Reuters Business News

U.S. stock markets slipped in subdued trading on Monday after a strong rally last week, as corporate America launches into what is expected to be a painful quarterly earnings season due to the coronavirus pandemic.

Worldwide oil producers, led by OPEC, are expected to cut production by roughly 20 million barrels per day (bpd), roughly equal to 20% of global daily supply, through a combination of mandated cuts, production falls due to poor economics, and purchases into oil reserves.

Oil prices gained 2% on Monday following a record deal among oil producers to cut the rapid rise in supply, a muted impact on the market as the coronavirus pandemic hammers demand.

Dish Network Corp has cut staff and is re-evaluating its business to cope better with the fallout from the coronavirus pandemic, the U.S. satellite TV provider told Reuters, without disclosing the number of employees laid off.

Stocks on Wall Street slid while crude prices edged higher on Monday as a global deal on record output cuts failed to quell concerns on whether the pact is enough to head off an oil glut as the coronavirus pandemic hammers economies worldwide.

McDonald's Corp has been hit with a class action lawsuit accusing it of subjecting female employees in its corporate-owned fast-food restaurants in Florida to widespread sexual harassment.

Germany's Volkswagen AG said on Monday its U.S. dealers would provide cars for free delivery of essential supplies to people in need during the coronavirus crisis.

Aurora Cannabis Inc's U.S.-listed shares fell nearly 14% in morning trade on Monday after the Canadian pot producer renewed an at-the-market offering under which it can raise as much as $350 million in equity capital.

Ford Motor Co said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus outbreak pummeled its sales and shuttered vehicle assembly plants, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019.

Grocery distributor Performance Food Group Co said on Monday it had furloughed about 3,000 employees and cut pay, while funneling 1,100 workers to help keep its retail clients' shelves stacked as it deals with the pressures exerted on supply chains and its business by the coronavirus crisis.

Oil prices edged higher on Monday in a muted response to a global deal on record output cuts amid concerns over whether the pact will head off an oil glut as the coronavirus pandemic hammers demand.

Wall Street's main indexes slipped on Monday as corporate America launches into what is expected to be a painful quarterly earnings season due to the coronavirus pandemic.

Ford Motor Co said on Monday it expects to post a pretax loss of about $600 million for the first quarter as the coronavirus outbreak pummeled its operations, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019.

U.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day (bpd), a figure that appeared to include a wider group of producers, including the United States.

Saudi Arabia's energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserves.

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.

AutoNation Inc , the largest U.S. auto dealership chain, said on Monday Chief Executive Officer Cheryl Miller has been granted a leave of absence for health reasons.

Ford Motor Co said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus pandemic pummeled its operations, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019.

Toyota Motor Co on Monday said it was suspending auto production in its Brazil plants until at least June 22, joining General Motors Co which also expects to resume production in the same month.

Saudi Arabia's energy minister said on Monday that effective global oil supply cuts would amount to about 19.5 million barrels per day taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserves.