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The U.S. Federal Reserve on Wednesday signaled it plans years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting the economy to shrink 6.5% in 2020 and the unemployment rate to be 9.3% at year's end.

Asian stocks were set to fall on Thursday after gloomy economic projections from the U.S. Federal Reserve sent the greenback and most Wall Street shares lower.

American Airlines Chief Executive Doug Parker said on Wednesday that he expects a daily cash burn of about $40 million in June, down from a previous forecast of $50 million per day, thanks to cost-savings measures to address the coronavirus pandemic.

The White House wants a plan in place by Sept. 1 for airlines to collect contact tracing information from U.S.-bound international passengers, but will not immediately implement a Centers for Disease Control and Prevention (CDC) proposal, three people briefed on the matter said on Wednesday.

Amazon.com Inc on Wednesday said it was implementing a one-year moratorium on police use of its facial recognition software, reversing its long-time support of selling the technology to law enforcement.

Men's Wearhouse owner Tailored Brands Inc said on Wednesday it may have to seek bankruptcy protection or discontinue operations, if the COVID-19 crisis continues to pummel sales.

The Dow and S&P 500 ended a choppy session lower on Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing of coronavirus lockdowns.

Amazon.com Inc on Wednesday said it was implementing a one-year moratorium on police use of its facial recognition software, a reversal of its long-time defense of law enforcement's use of the technology.

At Fed Chair Jerome Powell's policy meeting press conference six weeks ago he talked repeatedly about the possibility of second and third waves of the novel coronavirus in the months ahead and the havoc that could wreak on the U.S. economy.

European food ordering firm Just Eat Takeaway.com NV on Wednesday announced a $7.3 billion deal to buy U.S. food delivery firm Grubhub Inc and create the world's biggest food delivery company outside of China.

Amazon.com Inc said on Wednesday it was implementing a one-year moratorium on the use of its facial recognition software by the police following backlash over the use of racially biased surveillance technology amid ongoing protests in the United States.

Aircraft parts maker Spirit AeroSystems Holdings Inc announced on Wednesday a 21-day layoff for staff doing production and support work for Boeing Co's 737 program.

It is not too late for small and medium-sized U.S. businesses to benefit from the Federal Reserve's "Main Street" lending program, Chair Jerome Powell said on Wednesday, even though its launch in the coming days will be nearly three months after the central bank announced the nearly $600 billion program.

The U.S. dollar would probably come under further pressure if the Federal Reserve adopts targets for U.S. Treasury yields that would limit their rise and ensure that interest rates remain near zero for some time.

Tesla Inc's stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to "volume production."

The dollar slid to a three-month low and a gauge of global stocks fell on Wednesday after the Federal Reserve projected a more sluggish recovery than the market expected, but the Nasdaq hit a fresh high on expectations of low interest rates past 2022.

ConocoPhillips Chief Executive Officer Ryan Lance on Wednesday expressed surprise at the quick rebound in U.S. oil prices that slipped into the negative territory in April and said he expects prices to remain volatile in the near term.

Nikola Corp , a maker of hydrogen-fueled vehicles, is in the process of picking a partner to produce its Badger pickup truck, while also aiming to start deliveries of its electric commercial big rigs next year, founder Trevor Milton said on Wednesday.

The Dow and S&P 500 ended a choppy session lower on Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.