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U.S. companies have been battered by the fallout from the novel coronavirus outbreak, with economic activity plunging at an unprecedented speed over the past few weeks, a Federal Reserve report released on Wednesday showed.

U.S. stocks fell on Wednesday as dismal economic data and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.

The Trump administration plans to buy milk and meat from U.S. farmers as part of an initial $15.5 billion effort to help them weather the impact of the coronavirus outbreak, Agriculture Secretary Sonny Perdue said on Wednesday.

U.S. government officials warned on Wednesday about the threat of North Korean hackers, calling particular attention to banking and other financial services.

A double whammy of economic data showing the U.S. economy in a deep downturn and reports of persistent crude oil oversupply and collapsing demand slammed global markets on Wednesday as vivid reminders of the damage from coronavirus-related lockdowns.

U.S. crude prices fell to an 18-year low and Brent lost more than 6% on Wednesday after the United States reported its biggest weekly inventory build on record, while global demand is expected to fall to quarter-century lows due to the coronavirus pandemic.

U.S. companies are grappling with how best to provide guidance on their earnings outlook as the novel coronavirus takes uncertainty to new heights and exposes them to potential shareholder lawsuits if forecasts prove misplaced.

Apple Inc on Wednesday released a smaller iPhone priced at $399, cutting the starting price for the company's smartphone line in a move to broaden its appeal to budget-conscious customers as the coronavirus hobbles the global economy.

Several major U.S. airlines are preparing to apply this week for a $25 billion U.S. government loan program after winning billions in federal payroll grants, people familiar with the matter said.

Citigroup Inc reported a 46% plunge in quarterly profit on Wednesday as it prepared for losses driven primarily by its credit card business, and analysts raised worries that there is more pain to come as the economic outlook darkens.

Harley-Davidson Inc said on Wednesday it had temporarily laid off most of its global production employees and implemented salary cuts in a bid to lower costs as the coronavirus pandemic has hurt its business.

Lyft Inc on Wednesday said it has launched a new on-demand delivery service to provide essential goods, including groceries, meals and medical supplies, to people in need during the coronavirus crisis.

U.S. stocks fell on Wednesday as dismal economic and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.

A federal judge said Tesla Inc must face a lawsuit claiming it misled shareholders when Chief Executive Elon Musk tweeted in August 2018 that he was considering taking the electric car company private.

Some investors are wary about buying into a recent stock market rally. Even with hopes for a quick reopening of the economy, they want more evidence that the United States will not restart, only to have to fall back under another coronavirus lockdown soon.

U.S. companies have been battered by the fallout from the novel coronavirus outbreak as economic activity "contracted sharply and abruptly across all regions," a report by the Federal Reserve released on Wednesday showed.

Amazon's moves to reduce strain on its grocery businesses by putting new online shoppers on wait lists and switching more Whole Foods resources to filling orders, is unmasking limitations at the company that was expected to upend the supermarket industry.

The millions of bits of cellphone data tracked by analytics firm Unacast show the economic impact of the coronavirus spreading across the United States like a deep freeze - long-distance travel was hit early on, but eventually overall retail foot traffic slowed to a crawl, too.

Numerous major U.S. airlines are preparing to apply this week for a $25 billion U.S. government loan program after winning billions in federal payroll grants, people familiar with the matter said.

Zoox Inc said on Tuesday it had settled a lawsuit with Tesla Inc after admitting that some new hires from the electric carmaker were in possession of certain Tesla documents when they joined the U.S. self-driving car startup.