Cruise, the self-driving car unit majority owned by General Motors Co., is laying off almost 8% of full-time employees to cut costs in the midst of the coronavirus pandemic.

U.S. stocks slumped to a three-week low after Jerome Powell warned economic risks from the virus are significant and tensions with China flared. Treasuries and the dollar advanced.

China is stepping up purchases of soybeans from the U.S. as Brazilian sales start to wane and the Asian nation seeks to meet its pledges under the trade deal with Washington, according to people familiar with the matter.

Elon Musk said Tesla Inc. is flouting the California county that has blocked its efforts to reopen its only U.S. car plant by restarting production at the facility.

Tesla Inc. plans to reopen its sole U.S. car factory as soon as May 8, possibly setting up another battle with local health authorities in California.

Tesla Inc. suspended production at its plant on the outskirts of Shanghai, according to people familiar with the matter, bringing to a halt all of the company’s vehicle manufacturing globally.

China Merchants Group Ltd. is exploring taking China Merchants Port Holdings Co. private after shares of the state-owned conglomerate’s unit slid in Hong Kong this year, according to people with knowledge of the matter.

Automakers are cautiously coalescing around plans to reopen North American assembly plants early next month following what will be a roughly six-week shutdown for virtually the entire industry.

As Russia’s small oil producers struggle to survive a historic price crash, some say in private they wish they could just set their crude ablaze.

The Senate approved a new $484 billion pandemic relief plan with funds for a tapped-out small business aid program, and aid for coronavirus testing and overwhelmed hospitals. A House vote is expected as soon as April 23.