Here are the stories shaping sports and business for Wednesday, May 13.
The UFC Is Back in Action
After about two months of no MMA action, the Ultimate Fighting Championship was back this past weekend with UFC 249 and returns again tonight for UFC Fight Night. The action which can be streamed on ESPN Plus starts at 6:00 p.m. ET with the preliminary fights.
The main card which features Anthony Smith and Glover Teixeira in the main event starts at 9:00 p.m. ET. Yesterday, UFC parent company Endeavor took out a $260 million loan from J.P. Morgan with an eye popping 10.5% interest rate to help combat the losses from the coronavirus.
An Update on the Coronavirus
There are over 4.3 million cases worldwide, with over 294,000 deaths.
NBC News reported that there’s a report from the Coronavirus task force that was leaked, which shows a spike in cases in some rural areas across the U.S.
This report does contradict what President Donald Trump said on Monday when he said that cases were coming down “very rapidly” across the country.
And Federal Reserve chair Jerome Powell spoke earlier Wednesday. He sent the markets declining after he said that there's still a long road ahead of us.
Powell also said that the Federal Reserve was not considering negative rates “at this time.”
"The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. We are seeing a severe decline in economic activity and in employment, and already the job gains of the past decade have been erased," Powell said.
"Since the pandemic arrived in force just two months ago, more than 20 million people have lost their jobs,” he said.
One really key thing to point out, that impacts everyone--whether you’re an investor or not--and that is that Powell noted that “40% of those in households making less than $40,000 a year had lost a job in March.”
From TheStreet: Jim Cramer: There Are Two Markets
And Arizona Might Resume Sports?
The governor of Arizona, Doug Ducey says the Grand Canyon State is now open for business for professional sports as long as there are no fans in the stadiums. According to Ducey’s Twitter, Arizona is, “trending in the right direction.” The governor added he spoke with a few league leaders and said the NBA, NHL, NFL, and MLB can return to action without fans starting this Saturday, May 16.