American Airlines Inc said Saturday it plans to cut 75% of its international flights through May 6 and ground nearly all its widebody fleet, as airlines respond to the global collapse in travel demand due to the coronavirus pandemic.
A massive rollout of easing measures by the Federal Reserve served to deepen some investors' anxiety over how effectively policymakers will be able to mitigate the economic damage from a spreading coronavirus pandemic.
Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to break a logjam in global lending markets.
United Airlines Holdings booked $1.5 billion less revenue in March than the same time last year and warned employees that planes could be flying nearly empty into the summer, even after drastic flight capacity cuts.
Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.
The U.S. Federal Reserve unleashed new emergency measures on Sunday night to limit the economic harm from the coronavirus, including making it easier for banks to get money and slashing its benchmark borrowing rate to near zero.
Stocks were slammed on Monday and the dollar battered after emergency rate cuts in the United States and New Zealand, and a raft of steps by policymakers worldwide failed to stem the rout in markets spooked by the broadening fallout of the coronavirus.
More major retailers said on Sunday they would shut stores in the United States to limit the spread of the coronavirus, including Nike, Under Armour, and Lululemon Athletica, a day after similar moves by several other U.S. retailers.
U.S. stock index futures tumbled to open trading on Sunday, hitting their daily down limit, after the Federal Reserve took drastic action to cushion the economic blow from the escalating coronavirus.
Oil prices extended losses on Monday, slumping by more than $1 a barrel, as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus and mounting economic disruptions.
NASA, Boeing, Lockheed Martin and Blue Origin are taking measures in response to coronavirus but SpaceX appears to move forward unabated.
The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.
The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.
U.S. President Donald Trump said the Federal Reserve's decision on Sunday to cut interest rates was "good news" and "makes me very happy" as he congratulated the central bank for taking further action aimed at helping shore up the U.S. economy amid the global coronavirus pandemic.
U.S. stock index futures tumbled after resuming trading on Sunday after the U.S. Federal Reserve slashed rates back to near zero to help the global economy and investors digested the latest fallout from the escalating coronavirus pandemic.