of about $700 million, and has drawn about $700 million from its $1.5 billion revolving credit facility. The stock, which was still inactive in premarket trading, had plunged 77.8% over the past three months, while the S&P 500 has dropped 21.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


4. Eurozone services PMI skids to worst-ever 26.4 in March11:06[−]

The IHS Markit eurozone services purchasing managers index in March slumped to a reading of 26.4 from 52.6 in February, the worst-ever reading in the history of the series. Any level below 50 indicates contracting conditions, and the final reading was worse than the flash reading of 28.4. In Italy, the services PMI fell to 17.4 in March, plunging from 52.1 in February. "The data indicate that the eurozone economy is already contracting at an annualised rate approaching 10%, with worse inevitably to come in the near future," said Chris Williamson, chief business economist at IHS Markit.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


5. Apple to keep U.S. stores closed until early May due to COVID-19: report10:29[−]

Apple Inc. plans to keep its U.S. stores closed until early May to help prevent coronavirus infections from spreading further, and remain flexible about working from home arrangements for staff, Bloomberg reported, citing a memo from employees. Apple Senior Vice President of Retail and People Deirdre O'Brien reportedly told staff that the company will keep monitoring local conditions for every location and make "reopening decisions on the basis of thorough, thoughtful reviews and the latest guidance from local governments and public health experts." MarketWatch could not immediately reach an Apple spokesperson for comment.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


6. European stocks open lower as global coronavirus cases top one million10:16[−]

European stocks slipped and U.S. equity futures pointed to a weaker session on Friday, as investors braced for more bad news on the American job front and coronavirus cases worldwide topped one million. The Stoxx Europe 600 index dropped 0.4%, alongside a similar loss for the German DAX 30 index , while the FTSE 100 index fell 0.7%. After a positive session for Wall Street on Thursday, Dow Jones Industrial Averages futures fell 181 points, or 0.9%, to 21,077. S&P 500 and Nasdaq-100 futures eased around 0.8%. Oil prices pared back some of Thursday's gains that saw West Texas Intermediate crude jump nearly 25% and Brent crude climb 21%. Those contracts were off 1.7% and 0.3% respectively. Oil's rally was sparked by a tweet from President Donald Trump who predicted Saudi Arabia and Russia would agree to significantly cut oil production. Investors are waiting for March nonfarm payrolls data from the U.S., after data Thursday showed a record 6.6 million Americans filed for unemployment claims due to shutdowns from the coronavirus outbreak.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


7. Morgan Stanley forecasts 38% drop in second-quarter U.S. GDP09:28[−]

Morgan Stanley has lowered its U.S. economic forecasts, as social distancing measures and closures of nonessential businesses have spread to an increasing number of states. The bank lowered its first-quarter GDP forecast to -3.4% from -2.4% and its second-quarter GDP forecast to -38% from -30%. "We expect the U.S. economic recovery will be more drawn out than previously anticipated, marked by a deeper drop into recession and slower climb out," the economists said. Its third-quarter GDP estimate of 20.7% growth implies that the level of real GDP in the third quarter will recover back only 35% of the lost output in the first half of the year. On an annual average basis, Morgan Stanley expects real GDP contracting 5.5% in 2020, the steepest annual drop in growth since 1946.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


8. U.S. stock futures retreat ahead of Friday's jobs report04:19[−]

U.S. stock index futures fell late Thursday, leaving Wall Street on track for another week of losses. As of 9 p.m. Eastern, Dow Jones Industrial Average futures were down more than 200 points, or 1%, while S&P 500 futures and Nasdaq-100 futures slipped as well. Earlier, stocks gained in the regular session, with the Dow closing up more than 2% as President Donald Trump hinted at imminent production curbs by feuding oil giants Saudi Arabia and Russia. But investors may be bracing for Friday's March jobs report, which is expected to be ugly though not fully indicative of the massive job losses caused by businesses shutting down due to the coronavirus pandemic. On Thursday, data showed that unemployment applications last week soared to a record 6.6 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


9. Disney to furlough employees later this month01:25[−]

Walt Disney Co. announced Thursday that employees would begin being furloughed on April 19 due to the COVID-19 pandemic. Disney has kept all of its workers on payroll despite closing theme parks and closing down movie shoots, but said that would end later this month. "With no clear indication of when we can restart our businesses, we're forced to make the difficult decision to take the next step and furlough employees whose jobs aren't necessary at this time," according to a statement emailed to MarketWatch. "The furlough process will begin on April 19, and all impacted workers will remain Disney employees through the duration of the furlough period. They will receive full healthcare benefits, plus the cost of employee and company premiums will be paid by Disney." Disney had approximately 223,000 employees as of the end of its most recent fiscal year. Disney stock has declined 33% so far this year, as the S&P 500 index has declined 23.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


10. Etsy touts sales, liquidity amid coronavirus wreckage00:45[−]

Etsy Inc. said Thursday that its first-quarter consolidated gross merchandise sales hit $1.4 billion, up 32% year-on-year. That is in line with expectations of analysts polled by FactSet. In what the online marketplace dubbed a "fireside chat" with management, Etsy said it has "high-quality capital" on its balance sheet and is in a "very strong financial position" to weather the slowdown brought by the coronavirus pandemic. As of Dec. 31, the company had more than $800 million in cash and short-term investments. None of its debt is due before 2023 and the company has a credit line of about $200 million currently untapped, it said. Shares of Etsy see-sawed between gains and losses in the extended session after ending the regular session down 1.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


11. Bed Bath & Beyond, Lululemon, Zumiez announce more cost-cutting moves00:13[−]

Three retailers late Thursday announced more belt-tightening measures to shore up balance sheets amid the economic destruction brought by the coronavirus pandemic. Bed Bath & Beyond Inc. said that it has extended the closure of its namesake stores to at least May 2 and that it will furlough most of its salespeople and some of its corporate workers at least until that date. The company confirmed that its salespeople will be paid through Friday, as previously announced, and said that the corporate workers furloughed on Thursday will be paid through April 18. Health-care costs are covered until further notice, the company said. The company's stores selling baby, personal, and health-care items under the Buybuy Baby and Harmon names are open, subject to local regulations, it said. Meanwhile, Lululemon said late Thursday it will continue to pay its sales associates through June 1, whether stores reopen or remain closed. Top executives will take a 20% pay cut and the company's board will forgo retainers, with the money going to a fund to support employees, Lululemon said. Also Thursday, Zumiez Inc. said its stores will remain closed until further notice, and said it continues "to support its full-time workforce either directly or through partnership with local governmental programs to the greatest extent possible." Zumiez announced a hiring freeze and said it had laid off its part-time staff, eliminated bonuses and delayed raises; cut operating costs and capital expenses; and it is negotiating rent relief with its landlords, among other measures. It also halted its share buy-back program.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


12. Dave & Buster's stock rallies on earnings beat, coronavirus cost cuts00:00[−]

Dave & Buster's Entertainment Inc. shares rallied in the extended session Thursday after the arcade-themed restaurant chain topped Wall Street estimates and announced measures to save money while its stores are closed due to the COVID-19 coronavirus pandemic. Dave & Buster's shares rallied 12% after hours, following a 6.1% decline in the regular session to close at $10.05. The company reported fourth-quarter net income of $25 million, or 80 cents a share, compared with $29.4 million, or 75 cents a share, in the year-ago period. Revenue rose to $347.2 million from $331.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 69 cents a share on revenue of $344.5 million. Dave & Buster's said it temporarily furloughed its more than 15,000 hourly employees, reduced store management and corporate staff by 90%, cut senior management pay by 50%, and suspended board compensation for the rest of the year. Additionally, capital spending and new store construction has been halted along with dividends and share buybacks. On March 20, the company temporarily closed all of its 137 locations, and is currently in discussions with landlords and vendors to reduce expenses.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


13. Online pet supply retailer Chewy stock falls after earnings, COVID-19 guidanceЧт, 02 апр[−]

Online pet supply retailer Chewy Inc. shares fell 4% in the extended session Thursday after the company reported revenue that met consensus estimates and told investors it expects first-quarter sales of $1.5 billion to $1.52 billion. The company reported a fourth-quarter net loss of $60.9 million, or 15 cents a share, compared with a net loss of $66.3 million, or 17 cents a share, in the year-ago period. Revenue rose to $1.35 billion from $1.09 billion in the year-ago period. The company said it is seeing its shop-at-home business prove "resilient" amid the COVID-19 pandemic and that its supply chain related to food and treats, which amounts to 70% of the company's sales, is sourced "almost exclusively in the U.S." The company said it has implemented additional cleaning and sanitizing measures at its facilities and has thus far not reported confirmed COVID-19 cases. Chewy said that its customers have engaged in stockpiling behavior and have increased purchases of pet necessities such as food and have moved buying online. The company said behavior began to change in February, cautioned that trends may change and did not issue full-year guidance. Chewy stock has gained 6.2% in the past nine months, with the S&P 500 index falling 16.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


14. Leggett & Platt pulls full-year guidance because of coronavirusЧт, 02 апр[−]

Leggett & Platt Inc. said late Thursday it was pulling its guidance for the year in response to the COVID-19 coronavirus pandemic. In a statement, the bed component and furniture maker said it "has experienced significant reductions in demand in many of its markets," and as a result it "has temporarily closed some facilities." Leggett shares rose 1.9% after hours, following a 0.9% decline to close the regular session at $24.21. Analysts surveyed by FactSet had forecast full-year earnings of $2.42 a share on revenue of $4.75 billion, after Leggett had forecast earnings of $2.40 to $2.60 a share on revenue of $4.7 billion to $4.9 billion back in early February.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


15. Dow closes more than 450 points higher on hopes of Russian-Saudi oil output cutsЧт, 02 апр[−]

Stocks closed higher on Thursday amid hopes that Saudi Arabia and Russia will curtail oil production, providing stability to energy markets roiled by the price war between the two crude exporters. The S&P 500 rose 2.2% to 2,527. The Dow Jones Industrial Average advanced 470 points, or 2.2%, to 21,413, based on preliminary numbers. The Nasdaq Composite was up 1.7% to 7,487. President Donald Trump said he expected Russia and Saudi Arabia to cut oil production by as much as 15 million barrels a day. Futures for a U.S. crude benchmark were up $5.01 to $25.32 per barrel on Thursday. The positive developments helped markets shrug off worrisome labor-market data. Some 6.65 million Americans filed for first-time jobless benefits in the week ending March 28, doubling the previous week's record rise of 3.28 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


16. Shopify stock drops nearly 9% after guidance rescindedЧт, 02 апр[−]

Shopify Inc. shares dropped 8.8% Thursday, after the e-commerce company rescinded its annual guidance because of the coronavirus pandemic. In a news release Wednesday evening, the Canadian company said that it would hit or exceed its first-quarter forecast due to strong results in January and February, but was suspending its full-year guidance "given the uncertainty surrounding the duration and magnitude of COVID-19." Shopify, which offers software and services to help manage retail operations, had projected that 2020 revenue would top $2 billion, with a forecast range of $2.13 billion to $2.16 billion, after recording sales of $1.58 billion in 2019. Shares nearly tripled in 2019, gaining 187%, but the stock is now down 11.7% so far this year including Thursday's decline. Shopify also said it expects to report full first-quarter earnings information on May 6.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


17. Trump uses Defense Production Act to speed supplies to companies making ventilatorsЧт, 02 апр[−]

President Donald Trump on Thursday said he'd issued an order under the Defense Production Act to "facilitate the supply of materials" to six companies making ventilators. Trump said his order to the secretaries of health and human services and homeland security will help manufacturers like General Electric and Medtronic "secure the supplies they need to build ventilators needed to defeat" the coronavirus. "Today's order will save lives by removing obstacles in the supply chain that threaten the rapid production of ventilators," the president said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


18. Service Properties Trust's stock tumbles after S&P Global cuts REIT's credit to 'junk' statusЧт, 02 апр[−]

Shares of Service Properties Trust tumbled 14% in afternoon trading Thursday, after the real estate investment trust (REIT) focused on hospitality and travel services had its credit rating cut to "junk" status at S&P Global Ratings. The issuer credit rating was lowered one notch to BB+, which is the highest speculative grade, or junk, rating, from BBB-, and was placed on CreditWatch with negative implications. The rating agency said it expects the REIT's performance to be hurt as the COVID-19 pandemic leads to possible rent deferrals, delayed asset sales and higher-than-anticipated leverage. "The downgrade reflects our expectation that SVC's operating performance, particularly in its hotel segment, will be negatively affected by the recent COVID-19 pandemic such that we anticipate its revenue per available room (RevPAR) will decline significantly for 2020," S&P Global said. "The CreditWatch reflects our view that the company could exhaust its security deposits on several hotel agreements, which would expose it to a material deterioration in its credit metrics if the occupancy pressure stemming from the coronavirus pandemic persists for more than a few months." The stock has plunged 81.4% year to date, while the SPDR Real Estate Select Sector ETF has lost 24.9% and the S&P 500 has shed 22.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


19. U.S. oil prices settle nearly 25% higher; Trump expects a Saudi Arabia-Russia output cutЧт, 02 апр[−]

Oil futures rallied Thursday, finding support after President Donald Trump tweeted that he spoke to Saudi Arabia's Crown Prince Mohammed bin Salman, who held a discussion with Russian President Vladimir Putin, and now expects the two major oil producers to announce a production cut of "approximately 10 Million Barrels." Trump later tweeted that the cut could be as high as 15 million barrels. Saudi Arabia has also called for an "urgent" meeting of OPEC and its allies. News reports, however, said a Russian spokesman denied that Putin spoke with the Saudi crown prince. May West Texas Intermediate oil rose $5.01, or 24.7%, to settle at $25.32 a barrel on the New York Mercantile Exchange after trading as high as $27.39.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


20. Mall REIT Simon Property says executives will take pay cuts to combat coronavirus impactЧт, 02 апр[−]

Simon Property Group Inc. said Thursday its senior executives will take pay cuts as it works to combat the effect of the coronavirus pandemic. In a regulatory filing, the Indianopolis-based mall real-estate investment trust said that Chief Executive David Smion will reduce his base salary to zero. Steven Fivel, general counsel and secretary of the company and John Rulli, president of malls and chief administrative officer, will reduce their base salaries by 30%. Brian McDade, executive vice president, chief financial officer and treasurer, and Alexander Snyder, assistant general counsel and assistant secretary of the company, will reduce their base salaries by 25%. The cuts will remain in effect for a period of time that has yet to be decided. In February, Simon Property agreed to acquire mall REIT Taubman Centers in an all-cash deal valued at about $3.6 billion. Shares were down 10% Thursday, and have tumbled 72% in the year to date, while the S&P 500 has fallen 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


21. Lowe's to raise hourly wages by $2 an hour, keep stores open an hour later than rival Home DepotЧт, 02 апр[−]

Lowe's Companies said Thursday it was raising wages by $2 an hour for all full-time, part-time and seaonal hourly workers for the month of April, throughout the U.S. and Canada. The home improvement retailer also said it will close all stores by 7 p.m., which is an hour later than when rival Home Depot Inc. said on Wednesday that it will close its stores. Lowe's said it will make masks and gloves available to all employees "who want them," and has developed an app, which is availabe on employees' hand-held devices, to implement a new customer limit protocol. The retailer has also installed Plexiglass shields at all points of sale and increased third-party cleaning shifts in the stores. Lowe's stock, which rose 0.8% in afternoon trading, has shed 32.3% year to date, while Home Depot shares have declined 18.3% and the Dow Jones Industrial Average has dropped 26.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


22. UPDATE: COVID-19 case tally: 981,221 cases globally, 50,230 deathsЧт, 02 апр[−]

The number of cases of COVID-19 around the world edged closer to a million on Thursday while the U.S. death toll climbed above 5,000 according to aggregated data from Johns Hopkins Whiting School of Engineering's Centers for Systems Science and Engineering. There are now 981,221 cases globally and 50,230 people have died, the data show. About 204,605 people have recovered from the novel coronavirus that has sickened people in 180 countries. The U.S still has the most number of cases worldwide, at 226,374 and 5,316 deaths. Another 8,826 people have recovered. Italy has the second highest number of cases at 115,242 but the highest mortality rate at at least 13,915 deaths. Spain's tally comes to 110,238 cases and at least 10,003 deaths. China, where the virus was first detected in December, has 82,432 cases and 3,322 deaths. Germany has 81,728 cases and 997 deaths; France has 57,807 cases and at least 4,043 deaths. Iran has 50,468 cases and at least 3,160 deaths. The UK counted 34,165 cases and the number of deaths now stands at 2,926.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


23. Gold futures end higher as weekly jobless claims climb to recordЧт, 02 апр[−]

Gold futures ended higher on Thursday, with the haven metal getting a boost on the heels of a climb in U.S. weekly jobless claims to a record 6.6 million. The move for gold followed four consecutive sessions of losses for the metal. June gold rose $46.30, or 2.9%, to settle at $1,637.70 an ounce. That was the biggest one-day percentage gain since March 24, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


24. GrubHub adds perk for restaurants after criticism over fee policyЧт, 02 апр[−]

GrubHub Inc. said Thursday that it will now give restaurants $250 to offset the cost of offering diners a $10 discount on orders of $30 or more. The new perk comes after The Verge published a story on March 31 saying GrubHub was making restaurants pay for the discount. A spokesperson for GrubHub called the story "misleading." GrubHub says that restaurants offering promotions during the coronavirus outbreak have seen sales rise 30%. Most restaurants have are now only filling orders for takeaway and delivery in accordance with social distancing guidelines. Though off-premise sales have risen, those sales haven't entirely made up for sales lost during the pandemic. The National Restaurant Association says 3% of restaurants have likely already shuttered permanently. GrubHub has previously announced a number of measures to help independent restauranteurs and franchises struggling during the pandemic, and says Chief Executive Matt Maloney has written to the White House and other government officials in support of a relief package. GrubHub shares are down 9.3% in Thursday trading and have fallen 49.2% over the past year. The S&P 500 index has taken a 13.1% tumble over the last 12 months. Read: Restaurants can't survive on delivery alone, says GrubHub CEO Matt Maloney

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


25. Amazon doing worker temperature checks, has filled 80,000 of 100,000 jobsЧт, 02 апр[−]

Amazon.com Inc. said it began doing worker temperature checks on more than 100,000 workers each day in select U.S. sites on Sunday, March 29. Anyone with a temperature higher than 100.4 degrees Fahrenheit is being sent home and asked to return after the fever has been gone for three days. By early next week, the e-commerce giant says it will be doing the checks across all U.S. and European operations, as well as at Whole Foods Markets. Walmart Inc. has also begun taking workers' temperatures. Amazon says it is handing out millions of masks it ordered to its team members, and has been distributing hand sanitizer and disinfecting wipes. Some Amazon workers went on a strike this week demanding better precautionary measures against the coronavirus pandemic. The company fired the worker who organized the strike in Staten Island, NY. N-95 masks that the company receives are donated to healthcare workers and are sold at cost to healthcare and government organizations. Amazon announced on March 16 that it would be adding 100,000 workers to handle a spike in demand. The company says it has filled 80,000 of those positions. Amazon stock has gained 5.8% over the past year while the S&P 500 index has tumbled 12.1% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


26. Fed likely to support municipal-debt, says former New York Fed presidentЧт, 02 апр[−]

The Federal Reserve is likely to support municipal debt, said William Dudley, the former president of the New York Federal Reserve, on Thursday. "I think for municipal debt, I think they are going to move forward with a facility," Dudley said, during a webcast sponsored by Princeton University, where he is a research scholar. Dudley said the program would be similar to the program where the Fed developed to support the market for corporate investment grade debt. The municipal bond market, usually seen as a safe source of capital preservation for investors, has been rocked by the financial market gyrations of the past few weeks and concerns that states, localities, and municipal entities like hospitals will face growing financial strain as the downturn deepens.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


27. Wendy's raises hourly wages by 10%Чт, 02 апр[−]

Wendy's Co.'s Chief Executive Todd Penegor said in a blog post on Thursday that the burger chain is raising hourly wages by 10% per hour for the next five weeks. Crew members, shift managers and assistant general managers are eligible for the pay rise. General managers and district managers will receive part of their March and April bonuses. Workers will also get free meals and family meals at a discount. Wendy's stock is down 24.5% over the past year while the S&P 500 index has fallen 12% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


28. Democratic convention delayed until August due to coronavirusЧт, 02 апр[−]

The 2020 Democratic National Convention now will be held the week of Aug. 17 in Milwaukee instead of in mid-July as originally planned, the Democratic National Convention Committee said on Thursday. The DNCC said the delay was due to the coronavirus pandemic, calling it an "unprecedented health crisis." Democratic presidential front-runner Joe Biden and other top Democrats had called for delaying the convention.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


29. Dallas Fed's Kaplan says the expected Saudi-Russia oil production cut 'obviously helps'Чт, 02 апр[−]

The announcement by President Donald Trump that Saudi Arabia and Russia plan to cut oil production by 10 million barrels is a welcome development, said Dallas Fed President Robert Kaplan on Thursday. "This obviously helps," Kaplan said, in an interview on CNBC. Even with the production cut, it will still take a "substantial time" to work off the high level of oil oversupply, he said. The Dallas Fed president said producers in the Permian Basin will struggle given the supply-demand imbalance. "That's going to be a challenge even with this move today," he said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


30. Pelosi creates watchdog panel for coronavirus spendingЧт, 02 апр[−]

House Speaker Nancy Pelosi on Thursday said she was establishing a bipartisan select committee on the coronavirus crisis, describing it as a panel that would provide oversight on virus-related spending. The California Democrat likened the new committee, chaired by Democratic Rep. Jim Clyburn of South Carolina, to a Senate panel during the World War II era that stopped waste and fraud in the national defense program and was led by Harry Truman. "What made sense then makes even more sense now," Pelosi said during a conference call with reporters.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



 
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