On Tuesday, the Dow Jones Industrial Average broke a five-session losing streak, gaining 187 points and clawing back about 40% of Monday's 453-point slide, which was the biggest one-session drop since October. Investors are focused on earnings, the latest on the coronavirus in China and the Fed's post-meeting news conference Wednesday afternoon. Central bankers are expected to hold interest rates steady.
Apple, the most valuable U.S. stock with an over $1.4 trillion market cap, was 1.7% in premarket trading after blockbuster earnings. The tech giant on Tuesday reported fiscal first-quarter earnings of $4.99 per share and overall revenue of $91.8 billion, both blowing past estimates. The new iPhone 11 lineup fueled better-than-expected Q1 iPhone revenue of $56 billion, which included sales from the holiday shopping season.
Boeing on Wednesday reported its first annual loss in more than two decades as the costs from the 737 Max crisis rise sharply. The stock was up 2.7% in the premarket. Shares of another Dow component, McDonald's, were down 1.2% in premarket trading after the fast-food chain reported adjusted fourth-quarter per-share earnings of $1.97, a penny better than estimates. Revenue of $5.3 billion matched expectations. Embattled General Electric, a former Dow stock, was up 7% after the company beat estimates with earnings and revenue. Dow component Microsoft leads the after-the-bell earnings list. Tesla and Facebook also report Wednesday afternoon.
The number of coronavirus cases in China have now surpassed that of SARS there from 2002-2003. As of Tuesday evening, Chinese health officials reported more than 6,100 coronavirus cases, with 132 deaths. Many companies are curtailing operations in China to help stop the spread of the virus. Worldwide, during the SARS outbreak, there were nearly 8,100 cases of severe acute respiratory syndrome, with 774 deaths.
The Senate will get 16 hours, beginning Wednesday, to present written questions in President Donald Trump's impeachment trial. Then, senators will vote on whether to produce additional documents or call witnesses. Republican don't appear to have the votes to block witnesses. On Tuesday, Trump's lawyers completed their opening statements, bringing to a quick end a defense that attempted to discredit the evidence gathered by House Democrats in their initial probe.