US stocks fall broadly … Investors brace for a sobering week … Amazon swamped by online grocery shoppers
NEW YORK (AP) – Stocks have fallen broadly in early trading on Wall Street as the market has given back some gains after notching its best week since 1974. At 10:50 a.m. EDT, the Dow was down 503 points, to 23,214. The S&P 500 dropped 55 points to 2,735. And the Nasdaq was down 79 points, to 8,074.
NEW YORK (AP) – Investors are bracing for a sobering first look this week at how the coronavirus has hurt corporate America, with several major banks, including JPMorgan Chase, Wells Fargo, and other big companies set to report their results for the first three months of the year. Analysts project broad declines in earnings across the 11 sectors in the S&P 500.
DUBAI, United Arab Emirates (AP) – Just hours before Wall Street reopened, OPEC, Russia and other oil producers finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, seeking to boost crashing prices and end a price war. Analysts say the cuts are not enough to make up for the void in demand due to business and travel shutdowns due to the coronavirus. But the deal at least helped resolve a price war that took U.S. crude to near $20 per barrel, pummeling U.S. oil and gas producers.
UNDATED (AP) – Hundreds of companies have withdrawn all financial projections for the year given the unprecedented disruption to the economy and to consumers. But details of the extent of the damage are beginning to surface. Ford Motor Co. expects to post a $600 million first-quarter pretax loss. It says it has enough cash to get through the end of September even if vehicle production doesn’t resume. Ford is considering a phased restart of its factories sometime in the second quarter with enhanced safety standards.
UNDATED – Beginning today, Amazon is asking anyone signing up for deliveries from Amazon Fresh or Whole Foods Market delivery to sign up for an invitation to use the service. The increase in stay-at-home online grocery shoppers has created a shortage of delivery slots available despite a 60% increase in capacity put into place by Amazon since the coronavirus