| Dow futures were pointing to a big gain at Tuesday's open a day after President Donald Trump expressed hope about research for treatment of the coronavirus |
AS OF TUE, APR 07, 2020 • 08:17 ET |
| Dow Jones Fut |
|---|
| 22,679.99 | | Current: | 23,243.00 | | Change: | 755.00 | | Impl. Open: | 685.01 |
| | S&P 500 Fut |
|---|
| 2,663.68 | | Current: | 2,722.00 | | Change: | 77.50 | | Impl. Open: | 69.32 |
| | NASDAQ 100 Fut |
|---|
| 8,081.66 | | Current: | 8,252.75 | | Change: | 223.00 | | Impl. Open: | 184.09 |
| | Russell 2000 Mini |
|---|
| 1,138.78 | | Current: | 1,163.30 | | Change: | 34.60 | | Impl. Open: | 34.72 |
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Dow futures were pointing to a big gain at Tuesday's open a day after President Donald Trump expressed hope about research for treatment of the coronavirus. The Dow Jones Industrial Average surged more than 1,600 points, or 7.7%, to start the week as data showed signs of new U.S. cases slowing. However, it's too early to determine whether that's a trend. (CNBC)
The S&P 500 jumped 7% on Monday. The Nasdaq rose 7.3%, bringing the index out of a bear market. But the Dow and S&P 500 remained in bear market territory declines of at least 20% from 52-week highs. All three stock indexes hit all-time highs in February before states issued stay-at-home orders to fight the spread of the virus and the economy ground to a halt. (CNBC) | |
The Labor Department issues its February Job Openings and Labor Turnover Survey at 10 a.m. ET. The JOLTS data is expected to show that U.S. job openings fell to 6.8 million last month. As with many recent economic reports, this one will not fully reflect the impact of the COVID-19 pandemic since February was before states started issuing stay-at-home orders. (CNBC)
* Cramer: Jobless numbers matter more to market than potential peak in coronavirus transmissions (CNBC) |
Trump, at Monday evening's White House coronavirus briefing, said that 10 therapeutics are in active trials. Fifteen other potential treatments are "advancing rapidly" toward clinical trials, he added. Trump also said, "Stay inside and let's win this and let's get our country [back] as soon as we can. I think it's going to be sooner than people think." However, at the same briefing, White House health advisor Dr. Anthony Fauci said the world may never get back to what it considered "normal" before the coronavirus emerged from Wuhan, China in December. (CNBC)
* Trump and 3M strike deal to bring 166.5 million masks to US in three months (CNBC)
* India allows limited exports of anti-malaria drug after Trump warns of retaliation (Reuters) | |
A warning in late January from White House trade advisor Peter Navarro about the potential severity of the coronavirus in America came as the president was publicly playing down the risks. According to The New York Times, Navarro wrote in memos that the outbreak could cost the U.S. trillions of dollars and put millions of Americans at risk of infection or death. Navarro is a leading hardliner in trade talks with China.
* Navy's top civilian apologizes after ripping aircraft carrier captain who pleaded for coronavirus help (CNBC) | |
House Speaker Nancy Pelosi said another $1 trillion is needed, beyond the just-passed $2.2 trillion effort. The California Democrat wants another round of direct payments to Americans and more money for companies to keep making payroll. Senate Majority Leader Mitch McConnell, R-Ky., has said in recent days that health care should top the list, signaling his intent to get to work on a new bill. (AP)
* CNBC poll: More Americans worry about losing wages and covering costs as coronavirus spreads | |
World leaders are rallying around U.K. Prime Minister Boris Johnson, wishing him a speedy recovery from the coronavirus. On Monday evening, he was admitted to the intensive care unit at St. Thomas' Hospital in London after his symptoms worsened. Trump sent his best wishes. Johnson announced on March 27 that he tested positive for the coronavirus (CNBC)
* Brexit trade deal gets tougher as coronavirus strikes officials on both sides (CNBC)
Britain's over 52,000 coronavirus cases are among the top 10 nations with the most infections, according to Johns Hopkins University data. However, with 5,385 deaths, the U.K.'s mortality rate was over 10%, second only to Italy's 12.5% death rate. Italy has the third most infections in the world at over 132,500 but the most deaths at 16,523. | |
The U.S. has the most cases with more than 368,000. The death toll America rose to 10,993. New York state has the most U.S. cases, over 131,800, and the nation's most deaths, 4,758. Global cases topped nearly 1.36 million with 75,944 deaths and over 265,500 recoveries.
* Coronavirus crisis brings Boeing's US airplane production to a halt (CNBC)
* Exxon cuts capital spending by 30% in response to coronarivus economic crisis (WSJ) | |
| The Supreme Court voted 5-4 to reverse an order extending the absentee ballot deadline for voting in the Wisconsin elections scheduled for Tuesday, stepping into a back-and-forth between Democrats and Republicans in the state over when voting would take place. (CNBC) |
| Slack Technologies (WORK) increased the size of its planned convertible debt offering to $750 million from its originally planned $600 million. The debt is due in 2025 and can be converted to cash, stock, or a combination of the two. The offering has an interest rate of 0.5 percent. | |
| Wells Fargo (WFC) reduced its portfolio of mortgage products offered to consumers, according to a memo seen by Reuters. The bank is trying to stay under a $1.95 trillion dollar balance sheet cap imposed by regulators, an effort that has become more difficult amid the coronavirus outbreak and the loan programs announced by the government. | |
| Kraft Heinz (KHC) said it expected a rise in first quarter sales, as demand for its food products jumps due to consumers staying at home during the virus outbreak. Analysts had been expecting a sales decline. | |
| Beazer Homes (BZH) reported a 3.9 % increase in net new orders for its most recent quarter, but did note a significant slowdown in customer traffic and sales amid the coronavirus outbreak. The home builder also said it is taking steps to boost liquidity as it deals with the impact of COVID-19. |
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