Morning Brief

What to watch today: Dow to tank as oil prices and bond yields collapse


U.S. stock futures pointed to a plunge for the Dow at this morning's open as oil prices and bond yields were collapsing. Crude futures plunged overnight after OPEC's production-cut deal failed and the 10-year Treasury yield made shocking new lows in a global flight to the perceived safety of bonds. (CNBC)

* 10-year Treasury yield hits new record low just above 0.3% (CNBC)
* Fed to step up cash injections for banks to guard against market pressure (CNBC)
* Oil sank as much as 30% on fears of an all-out price war (CNBC)

Wall Street stock futures hit the "limit down" 5% early Monday, meaning Dow futures can't trade below 1,255 points. Any spark of optimism, seen when the Dow cut major losses in the final 10 minutes of trading Friday, was nowhere to be seen Monday. During regular hours, market trading halts could occur at "three circuit breaker thresholds" on the S&P 500. (CNBC)

* El-Erian: US stock market could end up dropping 20%-30% when the bottom is finally reached (CNBC)
* Cramer: Collapse of oil prices and bond yields is worse than 'the chaos of 2007-2009' (CNBC)
* CNBC's live markets blog update throughout the day


U.S. coronavirus cases spiked over the weekend, reaching 564 with 22 deaths, according to Johns Hopkins University. Over 100 people in New York — most in Westchester County — tested positive. (Johns Hopkins)

* Thousands prepare to get off ship hit by coronavirus in California (AP)
* Sen. Ted Cruz, Rep. Paul Gosar self-quarantine after interaction with CPAC attendee who tested positive (CNBC)

Global coronavirus cases numbered nearly 107,000 with more than 3,600 deaths, according to the World Health Organization. In Italy, the government imposed restrictions on the movement of about a quarter of its population. (CNBC)

* Disneyland Paris maintenance worker tests positive for coronavirus (Reuters)
* Shanghai Disneyland resumes some resort operations as infections slow (Reuters)

Carnival Corp. (CCL), Royal Caribbean (RCL), and Norwegian Cruise Line (NCLH) are under further pressure today, after the State Department recommended that Americans avoid trips on cruise ships in an effort to contain the spread of the coronavirus. (USA Today)

* Coke, Clorox, other brands urges Attorney General Barr to fight coronavirus price gouging (CNBC)
* Amazon won't dock warehouse workers for missing shifts during coronavirus crisis (CNBC)
* Costco is pulling free samples from their stores as coronavirus panic spreads (USA Today)

Twitter (TWTR) has reached a deal with investment firms Elliott Management and Silver Lake. The deal comes after Elliott's attempt to oust Jack Dorsey as CEO. The deal, which does not change Dorsey's role as CEO, includes a $1 billion investment in Twitter from Silver Lake.  (CNBC)

* Twitter labels edited clip of Biden retweeted by Trump as manipulated media (Reuters)

Boeing (BA) will be ordered by regulators to relocate electrical wires located inside the grounded 737 MAX jet, according to The Wall Street Journal. This would be the latest potential delay in the return to service for the jet, which has been grounded for more than a year.


Elizabeth Duke has resigned as chairman of Wells Fargo's board of directors, according to The Wall Street Journal. Duke's departure comes days before she was set to testify on Capitol Hill about the continuing fallout from the bank's 2016 fake-account scandal.

Amazon (AMZN) is likely to succeed in a key argument of its challenge to the awarding of the so-called "JEDI" Defense Department contract to Microsoft (MSFT), according to a U.S. judge. Amazon has charged that Microsoft won the contract because of improper influence by President Donald Trump.

A top Tesla (TSLA) shareholder told the Financial Times the company is "better run," after the hiring of independent directors to oversee CEO Elon Musk. The comments come from James Anderson, head of global equities for the automaker's biggest institutional investor, Baillie Gifford.


The PGA Tour has struck a new, nine-year domestic media rights deal with ViacomCBS and Comcast's NBCUniversal that will keep weekend coverage of most tournaments on CBS and NBC. (CNBC)

Disclosure: NBCUniversal is CNBC's parent company.