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Hi there,
Happy Monday! Here's what we're watching in business and tech news this week:
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Auto companies like General Motors, Ford, and Fiat Chrysler are reopening factories this week — though it will be “slow and arduous,” per industry experts. GM says it expects it will take at least 4 weeks to resume full production, depending on demand, while Ford’s operations chief said it is unclear when US factories will return to full output.
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It’s earnings season for retailers this week, including Walmart, Home Depot, Kohl's, and Target. With groceries comprising about half of their sales, Walmart and Target are poised to post gains from consumers stockpiling during Covid-19 lockdown measures, with Walmart even hiring 150,000 workers to deal with the increased demand. However, retailers like Kohl’s that rely heavily on brick-and-mortar locations could fare worse. We’ll tackle Covid-19’s impact on retail in our webinar on Thursday — sign up here.
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US Treasury secretary Mnuchin and Fed chair Powell will testify before the Senate on Tuesday about the $2T stimulus package. The quarterly hearing comes after the House passed a new $3T emergency stimulus bill that includes another round of cash payments and premium pay to essential workers — but it’s likely to be struck down by the Republican-led Senate. Powell warned last week that the US economy will be mired in a multi-year recession if more economic relief is not made available.
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