The Dow Jones Industrial Average was poised to get back most of Tuesday's losses when trading on Wall Street opens Wednesday. U.S. stock futures were higher despite concerns about the outbreak of a deadly China-based virus as well as Boeing's announcement about further delays in the return of the 737 Max jet. Boeing's losses accounted for about half the Dow's Tuesday drop, which ended a five-session win streak. In a CNBC interview in Davos, J.P. Morgan Chairman and CEO Jamie Dimon said that negative interest rates are one of the only things that concern him in a market that's otherwise in a "Goldilocks place."
President Donald Trump, in a wide-ranging CNBC interview with "Squawk Box" co-host Joe Kernen on Wednesday from Davos, said that U.S. economic growth would be closer to 4% if it weren't for the lingering effect of Federal Reserve rate hikes. Trump also said that the U.S. has China's coronavirus "totally under control" here; that Apple must help authorities unlock iPhones in criminal cases; that "great geniuses" like Elon Musk should be "cherished;" that he's disappointed in Boeing over the 737 Max crisis; and that the EU has "no choice" but to agree a new trade deal with the U.S. Here's the transcript of the entire Trump interview.
Trump told CNBC on Wednesday that he trusts the information coming out of China on the coronavirus as the Centers for Disease Control and Prevention confirms the first case of it in the United States. The CDC on Tuesday said a Snohomish County, Washington state, resident who was returning from China on Jan. 15 was diagnosed with the Wuhan coronavirus, which has killed nine people in China and sickened hundreds more.
The president's defense team sparred with Democratic House managers in the Senate for the first time in Trump's impeachment trial. The battle on the Senate floor, presided over by Supreme Court Chief Justice John Roberts, largely centered around the rules that will be adopted for the trial proceedings going forward. It is considered highly unlikely that two thirds of the GOP-majority Senate, which was ordered to remain silent throughout the proceedings, will vote to remove a Republican president.
Netflix shares were rising about 2% in premarket trading after the video streaming giant beat on the top and bottom lines in the fourth-quarter. However, it gave disappointing guidance for the first quarter. Netflix also said it added 8.76 million paying global subscribers during Q4, more than the 7.6 million that analysts had expected. But it did note increased competition in the U.S., and that it will become more intense globally after the Disney+ service from Walt Disney launches across Europe in March.