Dow soars as investors take in $2 trillion stimulus deal: March 25, 2020

How can retailers navigate the coronavirus pandemic as stores around the world shut down? Investors think Nike (NKE) could offer some clues.

The retailer's revenue between December and February beat investors' expectations despite a heavy reliance on China, pushing shares up 10% in early trading.

Driving the enthusiasm: Nike said that sales in Greater China fell 4% last quarter, after 22 consecutive quarters of double-digit growth. But online sales in the region increased by more than 30%, helping to compensate for the fact that three quarters of its locations were temporarily closed. The company said that nearly 80% have now reopened.

UBS analyst Jay Sole said the strength of online sales eases some concerns about cash flow and will put Nike in a better place than expected when the crisis ends. But the company still faces tough months ahead. All stores outside Greater China, Japan and Korea have been closed since March 16.

US stocks initially opened in the green on Wednesday after political leaders in the country reached a major deal overnight about a $2-trillion stimulus bill that will provide a jolt to America's coronavirus-stricken economy. But then things got messy.

Stock futures had rallied on the news, but pared their gains ahead of the opening bell. For investors, many questions remain, including just how long the outbreak will last.

And in the first minutes of trading, stocks were all over the place.

All three indexes pared their initial gains and the S&P and the Nasdaq briefly dropped into negative territory within the first minutes of trading.

The Dow was last up 600 points, or 2.7%, while the S&P recovered to climb 1.7%. The Nasdaq also rose 1.6%.

Frontline workers in the health care industry who are responding to the coronavirus pandemic can get a free tall brewed or iced coffee at Starbucks.

Police officers, firefighters, paramedics, doctors, nurses, hospital staff and researchers can get a free beverage in stores until May 3, the company said.

For the next two weeks, however, the free cup could be more difficult than usual to get as the company has closed a number of its US and Canada cafes because of the pandemic. It's temporarily only offering drive-thru and delivery only.

However, some locations within or nearby hospitals remain open.

As the United States is getting used to the new normal of social distancing and self-isolation, many wonder when everyday life -- and the economy -- will go back to the way things were before.

The coronavirus crisis is expected to result in a short but sharp recession for America and the world.

But rather than a Great Depression-style downturn, this is much more akin to a major snowstorm or natural catastrophe, Bernanke said. And that also means that monetary policy can only help so much if the public health aspect isn't handled right.

Occidental Petroleum, the embattled oil driller backed by Warren Buffett, is cutting compensation across the board as its stock price has tumbled.

The pay cuts will impact "everyone at the company starting with the management team," a spokeswoman for Occidental told CNN Business.

No specifics were announced. However, The Wall Street Journal reported that the pay of US employees will be cut by up to 30% and top execs by an average of 68%.

CEO Vicki Hollub, who masterminded Occidental's risky takeover of Anadarko Petroleum last year, will see an 81% drop in her compensation, the Journal reported.

"During this unprecedented time impacting our industry, and the global economy, we’re taking aggressive actions to ensure the health of the company while protecting jobs," a company spokeswoman said in a statement.

Oil stocks have been hammered across the board as crude has crashed to 18-year lows. However, Occidental (OXY) is under even greater pressure because of the debt it piled to buy Anadarko.

Occidental's stock has lost three-quarters of its value in 2020 and 84% over the past 12 months. Fitch Ratings announced a rare triple downgrade of Occidental's stock, leaving it in junk territory.

Hyatt (H) is furloughing two-thirds of its corporate workers as travel demand amid the coronavirus pandemic dries up.

The furloughs will last two months, from April 1 to May 31. Those who aren't furloughed will have their pay temporarily reduced. Hyatt's corporate leaders, including the CEO, aren't taking a salary during the period.

Hyatt will still provide health care and employees are "encouraged to use PTO days to cover pay during the furlough period," the company said in a release.

It's the latest mega hotel chain to announced furloughs on the corporate level. Marriott (MAR) announced last week that it was furloughing thousands of employees for similar reasons.

US stock futures pared their earlier gains and are now pointing at a mixed open.

That said, futures rallied quite a lot overnight in reaction to a deal on the $2 trillion coronavirus relief bill in Washington.

That lack of clarity likely won't be resolved anytime soon -- and the uncertainty could keep investors on their toes.

Stocks were gearing up for their first back-to-back gains in weeks after futures jumped on Congress reaching a deal on the economic relief package.

But we can't have nice things, and the agreement wasn't enough to keep investors in a good mood.

Futures for the S&P 500 and Nasdaq Composite slipped back into modestly negative territory, while Dow futures remain slightly higher, pointing to a flat to slightly weaker open.

US stock futures rose Wednesday as political leaders in the country reached a major deal overnight about a $2-trillion stimulus bill that will provide a jolt to America's coronavirus-striken economy.

The full details have yet to be released. But over the last 24 hours, the elements of the proposal have come into sharper focus, including:

Here's how US markets are reacting: