The latest on the coronavirus pandemic: The White House and the Senate have agreed to a $2 trillion stimulus package, the largest in U.S. history. What's in it? Hundreds of billions of dollars for direct payments to individuals, small business loans, unemployment benefits and loans for distressed companies. It would also block President Donald Trump and his family, government officials and members of Congress from getting loans and investments, according to CNN. The deal now has to pass through Congress. Dow futures were positive, then turned negative on the agreement.
Here's the effect coronavirus is having on... Target: The retailer is putting plans for remodeling stores on hold and delaying the opening of small-format locations. It is also withdrawing its financial guidance for Q1 2020 and its fiscal year, according to CNBC. Target has also put safety measures in place, such as temporarily stopping returns and exchanges and wiping down checkout lanes.
...other major corporations: Facebook is seeing a surge in use, with messages up 50% in countries significantly affected by the virus. However, it is not seeing a surge in online advertising, according to The Wall Street Journal. Nike's business in China is rebounding, with its CEO saying, "We now have a playbook we can use elsewhere," according to the WSJ. And The New York Times has a look inside American Airlines' scramble to respond to the virus decimating demand for flights.
...President Trump's daily briefings: The president said Tuesday that he'll stop referring to COVID-19 as the "Chinese virus," which Bloomberg sees as a deescalation between the U.S. and China in the blame game over the pandemic.
...the Olympics. International Olympic Committee leader Thomas Bach spoke to hundreds of journalists this morning and walked them through the decision to postpone the Tokyo 2020 games. There's no range of makeup dates yet, he said, though the IOC has assembled a task force to look into it, according to USA Today. The NFL is also temporarily closing all facilities.
...people who depend on late-night food. Perhaps the most reliable of diner-type restaurants, Waffle House, is closing 365 locations across the U.S. More than 1,600 are still open. The chain pledged this month to keep as many storefronts open and employees at work as it can, according to The Hill.