Stocks Drop and Oil Crashes as Investor Alarm Persists: Live Updates
It would allow for the use of the Exchange Stabilization Fund, an emergency reserve account that is usually used for intervening in currency markets, to cover those costs, and also temporarily allow it to guarantee money market mutual funds.
Catch up: Here’s what else is happening.
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A Google spokeswoman said on Wednesday that the company was deferring performance reviews for the current period. The reason, according to a copy of the email announcement sent by Eileen Naughton, Google’s vice president of people operations, which was seen by The New York Times, was to help the internet company’s more than 100,000 workers focus on their “most important, mission-critical activities” during the coronavirus pandemic.
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ConocoPhillips said on Wednesday that it would cut its 2020 capital spending by $700 million, or about 10 percent. Late Tuesday, Halliburton, which provides drilling and related services to oil producers, said it would furlough 3,500 workers for 60 days.
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Delta Air Lines told employees on Wednesday that it would slash 70 percent of its flights until further notice in an effort to save more than $4 billion, according to a memo sent by the company’s chief executive, Ed Bastian. About 10,000 employees have already taken voluntary leave, he said, urging more to consider joining them.
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Verizon, ATT and T-Mobile have all shut hundreds of stores, while keeping some open, in attempt to halt the spread of the coronavirus. All companies have cut back on retail hours with limited staffing. ATT and T-Mobile said they would continue to pay their retail workers. Verizon did not comment on its employees.
Reporting and research were contributed by Jack Ewing, Ana Swanson, David McCabe, Cecilia Kang, Alan Rappeport, Ben Casselman, Davey Alba, Clifford Krauss, Sapna Maheshwari, Nicholas Fandos, Jim Tankersley, Amie Tsang, Kate Conger, Adam Satariano, Matthew Goldstein, Mike Isaac, Jason Gutierrez, Edmund Lee, Carlos Tejada, Kevin Granville, Daniel Victor and Nelson Schwartz.
Article source: https://www.nytimes.com/2020/03/18/business/stock-market-today.html