U.S. stocks opened higher on Wednesday after Gilead Sciences gave an encouraging update on a potential COVID-19 treatment, while upbeat earnings reports from Boeing and Google-parent Alphabet added to the sentiment.
The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world's largest economy.
Now more than ever, it may pay for students to negotiate with colleges for more money towards tuition.
CNBC's Jim Cramer said Wednesday that positive news from Gilead Sciences about a potential treatment for the coronavirus marked a turning point in the fight against Covid-19.
Boeing Co CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic.
As unemployment spikes, new college grads must compete for open positions against applicants with more experience.
Next said it had sold property, suspended share buybacks and dividends and delivered higher cost savings to shore up its finances and get the British clothing retailer, whose quarterly sales plunged 41%, through the coronavirus crisis.
IAG's move to axe up to 12,000 jobs at its main British Airways business reflects boss Willie Walsh's preference to slash costs rather than seek a state bailout to survive what is expected to be the worst downturn in aviation history.
Renault is considering cutting the number of sub-contractors it uses to develop car models in its engineering division potentially saving the carmaker between 100 million to 200 million euros, two sources close to the company said.
Boeing Co reported a loss for the second straight quarter and said on Wednesday it would cut its workforce by about 10% as the planemaker further reduces 787 Dreamliner production against a slump in global travel demand.
When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing.
Anthem Inc beat quarterly estimates for revenue on Wednesday, helped by the launch of pharmacy benefits business IngenioRx and as more people opted for its health plans.
General Electric Co said on Wednesday it had cut 700 jobs in its power division in the first quarter, and that it was on track to reduce capital expenditure by 25% this year.
The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.
U.S. stock index futures jumped on Wednesday after Gilead Sciences said its experimental antiviral drug met the main goal of a trial testing it in COVID-19 patients.