Monday, May 4, 2020
5:56 pm ET: Nike to Donate 32,500 Air Zoom Pulse Shoes to Healthcare Workers
Nike has teamed up with Good360 to donate 32,500 pairs of its Air Zoom Pulse shoes, specifically designed for healthcare workers, across the U.S. and in parts of Europe.
Jorge Casimiro, Nike's chief social and community impact officer, told Cheddar Monday that Nike athletes are leading the effort to show their appreciation for frontline workers taking on the coronavirus pandemic. Read more...
— McKenzie Marshall
5:23 pm ET: Stocks Shake Off an Early Loss and End Higher, Led by Tech
The stock market shook off a weak start and ended with modest gains Monday, thanks to another solid showing from big technology companies. The S&P 500 ended 0.4% higher after erasing an early loss of 1.2%. It narrowly avoided what would have been its first three-day losing streak in nearly two months. The Nasdaq composite, which is loaded with technology stocks, rose 1.2%. Microsoft climbed 2.4%. Airline stocks sank after famed investor Warren Buffett said he’d dumped all his shares in the four biggest U.S. carriers. The market is coming off its best month since 1987. Crude oil prices rose. Read more...
— The Associated Press
3:42 pm ET: Treasury Announces Record Borrowing of $2.99 Trillion
The Treasury Department says it will need to borrow a record $2.99 trillion during the current April-June quarter to cover the cost of various rescue efforts dealing with the coronavirus pandemic. Read more...
1:48 pm ET: Carnival Cruise Lines Plans to Sail Again Starting in August
Carnival Cruise Lines said Monday that it plans to gradually resume cruising in North America in August, nearly five months after it halted operations due to the new coronavirus.
Sailings will begin on Aug. 1 with eight ships setting off from Galveston, Texas; Miami; and Port Canaveral, Florida. A majority of customers can easily drive to those ports, the company noted. Read more...
— The Associated Press
1:40 pm ET: Around the World in 90 Seconds
Austria activates militias for the first time since World War II to combat COVID-19 and Russian dogs get forever homes amid the pandemic. Here are your coronavirus headlines from around the world.
— Megan Pratz
1:06 pm ET: Dickey's BBQ Pit's Reopened Dining Rooms Will Look Different, Says CEO
Laura Rea Dickey, CEO of family-owned Dickey's Barbecue Pit, told Cheddar on Monday that the chain's restaurants are slowly reopening their dining rooms to customers and have taken steps to implement social distancing rules in seating arrangements. Read more...
— McKenzie Marshall
11:25 am ET: Called to Order: Supreme Court Begins First Arguments by Phone
t’s a morning of firsts for the Supreme Court: the first time audio of the court’s arguments is being heard live by the world and the first arguments by telephone. The changes are a result of the coronavirus pandemic, which has made holding courtroom sessions unsafe. The experiment that began Monday could propel the court to routinely livestream its arguments. The phone arguments got off to a smooth start Monday. The justices asked roughly two questions apiece. The chief justice occasionally interjected to keep things moving. And there was one mild surprise: Justice Clarence Thomas asked questions for the first time in more than a year. Read more...
— The Associated Press
10:45 am ET: Wall Street Gives Back More of April's Leap, Led by Airlines
Stocks are falling in early trading on Wall Street Monday, as the market gives back a bit more of the gargantuan gains made during its best month in decades.
Airline stocks had some of the market’s sharpest losses after famed investor Warren Buffett said he’d dumped all his shares in the four biggest U.S. carriers. Another ramp up in tensions between the Trump administration and China, this time over the origins and handling of the coronavirus pandemic, also weighed on markets around the world.
The S&P 500 was down 0.7%, as of 9:54 a.m. Eastern time. The Dow Jones Industrial Average fell 256, or 1.1%, to 23,466, and the Nasdaq was virtually flat. Read more...
— The Associated Press
8:23 am ET: J. Crew Files for Bankruptcy
The owner of J.Crew is filing for Chapter 11 bankruptcy, two months after the first person in New York tested positive for COVID-19.
The city, where J.Crew Group Inc. is based, went into lockdown soon after, followed by much the country. Retail stores in New York City and across the country shut their doors.
More bankruptcies across the retail sector are expected in coming weeks.
J.Crew, already in trouble before the pandemic and laden with debt, and was acquired by TPG Capital and Leonard Green & Partners for $3 billion in 2011.
Operations at J.Crew will continue throughout a restructuring and clothing will still be available to purchase online.
The company said Monday that it anticipates its stores will reopen when it's safe to do so. Read more...
— The Associated Press
