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Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.

Goldman Sachs said on Wednesday the S&P 500 bull market, the longest on record, is likely to end soon, forecasting a 28% slump from its February peak as the fast-spreading coronavirus is seen taking a toll on corporate profits.

The mayor of Omaha, Nebraska said on Wednesday that Warren Buffett would prefer to wait until one month before Berkshire Hathaway Inc's annual shareholder weekend to decide whether to change its plans because of the coronavirus outbreak.

Saudi Arabia has asked state agencies to submit proposals for cuts of at least 20% to their budgets in a fresh austerity drive to cope with a sharp drop in oil prices, four sources familiar with the matter said.

U.S. Senator John Thune said on Wednesday he believes the Trump administration is evaluating use of the Strategic Petroleum Reserve, and other measures, to help oil producers deal with the plunge in crude prices due to the coronavirus and a price war between Saudi Arabia and Russia.

A large minority of Walt Disney Co shareholders who cast votes at the company's annual meeting on Wednesday opposed the company's executive pay plan, Disney said.

The office of California Attorney General Xavier Becerra will not appeal a court's decision that a merger of wireless carriers Sprint Corp and T-Mobile US Inc may go forward, it said on Wednesday.

U.S. stock indexes tumbled on Wednesday as investors worried over the absence of immediate measures from President Donald Trump's administration to counter the economic fallout from the coronavirus outbreak.

German sportswear makers Adidas and Puma warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.

Boeing Co is planning to draw down the rest of a $13.8 billion loan it agreed last month, a source told Reuters on Wednesday, as the coronavirus outbreak adds to pressure on the U.S. plane-maker due to the grounding of its 737 MAX jets.

Top fund manager BlackRock Inc said on Wednesday it cast an advisory vote against the pay of executives at chipmaker Qualcomm Inc, , and against a compensation committee member, citing a concern that a one-time stock award was "not aligned" with shareholder interests.

Equinor reported the oil industry's first coronavirus infection on an offshore installation on Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms.

Boeing Co said on Wednesday it took in 18 new orders for widebody planes in February but saw more customers cancel orders of its grounded and previously best-selling 737 MAX jet, as it faced another blow to demand from the coronavirus outbreak.

PepsiCo Inc on Wednesday made its biggest bet in the energy drinks market with a $3.85 billion deal to buy Rockstar Energy Beverages, opening a new front in its long-running battle with Coca-Cola Co .

Shares in Telefonica Brasil SA and TIM Participações SA rose in the morning trading as both companies said they are planning a joint offer to buy the mobile unit of bankrupt Brazilian carrier Oi SA .

Boeing Co is planning a full drawdown of a $13.8 billion loan as early as Friday, as the U.S. based plane-maker struggles with worldwide travel disruptions from the coronavirus, Bloomberg reported on Wednesday, citing unnamed sources.

The United Arab Emirates followed Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two OPEC producers raised the stakes in a standoff with Russia that has hammered global crude prices.

U.S. stock indexes dropped sharply on Wednesday after attempting a rebound in the previous session, on skepticism around President Donald Trump's stimulus plan to combat the coronavirus outbreak.

U.S. stock indexes fell sharply at the open on Wednesday as investors were skeptical about President Donald Trump's stimulus plan to combat the coronavirus epidemic.

The rebound in stocks ran out of steam on Wednesday despite the Bank of England joining other central banks in cutting interest rates, as investors weighed up whether coordinated monetary and fiscal stimulus could counter the shock from coronavirus.