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Wall Street starts the second quarter with an in-depth: Live updates



Shares fall when investors support to get more damage.

Wall Street is back in sales mode.

Faced with dismal new forecasts of the potential scale and financial impact of the coronavirus pandemic, investors dumped shares on Wednesday. The S&P 500 fell by more than 4 percent, resulting in a two-day decline to 6 percent.

The decline, which followed sales in Europe and Asia, came after President Trump said at a news conference on Tuesday that the United States would face a “very, very painful two weeks.” US government researchers estimated that the outbreak could kill up to 240,000 people in the country. On Wednesday, the UN warned of “improved instability, increased concerns and intensified conflict.”

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The financial readings also continue to deteriorate. On Wednesday, surveys of manufacturing and factory activities in the US, Europe and Japan showed activity that declined to levels not seen in a decade or more. In the United States, factory orders and employment measures fell to their lowest since 2009, the Institute for Supply Management said.

Fears are growing that the global downturn may be much more punitive and lasting than originally feared – potentially lasting into next year, and even beyond that – as governments intensify restrictions on companies to stop the spread of the pandemic, and fear of the virus hinders consumer economic growth.

cruise Operator Carnival was the worst performing stock in the S&P 500, down 33 percent, while rival Royal Caribbean fell 20 percent.

Warren pushes delivery companies over workers.

Senator Elizabeth Warren of Massachusetts urged food delivery startups to reclassify workers delivering their orders as employees rather than independent contractors, a move that would make workers eligible for health care and other benefits.

In a letter sent on Wednesday to the CEOs of Door Dash, Uber eats, Instacart and GrubHubMiss Warren said the companies had misclassified their workers for several years but the coronavirus pandemic increased the urgency with which they had to act. California and Massachusetts have passed legislation requiring the so-called gaming economy companies to classify their workers, but the companies have resisted doing so.

“The Coronavirus pandemic has illustrated how much your company is completely dependent on these workers to provide essential services to the public,” Warren wrote. “Delivery workers experience serious health and financial vulnerabilities as a result of their job, and your company fails to provide appropriate and necessary protection.”

Speakers for Instacart and DoorDash said their companies had offered quarantine wages to delivery workers and wanted to work with Warren to protect workers. Uber said Congress should enact new laws to protect gambling for gaming economy. A representative for GrubHub said the company also offered quarantine pay and sanitation materials.

Car manufacturers report a sharp decline in sales.

Industry forecasts expect to produce a total for March after all car manufacturers have reported. ALG, a company that follows the trends in car sales, estimated that sales in March across the industry decreased by 37 percent from a year ago.

The decline in sales is the second major blow for car manufacturers. Most of the industry has closed factories in North America to prevent the spread of the virus among workers.

“The market right now is really shocked,” said Brian Benstock, head of Paragon Honda in Queens. He said that his service department is “in a limp position” and that his sales area is dark.

On March 1, the agency screened about 99 percent of the 2.3 million passengers, flight crew and airport workers who filtered past its checkpoints the same day last year. But by Tuesday’s end of the month, only about 146,000 people were passing the checkpoints, or about 7 percent of the 2 million people shown last year.

“This is already shaping up as the deepest dive on record for the global economy for over 100 years,” he said. “It all depends on how long it lasts, but if this goes on for a long time, it will surely be the mother of all financial crises.”

The US government reads out loans for medium-sized companies.

The fallout also hits prominent start-ups. Airbnb, the $ 31 billion rental home, has stopped hiring and canceled 800 million marketing. Bird, an electric scooter startup, laid off 30 percent of its staff last week, while Everlane, a clothing company, cut or lost hundreds of workers.

There were signs that boom times were shaky even before the corona virus stopped major US economies. But the pain is now deeper and likely just beginning, especially as investors, who have already disappeared from a series of disappointing initial public offerings last year, are even more cautious.


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