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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Photo: Karol Serewis/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell and Total this morning announced plans to sharply cut spending and freeze share buyback plans.

Why it matters: The moves signal how cratering demand from COVID-19 and the collapse in prices are upending the outlooks for companies large and small.

Driving the news: Shell is cutting planned capital spending this year to $20 billion or lower, compared to the pre-crisis estimate of $25 billion.

  • It also plans to cut operating costs by $3 billion to $4 billion over the next 12 months.

Meanwhile, Total said oil at $30 per barrel means a roughly $3 billion hit to capital spending, which means a new target of under $15 billion this year.

  • The France-based multinational also said it can save $800 million in operating costs compared to 2019.
  • They're just the latest in a string of oil companies — including ExxonMobil and a number of independent U.S. shale producers — to unveil deep cuts of late.

Go deeper: Coronavirus could lead to a wave of defaults for oil companies

Go deeper

Erica Pandey, author of @Work
29 mins ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
37 mins ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
2 hours ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.

You’ve caught up. Now what?

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