1) The electric auto maker Tesla announced it is furloughing workers as well as cutting employee salaries as a result of the coronavirus shutdown of its facilities. Furthermore, the virus pandemic has slashed demand for cars and forced several other automakers to furlough workers. Barring any significant changes, Tesla plans to resume normal operations on May 4. Salary reductions will start on April 13 and remain in place until the end of the second quarter. Workers salaries are cut by 10%, directors by 20% and vice presidents by 30%. The company considers it has sufficient cash reserves to weather the shutdown.
2) Nuro’s driverless delivery vehicles has received another approval. California’s DMV has given a permit for Nuro to operate in specific parts of Santa Clara and San Mateo counties. While test have been permitted since 2017, a human monitor was required, but these vehicles will be fully autonomous having no humans. This is another step in the rapidly changing retail market, which is embracing wide spread automation in its sales, as robots become more involved in consumerism activities.
3) The number of deaths projected for the coronvirus has been lowered, but there are fears of a ‘second wave’ to follow. The pandemic model has scaled back its projected death toll by 26% to 60,000 however, if social distancing practices are not maintained, a second wave of infections may ensue. So far, about 400,000 coronavirus cases have been reported with roughly 13,000 deaths. But even the revised forecast suggest months of infection troubles for the United States. About 94% of the population has been ordered to stay at home.
4) Stock market closings for – 8 APR 20:
Dow 23,433.57 up 779.71
Nasdaq 8,090.90 up 203.64
S&P 500 2,749.98 up 90.57
10 Year Yield: up at 0.76%
Oil: up at $26.14