U.S. stock futures were pointing to a higher Wall Street open on Wednesday as shares of companies impacted by the coronavirus rebounded. The Dow Jones Industrial Average, S&P 500 and Nasdaq all hit intraday highs Tuesday. But the Dow gave up its gains as Federal Reserve Chairman Jerome Powell was testifying before a House panel on the economy, and closed slightly lower. He said the Fed is "closely monitoring" the coronavirus outbreak. The S&P 500 and Nasdaq on Tuesday were able to eke out record closes. Powell goes back to Capitol Hill on Wednesday morning, appearing on the Senate side for part two of his semiannual testimony before Congress on monetary policy.
Sen. Bernie Sanders won the New Hampshire Democratic presidential primary with 26% of the vote. Former Mayor Pete Buttigieg was a close second with more than 24%. Sen. Amy Klobuchar surged into third place with nearly 20%. Sen. Elizabeth Warren and former Vice President Joe Biden rounded out the top five with more than 9% and 8%, respectively. Sanders told supporters Tuesday night that he plans to win the next nominating contests in Nevada and South Carolina later this month. Reacting to Sanders' victory, former Goldman Sachs chief Lloyd Blankfein tweeted that Russia should back the senator for president to "best screw up the U.S."
Biden, anticipating a poor New Hampshire finish, left for South Carolina even before Tuesday's primary results were in. Donors backing Biden, who came in fourth in the messy Iowa caucuses, are divided over whether the former vice president can raise enough cash to continue his third run for the presidency. Panic set in among some of Biden's financiers on Wall Street and in other industries when it became clear Tuesday night that the one-time Democratic front-runner wouldn't hit the 15% threshold to score any delegates from the New Hampshire vote. Two Democratic candidates, entrepreneur Andrew Yang and Sen. Michael Bennet, already dropped out after poor New Hampshire showings.
The new coronavirus that has sickened more than 44,500 people in over two dozen countries now has a name, COVID-19. The virus that's believed to have emerged from a seafood market in the city Wuhan, China, likely originated in bats and then jumped to an "intermediate host" before infecting humans, World Health Organization officials said. The death toll rose to 1,113 in China. The outbreak could impact China's commitments to buy U.S. agricultural products this year as part of the "phase one" trade deal between the two nations, White House national security advisor Robert O'Brien said Tuesday.
Shares of Bed Bath & Beyond were plunging about 25% in premarket trading Wednesday after the home goods retailer said sales in the first two months of its latest quarter were hit by increased promotions, falling store traffic and inventory management issues. The company said same-store sales for December and January fell a greater-than-expected 5.4%. "We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges," Chief Executive Officer Mark Tritton said in a statement.
— Reuters contributed to this report.