BY THE NUMBERS
With coronavirus concerns still very much in the mix, U.S. stock futures point to more losses for Wall Street following a Friday sell-off. The major averages all had their best weekly gains in months despite that Friday drop, but the trend is clearly negative as we head into the new week. The Nasdaq's weekly gain last week was its largest since November 2018, even after a 0.5% fall on Friday. Tech has been February's strongest sector so far, and the Consumer Staples sector finished last week at a record high. (CNBC)
The Trump administration will release its fiscal 2021 budget today, which will show the economy growing at an average rate of 3% for the next 15 years. It's also proposing to continue tax cuts for individuals through 2035 at a cost of $1.4 trillion, a figure that serves as a rough placeholder for President Donald Trump's promised "Tax Cuts 2.0." (CNBC)
* Treasury yields move higher ahead of Trump's 2021 budget (CNBC)
No economic releases are on today's calendar. Two Fed officials have public speaking engagements today, with Fed Governor Michelle Bowman making a morning appearance in Florida and Philadelphia Fed President Patrick Harker speaking this afternoon in Delaware. (CNBC)
Allergan (AGN), Edgewell Personal Care (EPC), and Restaurant Brands International (QSR) are among the companies set to release quarterly earnings this morning. Callaway Golf (ELY) and XPO Logistics (XPO) issue numbers after the closing bell.
Tesla (TSLA) shares were up 9% in the premarket this morning after a tumultuous week, which saw the stock move more than $100 per share in either direction in three of five sessions. Tesla posted 10 consecutive weekly gains and have risen 127% over that span. (CNBC)
IN THE NEWS TODAY
China's National Health Commission said it confirmed 3,062 new coronavirus cases and 97 additional deaths, mostly in Hubei province. The government said a total of 40,171 cases have been confirmed and 908 people have died in the country. The U.K. has confirmed four further cases of the coronavirus, bringing the total number of cases in the country to eight. (CNBC)
* Factories in China remain shuttered as some regions extend shutdowns (CNBC)
* As virus deaths top SARS, survivor tells of treatment (WSJ)
Sen. Bernie Sanders remains at the top of the Democratic field in a new NBC News/Marist poll of tomorrow's New Hampshire primary. Sanders gets 25% of likely Democratic primary voters in the poll, while former Mayor Pete Buttigieg receives support from 21%. Former Vice President Joe Biden, who had a dismal showing in the Iowa caucuses, comes in at 13%. (CNBC)
* Biden predicts he will 'take a hit' in New Hampshire primary after 'gut punch' in Iowa (CNBC)
* Mike Bloomberg is the only Democrat to top Trump in Gallup poll of small business owners (CNBC)
The Iowa Democratic Party allocated delegates based on the results of last week's Iowa caucuses, giving Buttigieg the largest delegate count, followed closely by Sanders, though many news outlets remained unable to declare a winner. Sanders' campaign plans to ask for a "partial recanvass" of the results of last week's Iowa caucuses. (NBC News & AP)
Sen. Josh Hawley is proposing putting the Federal Trade Commission, an independent agency, within the Department of Justice, which is part of the executive branch. The proposal is likely to raise alarms about removing the independence of a key regulatory body, especially as Democrats have speculated about Attorney General William Barr's closeness to Trump. (CNBC)
Annegret Kramp-Karrenbauer, the leader of Germany's Christian Democratic Union and the expected successor of Angela Merkel, will not run for chancellor. She will also give up the leadership of the CDU in the summer, according to an unnamed source cited by Reuters, setting in motion a party leadership contest. (CNBC)
L Brands (LB) is nearing a deal to sell its Victoria's Secret brand to private equity firm Sycamore Partners in a deal that could be announced as soon this week. It's not clear what role L Brands CEO Les Wexner would have in such a deal, as he's under mounting pressure due to his ties to the late sex criminal Jeffrey Epstein. (CNBC)
The federally appointed oversight board in charge of Puerto Rico's ongoing record debt restructuring saga announced they have come to terms with bondholders of around $35 billion, which accounts for nearly 50% of the bankrupt island's total debt load. The deal will cut the Commonwealth's outstanding bond debt from $35 billion to approximately $11 billion. (CNBC)
STOCKS TO WATCH
Mattel (MAT) is shutting two factories in Asia and will close another in Canada, as it seeks to cut costs. The toy maker has been seeking to streamline its manufacturing and supply chain.
Apple (AAPL) may postpone the launch of a cheaper iPhone due to the coronavirus, according to reports in China.
A Yum China (YUMC) employee in Northwest China responsible for food preparation was confirmed to have the coronavirus, according to the Global Times.
FedEx (FDX) was upgraded to "buy" from "neutral" at UBS, which thinks consensus expectations are low for the company and that profit margins at FedEx's Express service will expand.
World Wrestling Entertainment (WWE) was downgraded to underweight from overweight at Wells Fargo Securities, with the price target slashed to $36 per share from $80. Wells Fargo said there have been "too many misfires."
WATERCOOLER
For the first time ever a non-English language film has won the best picture Oscar at the Academy Awards. "Parasite" took home the top prize at the 92nd Academy Awards. The movie was considered an underdog headed into the ceremony, beating out strong competition from "1917″ and "Once Upon a Time in Hollywood" for the best picture win. (CNBC)
* Here's a complete list of Oscar winners (CNBC)
* Netflix had the most nominations, but it wasn't the big winner (CNBC)
* 'American Factory,' documentary backed by Obamas' production company, wins (CNBC)