BY THE NUMBERS
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)
IN THE NEWS TODAY
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 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)
STOCKS TO WATCH
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.
WATERCOOLER
Dallas couple Marek and Kothney-Issa Bush, both 28, were making $56,000 and had paid off $125,000 in debt. Then they both lost their jobs in the coronavirus pandemic. CNBC’s Make It looks at what they were spending in January before they lost their jobs and their revised budget come April.
Dow futures jump 400 points ahead of earnings season
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