Trump Dismisses Mass Testing | 5G Conspiracy Theories | The Anti-WeWork

Plus: More Good News For Student Loan Payment Suspensions

Know Now

• June 14 Could Be First Day With Zero Coronavirus Deaths In U.S., Model Predicts

• The Economic Hit From Coronavirus Will Be Worst Since The Great Depression, IMF Warns

• Another 6.6 Million Americans Filed For Unemployment Last Week

• ‘I Don’t Think It’s Needed’: Trump Says Widespread, Nationwide Testing Isn’t Necessary To Reopen Country

• 5G Networks And COVID-19 Coronavirus: Latest Conspiracy Theories

What Else?

Stocks rallied on Thursday to close out their best week since 1974, as Wall Street grew increasingly confident that the coronavirus crisis is starting to improve and the Federal Reserve took extraordinary additional measures to support the embattled U.S. economy.

Gov. Andrew Cuomo said that even though New York saw its biggest single-day increase in coronavirus deaths, the total number of new hospitalizations are at “the lowest number we’ve had since this nightmare started.” New York is the global epicenter of the coronavirus crisis, with more than 151,000 confirmed—and 81,800 in New York City alone.

Pressure on the oil market has boiled down to supply and demand: demand for fuel has plummeted as people around the world stopped traveling and working. Saudi Arabia and Russia have agreed to historic oil production cuts—but they may not be enough.

The biggest price China may have to pay for the pandemic is the remapping of the global supply chain away from her shores. “Many will see that they must diversify away from China.”

For grads: Trump says student loan payment suspensions “may go further” than initial six months. For incoming students: As many as a fifth of those planning to start college in the fall may not attend. The reason: diminished family finances.  

Why care that cats, tigers and ferrets may have coronavirus? Animals are important models to help us learn how coronavirus is transmitted and develop new treatments.

Today's Must-Read

WeWork looks like it might die of coronavirus, but its oldest and largest competitor, Switzerland-based IWG, is well-positioned to survive the outbreak—and thrive in its aftermath. That should be no surprise. After all, IWG’s founder, Mark Dixon, has seen this before during the dot-com crash.

“Mark Dixon made it onto my radar in December, when shares of his coworking space giant IWG were booming,” reports Chase Peterson-Withorn, deputy editor on the Wealth team. “As WeWork flamed out this fall, no one benefitted more than Dixon.” But now, with the world working from home, things are almost unimaginably worse. IWG rents, develops and sublets flexible office space across 1,200 cities in 110 countries. 

“This is a 100-year storm,” says Dixon, who personally lost more than $1 billion in a single month, after IWG shares fell 75% between mid-February and mid-March (he owns about 30%). Don’t feel sorry: he’s still worth some $800 million and is quarantining at his apartment in Monaco.

“When I asked him about IWG shares plummeting as coronavirus was beginning to spread, he very matter-of-factly said, “Yeah, but they’ll be back up again,” says Peterson-Withorn. “That was a telling moment that showed his resilience.”

Across Forbes

Forbes Advisor: Scammers want to take advantage of your coronavirus-related fears. Stay immune to their tactics by knowing what to look out for.