What to watch today: Dow set to drop after Tuesday's sharp rebound

Dow futures were pointing to a sharp decline at Wednesday's open, with market swings persisting as daily new coronavirus cases in the U.S. continued to slow. The Dow Jones Industrial Average on Tuesday rallied 558 points, or 2.4%. The S&P 500 climbed 3.1%, while the Nasdaq advanced nearly 4%. Tuesday's rally resumed a sharp rebound from the market lows on March 23. (CNBC)

Depressed airline stocks were surging in Wednesday's premarket as U.S. carriers and the Treasury Department reach agreements on billions in coronavirus aid. Delta, American, JetBlue and Southwest said they reached deals for portions of $25 billion in payroll grants to help them get through the coronavirus-driven economic downturn. (CNBC)

Bank of America said that per-share profit dropped over 40% to 40 cents in the first quarter on revenue net of interest expense of $22.8 billion. Earnings were below expectations of 46 cents, while revenue basically matched forecasts. Like its rivals, BofA added $3.6 billion to loan loss reserves in the quarter. (CNBC)

* Goldman's profit tumbled 46%, but bank posts strongest bond-trading results in 5 years (CNBC)
* Citigroup's first-quarter profit tumbles 46% as it sets aside more money for loan losses (CNBC)

On today's economic calendar, the Fed is out with March industrial production at 9:15 a.m. ET. The National Association of Home Builders delivers its April housing market index at 10 a.m. ET. The Fed releases its Beige Book region-by-region assessment of the economy at 2 p.m. ET. (CNBC)

* US retailers suffered a record decline in sales last month (NY Times)
* New York manufacturing activity hits record low due to outbreak impact (CNBC)
* Weekly mortgage applications rise as rates drop to survey low, but it's all refinances (CNBC)

President Donald Trump said he believes some states will be able to reopen their economies before the end of April. U.S. coronavirus cases, while slowing, topped 600,000 with 26,059 deaths. Global cases neared 2 million with 127,590 deaths. (CNBC)

The president also said the U.S. will suspend funding to the World Health Organization, claiming it "severely" mismanage and covered up the spread of the outbreak. Paper checks of coronavirus relief payments to Americans will have Trump's name printed on them, a Treasury Department official confirmed to NBC News.

Researchers from the Harvard T.H. Chan School of Public Health have warned that, in the absence of a vaccine or an effective treatment to the coronavirus, social-distancing measures may be required through to 2022. That's according to a new study published in the journal Science on Tuesday. (CNBC)

* Coronavirus keeps patients away from US hospitals as ER visits drop: 'Heart attacks don't stop' (CNBC)

Major League Baseball said that 27 teams will participate in an antibody testing study with Stanford University and the University of Southern California. The test measures whether people have been exposed. The study will use rapid antibody tests, the league confirmed to CNBC.

A week after reeling in $1 billion in fresh capital, Airbnb is raising another $1 billion in debt as it seeks to pad its balance sheet to get through the COVID-19 crisis, according to people familiar with the matter. Airbnb is among the many companies tied to the tourist industry that's seen its business disappear over the past six weeks. (CNBC)

Shares of Tesla — over 20% off February's record highs of $968.99 each — were getting a boost in Wednesday's premarket, after Goldman Sachs returned to its coverage of the stock with a buy rating. Goldman put an $864 per share 12-month price target on Elon Musk's electric car maker, implying an advance of over 20% from Tuesday's closing price of $709.89 per share. (CNBC)

Amazon is cutting commission rates for members of its affiliate program. The company notified members of the program, known as Amazon Associates, that it will slash commission rates beginning April 21, according to an email obtained by CNBC. Amazon has for years operated the affiliate program, which allows members to advertise and link to Amazon products in exchange for a percentage of the sales. (CNBC)

Comcast's NBCUniversal is "evaluating" moving up the nationwide launch of its subscription video streaming service Peacock. NBCUniversal planned to release Peacock's free and paid versions nationwide on July 15. As planned, Comcast's Xfinity cable subscribers get a preview of Peacock starting today. (CNBC)

UnitedHealth Group (UNH) beat estimates by 9 cents with adjusted quarterly profit of $3.72 per share, with revenue also above estimates on strength across all its businesses. The company also maintained its prior full year outlook, although it said it would continue to evaluate the impact of the COVID-19 pandemic.

Procter & Gamble (PG) raised its quarterly dividend by 6% and moved up its quarterly earnings reporting date to this coming Friday. The consumer products giant has seen a surge in demand for household staples amid the coronavirus outbreak.

J.B. Hunt Transport (JBHT) fell a penny short of estimates with quarterly earnings of 98 cents per share, although the trucking company's revenue topped forecasts. The company said virus-related disruptions began to appear in March and escalated through the end of the quarter.

Teladoc Health (TDOC) expects to see first quarter revenue above prior forecasts, as the virus outbreak creates unprecedented demand for its services.

J.C. Penney (JCP) is exploring a bankruptcy filing, according to a Reuters report, as the virus outbreak closes the retailer's stores and disrupts its turnaround plans.

Target (TGT) – Target was upgraded to outperform from perform at BMO Capital, which feels the retailer will emerge from the pandemic in an even stronger position relative to its peers.

General Mills (GIS) and Campbell Soup (CPB) were both upgraded to overweight from neutral at Piper Sandler. The firm points to surveys that suggest that consumers will continue to eat more food at home even after restaurants reopen.

Dozens of scientists and doctors were brought on to consult for the 2011 Steven Soderbergh film "Contagion," which was shockingly accurate when looking at the current coronavirus pandemic. CNBC tracked down some of the film's scientific advisors to ask about the movie's scientific rigor and how they're thinking about it today.