Morning Brief

What to watch today: Dow futures swing wildly after Wall Street's worst day since the 1987 crash

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BY THE NUMBERS

U.S. stock futures, in a volatile overnight and Tuesday morning session, reached their 5% "limit up" levels, but at one stage, plunged briefly negative before recovering. The Dow Jones Industrial Average was looking to open up more than 400 points after Wall Street saw its worst day since the 1987 "Black Monday" market crash.

* Cramer calls the swings in futures a "total joke" (CNBC)

Despite the Federal Reserve's emergency coronavirus measures, the Dow plunged nearly 3,000 or 13% on Monday. Ahead of Tuesday's trading, the Dow was off more than 30% from last month's record highs, far exceeding the bear market threshold of down at least 20% from recent highs. (CNBC)

Eight major financial institutions, including Morgan Stanley, Goldman Sachs and JPMorgan Chase, are borrowing money from the Fed, according to The New York Times. Central bankers urged them to tap its short-term funding facility to make it easier for credit to continue flowing through the economy.

The government released weaker than expected February retail sales figures this morning. The Fed releases February industrial production figures. The National Association of Home Builders releases its March housing index at 10 a.m. ET. FedEx (FDX) and MongoDB (MDB) release earnings after the bell. (CNBC)

IN THE NEWS TODAY

The Trump administration is grappling with which industries to bail out as thousands of businesses in the U.S. grind to a halt under severe measures to curb the spread of the coronavirus. President Donald Trump has indicated he wants to help save the airline, cruise line and hospitality industries. (CNBC)

Administration seeks roughly $850 billion in emergency stimulus (Washington Post)
Boeing in talks with Trump administration for short-term government aid (CNBC)
Macron warns 'we are at war' as France unveils $50 billion in coronavirus measures (CNBC)
Hong Kong to start quarantining everyone who visits from outside the city (CNBC)

Global cases surpassed 183,000 with 7,167 deaths, according to data from Johns Hopkins University. Nearly 80,000 infected patients are listed as recovered. Regeneron has moved forward its time frame for having doses of a potential coronavirus vaccine and treatment ready for human testing. It now expects it by early summer. (CNBC)

Pfizer and BioNTech to co-develop potential coronavirus vaccine (Reuters)
Thermo Fisher ships coronavirus tests, aims to produce 5 million tests a week by April (CNBC)

As coronavirus testing ramps up, U.S. cases increased to over 4,600 with 85 deaths. New York is now the state with the most cases at 967, including 10 deaths. Less-populated Washington state is a close second with 904 cases with 48 deaths. (CNBC)

Tom Hanks and Rita Wilson released from hospital after coronavirus treatment (CNBC)

The World Health Organization is considering "airborne precautions" for medical staff after a new study showed the coronavirus can survive in the air in some settings. Officials said there's evidence the virus can go airborne, staying suspended in the air depending on factors such as heat and humidity. (CNBC)

The governor of Ohio ordered polls closed due to an "unacceptable health risk." Ohio was one of four states holding primaries Tuesday as Joe Biden hopes to widen his lead over Bernie Sanders for the Democratic presidential nomination. Biden is the apparent winner of last week's Washington Democratic primary, NBC News reports.

Microsoft has closed all its retail stores in the U.S. and around the world. Nordstrom announced it is closing its 364 stores for two weeks, but it remains open online. General Motors and Ford are offering new vehicle financing programs to spur sales as auto showroom traffic slows. (CNBC)

VW to suspend production in Europe, warns of 'very difficult' year (CNBC)
McDonald's says it can't estimate coronavirus impact; considers rent deferrals for franchisees (CNBC)
Uber suspends pooled rides in US and Canada to limit coronavirus spread (Reuters)

Amazon, hit by a wave of delivery delays and product shortages, said it's hiring an additional 100,000 warehouse and delivery workers in the U.S. to meet the surge in online shopping. Amazon is also raising pay for warehouse and delivery workers by $2 per hour in the U.S. through the end of April. (CNBC)

At least 5 Amazon warehouse workers in Europe test positive for the coronavirus (CNBC)

STOCKS TO WATCH

Michaels (MIK) beat estimates by a penny with adjusted quarterly profit of $1.26 per share. Revenue was essentially in line with forecasts. Same-store sales at the arts and crafts retailer were down 2.4%, less than the 2.6% drop that was forecast by analysts surveyed by Refinitiv.

Wells Fargo clawed back $15 million in compensation from former CEO Timothy Sloan,, who left the bank last year.  An SEC filing said the decision was made by the board to take back money granted to him in early 2019, and that Sloan left with no severance.

Tesla (TSLA) said it delivered its first Model Y SUV, although the automaker did not specify who received the first car. The accomplishment marks a win for Tesla, which has previously fallen short of self-imposed, start of delivery deadlines.

Chesapeake Energy (CHK) has hired debt restructuring advisors as it struggles to deal with a rout in energy prices, according to a Reuters report. Chesapeake was struggling with its debt pile of roughly $9 billion even before an oil price war between Saudi Arabia and Russia and the fallout from the coronavirus.

WATERCOOLER

Universal Pictures is making movies available to rent at home while they are still in theaters, as many movie theaters close and more people stay at home amid the virus outbreak. Comcast (CMCSA) is the parent company of NBCUniversal and CNBC.