BY THE NUMBERS
U.S. stock futures hit their 5% "limit down" levels, meaning they can't trade any lower Wednesday. However, the exchange-traded funds that track the Dow Jones Industrial Average, S&P 500 and Nasdaq, which have no such curbs, were more than 6% lower. Meanwhile, the 10-year Treasury yield charged higher to around 1.13%, up from 0.75% on Monday. (CNBC)
* Cramer: Many stocks have bottomed; the indexes are still searching (CNBC)
Another volatile night and early morning in the futures comes one day after Wall Street rebounded from its worst day in more than three decades on hopes around Trump administration plans to inject $1 trillion into the U.S. economy to cushion the fallout from the coronavirus crisis. (CNBC)
* Boeing seeks $60 billion in government aid for aerospace industry hit by coronavirus (CNBC)
* Mnuchin warns senators of 20% unemployment without coronavirus rescue (Reuters)
* Treasury and IRS to delay tax payment deadline by 90 days (CNBC)
* Government wants to start sending millions of Americans a check (CNBC)
As of Tuesday's close, the Dow was off 28% from its Feb. 12 record high, with the S&P 500 and Nasdaq each down 25% from their Feb. 19 record highs. All three stock measures were firmly in bear markets as defined by declines of at least 20% from recent 52-week highs. (CNBC)
* US crude prices fall to 17-year low as coronavirus spreads (Reuters)
General Mills (GIS) releases quarterly earnings this morning. Five Below (FIVE), Guess (GES), Herman Miller (MHLR), Tailored Brands (TLRD) and Williams-Sonoma (WSM) issue their numbers after today's closing bell. The government is out with February housing starts at 8:30 a.m. ET. (CNBC)
* Weekly mortgage applications drop over 8% as interest rates jump briefly (CNBC)
IN THE NEWS TODAY
U.S. coronavirus cases increased to nearly 6,500 with 114 deaths, according to Johns Hopkins University data. The virus has now been detected in all 50 states and Washington, D.C. The number of actual cases in the country is likely significantly higher, according to state and local officials, due to testing delays and a restrictive diagnostic criteria that limited who could get tested. (CNBC)
* Tower at Chicago's Midway airport is closed after 'several' employees test positive (CNBC)
* Kansas becomes first to cancel in-person teaching for school year (USA Today)
* Nevada orders all casinos, other nonessential businesses, closed (USA Today)
Global cases near 200,000 with 7,955 deaths and almost 82,000 recoveries. Italy has the most cases, about 31,500, and deaths, 2,503, outside China, where the coronavirus originated in December. China's reported infections now make up less than half the cases around the world. China still has the most deaths at 3,241. (Johns Hopkins)
* Hong Kong uses electronic wristbands on arriving passengers to enforce quarantine (CNBC)
* Investors in World Bank 'pandemic bonds' face big losses due to the coronavirus outbreak (CNBC)
General Motors, Ford and Fiat Chrysler are negotiating with the United Auto Workers union to "review and implement the rotating partial shutdown of facilities" and other additional measures in an attempt to keep workers safe and healthy. The actions are expected to be a compromise between the automakers and union. (CNBC)
It appears that Tesla won't be able to keep manufacturing going at its plant in Fremont, California. The sheriff's office of Alameda County, where Fremont is located, tweeted Tuesday night that the electric auto maker's factory is not an "essential business" under the definition of its "shelter in place" order. (CNBC)
* Kroger CEO: We have hired 2,000 people and have 10,000 openings in response to coronavirus demand (CNBC)
* SoftBank may not complete $3 billion tender offer for WeWork, sources say (CNBC)
Joe Biden has amassed a nearly insurmountable lead over Sen. Bernie Sanders in the race for the Democratic presidential nomination. The former vice president swept Tuesday's three primaries in Florida, Illinois and Arizona. On the Republican side, President Donald Trump on Tuesday officially secured his party's nomination. (CNBC)
STOCKS TO WATCH
FedEx (FDX) reported adjusted quarterly profit of $1.41 per share, matching estimates. The delivery company's revenue exceeded forecasts. FedEx also suspended its 2020 profit outlook, pointing to the impact of the virus outbreak, and made plans to cut costs due to the pandemic.
Exxon Mobil (XOM) raised $8.5 billion in new debt, but had to pay a higher premium than usual because of the recent tumble in oil prices.
Cinemark Holdings (CNK) is closing all 345 of its U.S. movie theaters due to the coronavirus outbreak. The move prompted Fitch Ratings to place the movie theater operator on "rating watch negative," with Fitch noting that under normal circumstances, Cinemark has a relatively strong balance sheet compared to its peers.
Target (TGT) announced a reduction in store hours to allow more time for cleaning and restocking. Target will also close the eateries and cafes located within its stores.
Amazon (AMZN) is prioritizing medical supplies, household staples, and other high-demand products in its warehouses. Independent sellers will not be allowed to ship other products to Amazon's warehouses until April 5.
WATERCOOLER
Tom Brady is expected to join the Tampa Bay Buccaneers after announcing Tuesday he would be leaving the New England Patriots, a team he has played with for two decades and helped usher to six Super Bowl victories. No official announced has been made from the Bucs, who haven't won a Super Bowl since 2003. (NBC News)
Business - Latest - Google News
March 18, 2020 at 06:11PM
https://ift.tt/2QqSH5H
What to watch today: Dow futures hit 'limit down' after Tuesday's rebound - CNBC
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "What to watch today: Dow futures hit 'limit down' after Tuesday's rebound - CNBC"
Post a Comment