Good morning traders and investors of the r/StockMarket sub! Welcome to Tuesday. Here is your stock market news this AM-
- U.S. stock futures hit their 5% “limit up” levels Tuesday as top Senate and White House officials neared a $2 trillion deal to rescue the economy from the coronavirus crisis. The exchange-traded fund that tracks the Dow, which has no curbs, was up just over 5%. The Dow Jones Industrial Average closed down 582 points or 3.1% on Monday after the Senate failed for a second time in less than 24 hours to advance the stimulus bill. Investors were more concerned about talks on Capitol Hill than encouraged by the Federal Reserve’s announcement Monday of an open-ended asset purchase program. As of Monday’s close, the lowest since November 2016, the Dow was down 37% from its record highs last month.
- Senate Democrats expressed optimism about reaching a relief deal from the coronavirus crisis after negotiations with Trump administration officials stretched late into the night. Treasury Secretary Steven Mnuchin said talks were set to resume Tuesday morning. House Speaker Nancy Pelosi came out with House Democrats’ $2.5 trillion bill. Also on Monday, President Donald Trump suggested he wants to urge businesses to reopen, sooner rather than later. “I’m not looking at months,” the president said.
- As Trump considers relaxing some coronavirus restrictions, the U.K. issued a stay-at-home order, starting Tuesday, allowing only essential trips. All nonessential public buildings and places are closed, ranging from libraries to churches, outdoor gyms and playgrounds. All social events including weddings and baptisms are also prohibited. In China, the two-month lockdown of most of Hubei province was lifted. However, Wuhan, the city in the province where the coronavirus originated in December, remains locked down until April 8.
- Global coronavirus cases approached 384,000 with 16,594 deaths and nearly 102,000 recoveries, according to Johns Hopkins University data. China, at about 81,500 cases, has just 21% of the infections around the world as the spread in European nations and the United States continued to spike higher. Italy, the hardest-hit country outside China, saw cases rise to nearly 64,000. The death toll in Italy of 6,077 was nearly double that of China and the highest in the world. Cases in America increased to 46,450 with 593 deaths. Nearly half the U.S. cases and the highest U.S. death toll of 188 were in New York state.
- Top U.S. airlines are working on plans for a possible voluntary shutdown of nearly all U.S. passenger flights, industry and federal officials told The Wall Street Journal. The government was also talking about ordering such a move, the Journal said. The carriers and the White House have made no final decisions.Demand for air travel has plummeted as many states have issued formal stay-at-home orders or just encouraged people not to leave their homes. Social-distancing has become the new way of life as the world grapples with containing the coronavirus pandemic.
STOCK FUTURES CURRENTLY:
YESTERDAY'S MARKET MAP:
TODAY'S MARKET MAP:
YESTERDAY'S S&P SECTORS:
TODAY'S S&P SECTORS:
TODAY'S ECONOMIC CALENDAR:
THIS WEEK'S ECONOMIC CALENDAR:
THIS WEEK'S UPCOMING IPO'S:
THIS WEEK'S EARNINGS CALENDAR:
($MU $LULU $NKE $PAYS $SIG $PAYX $GME $ONTX $CSIQ $JT $INFO $GO $WGO $LX $SCVL $SNX $HOME $BWAY $AEYE $KBH $RKDA $FDS $ERJ $PRGS $OPGN $SCS $NEOG $PUMP $HYRE $AIR $MYOS $LIQT $SAIC $SCWX $ESLT $VTSI $OCGN $QIWI $WOR $TNP $HTHT)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
($INFO $LX $AEYE $NEOG $TNP $CMCM $VTSI $YJ $QIWI $ECOR $EH $DMAC $PANL $FENG $CANG)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
YESTERDAY'S INSIDER TRADING FILINGS:
TODAY'S DIVIDEND CALENDAR:
THIS MORNING'S MOST ACTIVE TRENDING TICKERS:
THIS MORNING'S STOCK NEWS MOVERS:
Chevron (CVX) – Chevron plans to cut capital spending plans for 2020 by 20%, and will suspend its share buyback program. But the energy giant said it has no plans to cut its dividend.
STOCK SYMBOL: CVX
IHS Markit (INFO) – The financial information provider reported quarterly profit of 66 cents per share, 2 cents a share above estimates. Revenue came in essentially in line with forecasts. The company said it still expects double-digit earnings growth this year and that it has a strong plan to deal with changing market dynamics.
STOCK SYMBOL: INFO
Twitter (TWTR) – Twitter withdrew its guidance, as ad sales decline due to the coronavirus outbreak. Twitter noted, however, that the virus outbreak has also resulted in a jump in active users.
STOCK SYMBOL: TWTR
Amazon.com (AMZN) – Amazon suspended more than 3,900 selling accounts on its U.S. platform for violating its fair pricing policies. The retail giant said it is sharing information with federal and state regulators about sellers it thinks are engaging in price gouging.
STOCK SYMBOL: AMZN
Mondelez (MDLZ) – Mondelez will increase hourly wages by $2 and also pay a $125 weekly bonus for sales representatives. The snack maker is among those dealing with a surge in demand for food and household products.
STOCK SYMBOL: MDLZ
Comcast (CMCSA) – The NBCUniversal and CNBC parent has been assuming that the Tokyo Olympics will be postponed, according to The Wall Street Journal quoting people familiar with the matter. Comcast and Discovery Communications (DISCA) hold the rights to the 2020 Olympics.
STOCK SYMBOL: CMCSA
Gilead Sciences (GILD) – The drugmaker won the U.S. Food and Drug Administration’s “orphan drug” designation for its experimental drug remdesivir, considered a promising possible treatment for the coronavirus. The designation allows a seven-year period of marketing exclusivity as well as tax and other incentives.
STOCK SYMBOL: GILD
Dollar Tree (DLTR) – Dollar Tree was upgraded to “outperform” from “market perform” at Telsey Advisory Group, saying the discount retailer is well-positioned to attract traffic and gain market share and that its product mix is a good one for the current challenging environment.
STOCK SYMBOL: DLTR
Spotify (SPOT) – Spotify was upgraded to “market perform” from “underperform at Bernstein, which said the music streaming service’s stock price has come down significantly while the firm’s outlook for Spotify has not changed much.
STOCK SYMBOL: SPOT
Perrigo (PRGO) – Perrigo was upgraded to “overweight” from “neutral” at JPMorgan Chase, which thinks the drug maker will benefit from increased demand for flu treatments.
STOCK SYMBOL: PRGO
Deckers (DECK) – The footwear maker was upgraded to “outperform” from “neutral” at Wedbush, which bases its upgrade on conversations with management that give it confidence the company can weather the current global economic shock.
STOCK SYMBOL: DECK
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. /u/bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
What's on everyone's radar for today's trading day ahead here at r/StockMarket?
I hope you all have an excellent trading day ahead today on this Tuesday, March 24th, 2020! 🙂