We made it to Friday and we welcome the beginning of a new month! Today is May 1 and we read that the market falls after the best month in three decades, public companies received $1 billion in stimulus funds meant for small businesses and the mortgage bailout program grows again as more homeowners delay their payments. We also see that manufacturing fell sharply in April, major companies are talking about permanent work-from-home positions and Wells Fargo stops accepting home equity credit line applications.
Stocks slumped on Friday as shares of Amazon led the major indexes lower on the month’s first day of trading following its first-quarter results.
Publicly traded companies have received more than $1 billion in funds meant for small businesses from the federal government’s economic stimulus package.
As job losses from the Covid-19 pandemic mount, more and more borrowers are delaying their monthly mortgage payments and taking advantage of the government’s bailout program. The numbers have been swelling at the rate of about half a million a week.
The U.S. manufacturing slump intensified in April to its worst level in 11 years, though the fall was not as much as economists had feared.
Thousands of Americans are waiting to return to normalcy, but for many that may not mean going back to an office. Working from home could be the new normal for many employees as more major employers and CEOs talk about a permanent shift to work from home and reduced office space.
Wells Fargo will temporarily stop accepting applications for home equity lines of credit, following a similar move by rival JPMorgan Chase.