Congress and the White House reached a historic, $2 trillion stimulus bill aimed to revive the US  economy from the impact of the coronavirus pandemic. The economic relief package, will include $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies. The package has set aside $50 billion of loans to U.S. airlines, and $150 billion for hospitals.  

The U.S. Federal Reserve might be ready to buy an unlimited amount of assets to support the economy amid the COVID-19 crisis. On Monday, the Fed said it will buy Treasury bonds and mortgage-backed securities "in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy". On March 15, the central bank said it would buy atleast $700 billion in asset purchases. "The coronavirus pandemic is causing tremendous hardship across the United States and around the world.Our nation's first priority is to care for those afflicted and to limit the further spread of the virus", the Fed said. Following the news, the U.S. dollar index, which measures the greenback’s value against a basket of six global currencies, was -0.90% lower in the session.

Walmart  plans to hire 150,000 temporary workers by the end of May amid growing demand for goods during the coronavirus crisis. The retail giant said it would be hiring for roles in its stores, clubs, distribution centers and fulfillment centers.  The positions would be temporary initially, but would be converted to permanent jobs, according to Walmart.  It also added, "We’ve reached out to industry groups representing restaurants and hospitality to facilitate temporary roles that can be a bridge for their employees during this difficult time.The bonuses will total more than $365 million, as indicated by Walmart .  

The U.S. economy is set to contract by a worrisome -24% in the second quarter, according to Goldman Sachs economists. With the Covid-19 outbreak, Goldman Sachs’ analysis is probably one of the most grimmest outlooks.The outlook represents the sharpest single-quarter decline in gross domestic product since the U.S. began reported GDP in its current form. Goldman Sachs  economists expect US unemployment to surge to 9% rate in the next couple of quarters, citing an apparent  rise  in job losses happening very quickly.

On Wednesday, the U.S. Senate voted to approve an emergency aid package meant to cushion some of the economic damage from coronavirus crisis. The Senate voted 90-8 to pass legislation on providing more than $100 billion in aid, including financing free testing for the virus, expanded paid sick leave, additional food aid and other urgent steps. Details of the plan were worked out last week between House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin. The bill will now go to President Donald Trump for signing into law.Congress and the White House are now discussing additional economic stimulus legislation.

Cinemark Holdings is temporarily closing its 345 U.S. theaters, amid the spread of the coronavirus. "The decision to close our U.S. theatres was incredibly tough, but we know it is the right thing to do as global coronavirus concerns continue to escalate" , Chief Executive Mark Zoradi said in a statement.  AMC Theaters   and Regal Cinemas are also closing their theaters, to combat COVID-19 risks. Recently, a White House news conference advised Americans to avoid social gatherings of more than 10 people. 

 Opening hours would remain unchanged. According to the company, the adjusted hours will allow the staff more time to restock, and also do the necessary cleaning to combat the coronavirus risks. From this week, Home Depot will offer all hourly full-time workers an additional 80 hours of paid sick or personal time.Part-time hourly workers will receive an additional 40 hours of paid sick or personal leave. If an employee contracts Covid-19 or is advised to self-quarantine due to exposure, the employee will continue to be paid during time off.  "Our customers rely on us for urgent repairs, products, and materials, and we've always been committed to serving them during times of crisis and natural disaster," said Craig Menear, chairman, president and chief executive, in a statement.   

In January, the coffee chain had  closed more than half its China stores due to risks posed by the coronavirus outbreak. Starbucks on Wednesday also announced that it is opening a “state-of-the-art coffee innovation park in China in 2022.The facility will include a roasting plant, warehouse and distribution center; and it is expected to create highly skilled jobs and new career opportunities that will help boost sustainable coffee manufacturing, as indicated by Chief Executive Kevin Johnson . The company is hoping to have 6,000 stores in China by 2022, which is 40% more than the current 4,290 figure.

The Federal Reserve announced that it will set up a Commercial Paper Funding Facility  to bolster liquidity in commercial paper market. The central bank said it will create a special purpose vehicle, under the direction of the Treasury, to purchase short-term, high-quality unsecured debts issued by companies.  Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies, as mentioned by the Fed. The Fed hopes to boost liquidity in the commercial paper market which is facing risks from the Coronavirus crisis.

The post includes the website where customers can order the new vehicle. Tesla’s announcement comes amid Coronavirus outbreak, and in line with the timing that analysts had expected.The COVID-19 crisis, however, could potentially pose risks to the company’s Q1 results in China. In January, Tesla had announced that production of the Model Y had started with plans to begin the first deliveries of the electric compact crossover by the end of the first quarter.

Amazon is drastically boosting hiring, to support demand amid COVID-19 outbreak.  The e-commerce giant is looking  to hire 100,000 warehouse and delivery workers in the U.S.  , to meet demand amid Coronavirus crisis. The company will also raise salaries by $2 through April.The total pay raises will be more than $350 million in additional compensation for its hourly workers in the U.S., Europe and Canada., according to Amazon. With COVID-19 propelling many people to stay indoors, there is apparently a surge in demand for online shopping.  

The Federal Reserve on Sunday slashed the Fed’s funds  rate by an additional -100 bps to combat economic risks from Coronavirus crisis. On Sunday, the Fed lowered its policy rate by 100 bps on Sunday to a range of 0% to 0.25%, which is the record low last seen during the global financial crisis in 2008.stocks plunged  after being halted from trading soon after markets opened.

On Friday, Walt Disney announced that it would temporarily close Walt Disney World Resort in Florida and Disneyland Paris Resort . The premises would be closed beginning March 16 and through the end of the month.This follows Disney’s Thursday statement regarding temporary closure of the Disneyland Resort and the Disney California Adventure Park in Anaheim, Calif., due to risks the coronavirus crisis. "In an abundance of caution and in the best interest of our guests and employees, we are proceeding with the closure of our theme parks at Walt Disney World Resort in Florida and Disneyland Paris Resort, beginning at the close of business on Sunday, March 15, through the end of the month," the entertainment giant said in Friday’s statement.

Automobile giants like General Motors  and Ford  got a lowered outlook from a Morgan Stanley analyst due to coronavirus impact. Analyst Adam Jonas reduced his 2020 U.S.According to Jonas,  weakening consumer sentiment could lead to  consumers potentially holding off  purchases of expensive consumer discretionary items such new car that’s sells for around  $35,000. Jonas further suggested that if lending conditions tighten on recession risks, this could further impact  the SAAR. Even used car prices could face pricing pressure, according to Jonas. Jonas slashed his price target for General Motors to $42 from $46 a share, while cutting his Ford target to $10 from $11.

On Wednesday, Apple  got a price target cut from  analysts at Bank of America , who were wary of global demand. Bank of America analysts lowered their price target on the iPhone maker’s shares to $320 from $350.The analysts cited coronavirus crisis behind their lowered outlook on calendar 2020 sales of iPhones, iPads, the Mac, Apple Watch, accessories and some services.  However, Bank of America re-iterated its buy rating on Apple shares, on what it believes to be Apple's strong cash position alongwith the expectation of a new stock repurchase authorization in April. 

Gilead Sciences’ experiment with coronavirus treatment is already being used in the US. The Centers for Disease Control director Robert Redfield told lawmakers on a House appropriations panel Tuesday that remdesivir, the coronavirus treatment that Gilead is developing,  was being used on compassionate grounds in Washington state. Federal Food & Drug Administration regulations allow the use of unapproved drugs in critical situations when there are very limited alternatives for treating a disease. Gilead’s treatment for Cornavirus was first designed to fight the Ebola virus. Gilead is expecting results from trials as early as next month.It has said that it would  increase supplies as early as possible in the near term.

Royal Caribbean Cruises has expanded its revolving-credit facility. As Coronavirus crisis dampens near-term prospects of the travel industry (among other sectors of the economy), Royal Caribbean’s  $550 million increase of credit capacity potentially allows it to have more liquidity buffer against challenging times. The cruise line company is also hoping to boost liquidity by at least an additional $1.7 billion in 2020, by  lowering expenses. Royal Caribbean also said it was planning to reduce its 2021 capital expenditures and operating expenses. Chairman and CEO Richard D. Fain said that the company is trying to manage the situation “prudently and conservatively”.

Plunging crude prices are propelling Occidental Petroleum to slash its quarterly dividend payout , and lower capital spending The oil & gas major said it would cut its quarterly dividend payout by -86% to 11 cents a share, effective in July.It would also reduce 2020 capital spending to between $3.5 billion and $3.7 billion – compared to prior expectations between $5.2 billion and $5.4 billion. After Saudi Arabia and Russia both announced that they would supply more oil into the market after failing to reach an agreement, oil prices have been largely in a free fall. Although on Tuesday, there were some improvements with Brent crude rising 6.5% to $36.58 and U.S. benchmark West Texas Intermediate crude rising 6.9% to $33.28.  

 Economists polled by Reuters had predicted  a deficit of $46.1 billion for January. The coronavirus crisis has  disrupted production and supply chains related to and in China, and is  a potential factor behind the lower imports in the US.US goods exported to and imported from China both were lower in January, compared to December. US overall goods imports fell -2.0% from prior month to $203.4 billion.

While  sell-offs was the  narrative in equity markets on Friday, plummeting bond yields reflected investors’  massive rush to safety. On Friday, the S&P 500 lost -1.7%.Each is down more than -10% from their most recent 52-week high. On Thursday, the Federal Reserve announced a policy rate cut of 0.5 percentage points.