Morning Brief

What to watch today: Dow bounces after stocks worst day since 1987 and coronavirus cancellations


Dow futures, reversing overnight losses, were pointing to a strong advance at Friday's open after Wall Street suffered its worst session since the "Black Monday" stock market crash in 1987. The futures hit limit up, meaning they can't trade higher than up 5% in the premarket. The Dow opened Friday on Wall Street more than 1,000 points higher. (CNBC)

El-Erian: Market looks 'less scary' as stocks set to rebound from nearly 30% drop from highs (CNBC)
Here's what would happen if coronavirus forces the NYSE to close its trading floor (CNBC)

The Dow Jones industrial average on Thursday lost over 2,350 points or nearly 10% — pushing further into a bear market. It's down more than 28% from its Feb. 12 closing high. The S&P 500 tanked 9.5%, joining the Dow in a bear market and officially ending the longest bull market ever. (CNBC)

10-year Treasury yield jumps to nearly 1% as investors return to risk assets after historic sell-off (CNBC)

Goldman Sachs expects the Federal Reserve to cut interest rates a full 1% at next week's meeting. On Thursday, stocks briefly pared some of their losses after the Fed said it would take a series of moves to add up to $1.5 trillion into the financial system. (CNBC)

On today's economic calendar, the government issued its February report on import prices this morning. The University of Michigan releases its preliminary March consumer sentiment index (CNBC)

Slack Technologies (WORK) shares, which dropped as much as 20% overnight, were off 5% in Friday's premarket. The workplace platform warned on expected billings and a surge in expenses. Slack lost 4 cents per share in its latest quarter, a penny less than analysts had been expecting. Revenue also beat. (CNBC)


The House appears close to approving, in perhaps a vote as early as today, a massive federal response to confront the intensifying coronavirus pandemic that has killed dozens across the U.S., roiled financial markets and disrupted the lives of millions of Americans. (USA Today)

Treasury Secretary Mnuchin says White House and Congress close to getting coronavirus bill done (CNBC)

Cancellations and declarations of states of emergency have poured in as U.S. coronavirus cases topped 1,700 with 40 deaths. In attempts to halt the spread of the virus at public events, sports, theme parks and Broadway announced suspensions. (CNBC)

* Warren Buffett says Berkshire's annual meeting will be held without shareholders in attendance (CNBC)

Global coronavirus cases surpassed 128,300 with 4,720 deaths. More than half of those infected are listed as recovered. In the worst hot spot outside China, where the outbreak started in December, Italy said its cases rose to 15,113, including 1,258 people who have recovered and 1,016 who have died. (CNBC)

US approves Roche coronavirus test in race to boost screening capacity (Reuters)
Ex-FDA chief: US capacity for coronavirus testing will soon be at more than 10,000 per day (CNBC)

President Donald Trump won't be tested for coronavirus after meeting with a Brazilian official who tested positive over the weekend. An Australian official with the coronavirus met with Attorney General William Barr and Ivanka Trump. (NY Times)

Canadian Prime Minister Justin Trudeau's wife, Sophie Gregoire, has tested positive. "Following medical advice, she will remain in isolation for the time being," according to statement from the prime minister's office. Justin Trudeau is in "good health with no symptoms," the statement said. (CNBC)

The Democratic National Committee is moving Sunday's presidential debate between Joe Biden and Bernie Sanders from Arizona to Washington, D.C., because of concerns about the coronavirus. The DNC had already announced the debate would be held without a live audience. (AP)


Gap (GPS) reported adjusted quarterly earnings of 58 cent per share, 17 cents above estimates, with the clothing chain's revenue also above Wall Street forecasts. It also forecast better-than-expected 2020 profit, although it did say it expected a $100 million revenue hit this quarter due to the coronavirus outbreak.

United Airlines (UAL) said it would keep its regular schedule for flights to the U.S. from Europe through March 19, but will cut back its schedule after that date. That follows news of the 30-day ban on flights announced by President Trump on Wednesday.

Apple (AAPL) reopened its 42 branded stores in China, after shutting them down in early February due to the coronavirus outbreak.

Broadcom (AVGO) withdrew its 2020 revenue forecast, the latest chipmaker to do so following coronavirus-related supply disruptions.

Oracle (ORCL) beat estimates by a penny with adjusted quarterly profit of 97 cents per share, with the business software company's revenue slightly above analyst forecasts. Results got a boost from growth in Oracle's cloud business.

Ulta Beauty (ULTA) reported quarterly profit of $3.89 per share, 16 cents above estimates. Comparable sales were also above estimates, although the cosmetics retailer's revenue was slightly below consensus and its full-year outlook is also below estimates.

DocuSign (DOCU) earned an adjusted 12 cents per share for its fourth quarter, well above the consensus estimate of 5 cents, with the electronic signature technology provider seeing revenue beat forecasts as well. The company also gave stronger-than-expected forward guidance.


The next major nominating contests are on Tuesday, when Arizona, Florida, Illinois and Ohio hold primaries. A win for the former vice president in Florida could be a knockout punch to Sanders. The Vermont senator is now projected to win last week's California primary. (AP & CNBC)