Daily Investor Update: Oil lower on coronavirus fears despite Fed rate cut and hopes for OPEC+ output cut

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Daily Investor Update Your Daily Briefing       Tweet       Share Oil lower on coronavirus fears despite Fed rate cut and hopes for OPEC+ output cut The global oil benchmark ended Tuesday slightly lower under pressure from falling equities, but the losses were contained slightly as top producers considered more output cuts to support prices and the Federal Reserve cut U.S. interest rates to support the economy. Stocks slide, 10-year Treasury yield hits record low after Fed's emergency rate cut Global equity markets slid on Tuesday and the yield on 10-year U.S. Treasuries fell below 1% for the first time after the Federal Reserve cut interest rates in an emergency move to shield the U.S. economy from the impact of the fast-spreading coronavirus. JPMorgan tests U.S. virus plan with thousands working from home: Bloomberg News JPMorgan Chase & Co is asking thousands of U.S. employees to work from home as it tests a contingency plan for closing domestic offices should the coronavirus spread, Bloomberg News reported on Tuesday. Fed virus-driven cut may test new approach to inflation U.S. Federal Reserve officials have slashed interest rates half a percentage point because of the coronavirus. Wall Street tumbles after Fed surprise rate cut Wall Street tumbled in a volatile session on Tuesday after the Federal Reserve surprised investors with a half percentage-point cut in interest rates, amplifying fears about the magnitude of the coronavirus' impact on the economy. Fed makes emergency rate cut as coronavirus spreads The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, though Fed Chair Jerome Powell suggested the threat to the economy would not soon abate. Fed's Mester says coronavirus outbreak could weigh on U.S. economic growth The coronavirus outbreak muddied the outlook for U.S. economy and could weigh on growth in the first half of this year, Cleveland Federal Reserve Bank President Loretta Mester said in London Tuesday. U.S. sues Mallinckrodt, accuses drugmaker of defrauding Medicaid The United States sued a unit of the drugmaker Mallinckrodt Plc on Tuesday, accusing it of defrauding Medicaid out of hundreds of millions of dollars as a result of "meteoric" price increases for its biggest-selling drug, Acthar Gel. OPEC, Russia moving closer to big oil cut as coronavirus hits demand A panel of OPEC and its allies recommended cutting oil output by an extra 1 million barrels per day (bpd) on Tuesday signaling that Russia and Saudi Arabia were moving closer to a deal to prop up prices which have been hit by the coronavirus outbreak. U.S. Supreme Court leans toward SEC's power to recover ill-gotten gains U.S. Supreme Court justices on Tuesday appeared inclined to back the Securities and Exchange Commission's power to use federal courts to force defendants to surrender profits obtained through fraud as part of enforcement of investor-protection laws. Related Videos Stocks rally, then slide as virus fears revive Business Wall St. sees biggest weekly fall since '08 crisis Markets Introducing the all-new Reuters News app The new Reuters News app is here, redesigned from the ground up to fit your busy life. Get it now on iOS Your world. Your news. More Newsletters Get Reuters News App Get Reuters TV App               © 2020 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036 Email Preferences    |   Privacy Policy    |   Terms and Conditions