Finance

An abysmal March jobs report gives a glimpse of the devastating economic damage caused by the coronavirus pandemic. Another surge in oil prices on expected output cuts limited the losses in the stock market. Major equity averages suffered their third week of losses in four as the coronavirus crisis deepened. Here’s what happened: 4:22 pm: Sell-off by

A man cleans up on the trading floor, following traders testing positive for Coronavirus disease (COVID-19), at the New York Stock Exchange (NYSE) in New York, U.S., March 19, 2020. Lucas Jackson | Reuters The coronavirus pandemic has roiled capital markets, but it has also led to something that was once unthinkable on Wall Street:

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia’s Energy Minister Alexander Novak are seen at the beginning of an OPEC and NON-OPEC meeting in Vienna, Austria December 6, 2019. Leonhard Foeger | Reuters The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the

PM Images | Getty Images A generation of risk-averse supersavers could emerge from the fallout of the coronavirus crisis and potentially reshape the economy, experts have said. Morgan Housel, partner at venture capital firm Collaborative Fund and author of “The Psychology of Money,” said in a phone call that the coronavirus crisis would lead to

Take a look at some of the biggest movers in the premarket: Constellation Brands (STZ) – The maker of Corona and other beer and spirit brands reported quarterly earnings of $2.06 per share, beating the consensus estimate of $1.65 a share. Revenue also came in above forecasts. The company is not providing any full-year guidance

Silver Diner regional manager Omar Martinez, chef Ricardo Alvarez and operating partner Mandeep Shrestha carry out the last of that day’s 400 free meals to be given away during the coronavirus pandemic April 02, 2020 in Gaithersburg, Maryland. Chip Somodevilla | Getty Images Activity in the U.S. services sector slowed down in March as business

U.S. government debt prices were higher Friday as the total number of global coronavirus cases surpassed 1 million. The yield on the benchmark 10-year Treasury note sank to 0.601% while the yield on the 30-year Treasury bond was also lower at 1.239%. Bond yields move inversely to prices. The number of confirmed COVID-19 cases worldwide

Hedge fund manager Mark Yusko is telling investors to brace for a nearly once in a lifetime downturn. The Morgan Creek Capital Management CEO and CIO sees the Great Depression as the closest comparison to what’s happening to the coronavirus ravaged economy.  “The economic shock wave that’s coming is going to be like nothing that

Neel Kashkari Kate Rooney | CNBC Minneapolis Federal Reserve President Neel Kashkari, who helped guide the U.S. economy out of its last crisis, said Thursday that policymakers need to be less selective this time when deciding whom to help. Kashkari was an architect of the 2008 Troubled Asset Relief Program that aided banks through the

This photo taken on March 23, 2020 shows employees eating during lunch break at an auto plant of Dongfeng Honda in Wuhan in China’s central Hubei province. STR | AFP | China As the second quarter begins in China, it’s an altered landscape in the coronavirus-stricken economy with businesses that remain shut — some for good. 

U.S. stock futures rose in overnight trading and pointed to gains at the open on Thursday, as markets try to rebound after kicking off the second quarter in the red. Dow futures rose 203 points, indicating a 134-point gain at the open on Thursday. The S&P 500 and Nasdaq Composite were also set to open

Wilmington Trust’s Meghan Shue warns two grim quarters are ahead — not just one. The firm’s head of investment strategy believes market losses will continue to pile up amid negative coronavirus data and headlines. “GDP in the second quarter could be anywhere from negative 15% to negative 30%. That is a huge range which just

U.S. stock futures dropped early Wednesday morning and pointed to sizable declines at the open, following the end of the worst first quarter on record for the Dow and S&P 500 spurred by the coronavirus sell-off. At around 2:45 a.m. ET, Dow Jones Industrial Average futures fell 681 points, indicating a Wednesday opening loss of about

A Jeep Renegade rolls down an assembly line at Fiat Chrysler’s Melfi assembly plant in Italy in 2015. Michael Wayland / CNBC Check out the companies making headlines after the bell. Verint Systems — Shares of the analytics company tumbled 12% in extended trading after Verint Systems missed analysts’ estimates on both earnings and revenue in

A tattoo parlor is temporarily closed in the Brooklyn Borough of New York, U.S., on Friday, March 20, 2020. Photographer: Gabby Jones/Bloomberg via Getty Images Bloomberg The $2 trillion coronavirus relief law signed by President Trump last week has several incentives for struggling businesses to retain their employees instead of laying them off. The financial

Chinese customers wear protective masks as they line up single file to buy dumplings at a popular local shop on February 16, 2020 in Beijing, China. Kevin Frayer | Getty Images Asia Pacific banks will find it increasingly challenging to maintain their financial performance as economies around the world get hit by the coronavirus pandemic,

Economist Stephen Roach believes the country is sinking into an unprecedented recession. Roach, who’s former chairman of Morgan Stanley Asia, warns the coronavirus is spiraling the United States into a downturn that’ll be difficult to exit. “This is a sudden stop in the U.S. economy. The hope is we’ll get through this. But it’s at

A Johnson & Johnson building is shown in Irvine, California. Mike Blake | Reuters Check out the companies making headlines midday Monday: Johnson & Johnson — Johnson & Johnson shares jumped more than 7% after the company announced it has a coronavirus vaccine candidate, noting that human testing on the medication will begin in September.

An empty Leicester Square in central London on March 24, 2020 in London. British Prime Minister, Boris Johnson, announced strict lockdown measures urging people to stay at home and only leave the house for basic food shopping, exercise once a day and essential travel to and from work. Ollie Millington British tech start-ups are lobbying

Federal Reserve Chair Jerome Powell holds a news conference following the Federal Open Market Committee meeting in Washington, December 11, 2019. Joshua Roberts | Reuters The Mortgage Bankers Association in a dire letter to regulators Sunday warned that the U.S. housing market is “in danger of large-scale disruption,” due to efforts by the Federal Reserve