The Dow Jones kicked off its earning season with a gain of more than 550 point today after the President said his administration is nearing completion of a plan to resume business activity in the United States. Monday, the President said that he hopes to reopen the country “ahead of schedule.”

The governors of California, Oregon and Washington announced a “Western States Pact,” on Monday agreeing that they would jointly reopen their economies based on certain health outcomes. Across the country, the governors of New York, New Jersey, Connecticut, Massachusetts, Pennsylvania, Delaware and Rhode Island report today they are also creating a working group of public health, economic and government officials from each state to develop a regional plan. The group’s members will soon get to work, but they haven’t set a timeline for when they plan to reopen their economies.

Meanwhile, the President has sought to centralize control over the coronavirus response in the United States, saying, “The authority of the President of the United States having to do with the subject we’re talking about is total.”

Governor Cuomo of New York responded in CNN interview this morning, “If [the President] ordered me to reopen it in a way that would endanger the public health of the people of my state, I wouldn’t do it.”

A report published today by the International Mutual Fund states that global economy has almost certainly entered a recession affecting most of the world, forecasting “the worst recession since the Great Depression, and far worse than the Global Financial Crisis.”

The report mirrors projections in the IMF World Economic Outlook Report, April 2020, published earlier this month: “It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago. A partial recovery is projected for 2021, with above trend growth rates, but the level of GDP will remain below the pre-virus trend, with considerable uncertainty about the strength of the rebound. Much worse growth outcomes are possible and maybe even likely.”

JPMorgan Chase & Co.’s, the nation’s largest bank, reports today that profits fell by 69% in the first quarter as the bank set aside $6.8 billion to cover potential losses on loans to consumers and businesses struggling to stay afloat during the shutdown. Wells Fargo similarly reports a profit drop of 89%.=

Central banks around the world have announced plans to expand their provision of liquidity—including through loans and asset purchases—by at least $6 trillion and have indicated a readiness to do more if conditions warrant.=

Boeing announced today that its backlog fell by a net of 307 planes in the first quarter as customers cancelled 150 orders for the 737 MAX in march.

Corporations across the United States are failing to pay all or some of this month’s rent, according to landlords. Among the companies that failed to pay are the fitness chain Equinox Holdings Inc., Dick’s Sporting Goods Inc., Burlington Stores Inc., Petco Animal Supplies Inc. and Staples Inc.

Brent crude, the global benchmark for oil, dropped 1.7% to $31.20 a barrel, despite historic oil production cuts agreed over the weekend. Industry experts estimate that oil demand has fallen somewhere between 25 million barrels and 35 million barrels a day—or up to three and a half times as much as OPEC+ reduction. The CEO of Latigo Petroleum, Kirk Edwards, a Texas producer, predicts that 40,000 workers will be laid off in the West Texas Permian Basin alone.

New York City increased its death toll by more than 3,700 today, after officials said they were now including people who had never tested positive for the virus but were presumed to have died because of it. The new figures, released by the city’s Health Department, drove up the number of people killed in New York City to more than 10,000 and appear to increase the overall United States fatality figure to more than 26,000.

Today Taiwan reported no new cases of the coronavirus for the first time in more than a month, in the latest sign that the island’s early and effective prevention methods have paid off.

In Brazil, a small study was halted early for safety reasons after Covid-19 patients taking a high dose of chloroquine developed irregular heart rates that increased their risk of a potentially fatal heart arrhythmia. Chloroquine is closely related to the more widely used drug hydroxychloroquine the President has promoted as a potential treatment for the virus.