US equity futures swung in and out of positive territory on Tuesday, following mounting speculation that policy makers will act guard against global economic threats, as the Covid-19 outbreak curtails business activity and travel.
These unfolding developments come after yesterday’s rally on Wall Street, where hopes for a wave of stimulus drove the S&P 500 +4.33% higher; its largest single-day gain since 2018.
Ahead, investors like likely to assess a teleconference between the G-7 finance chiefs, from at 07:00am EST this morning, after US stock futures reversed sharply following reports that the group stopped short of revealing specific monetary responses to the coronavirus crisis.
Coronavirus cases, meanwhile, have been accelerating at a rate eight-times faster outside of China, with the number of non-China infections now estimated at nearly 11,000.
In today’s economic calendar, Tuesday includes; Motor Vehicle Sales for February from the Bureau of Economic Analysis at 6:00pm EST.
Earnings reports are also expected today from; Target (TGT), Kohl's (KSS), Nordstrom (JWN), Urban Outfitters (URBN), Hewlett-Packard Enterprise (HPE) and Autozone (AZO).
TODAY'S TOP HEADLINES
Coronavirus & Economy: G-7 Pledges Action; Trump Urges Large Rate Cut. (Bloomberg)
G-7 chiefs held a rare conference call and pledged to use all policy tools, including fiscal measures, to support the global economy.
Today's Economical Announcements.
06:00PM - ★☆☆ - Total Vehicle Sales (Previous: 16.80M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Tilray (TLRY): [EARNINGS] Missed revenue estimates for the fourth quarter. The company reported revenue of $46.9 million while analysts polled by Refinitiv expected $55.4 million. The company also reported a net loss for the quarter of $219.1 million or $2.14 per share.
Target (TGT): [EARNINGS] Earned an adjusted $1.69 a share in the fourth quarter, beating analysts' estimates by 4 cents. The retailer said it expects first-quarter earnings of $1.55 to $1.75 a share vs. estimates of $1.66.
Boingo Wireless (WIFI): [NEWS] The company said in a statement that it would not comment on rumors speculating that it is exploring a potential sale, but that it has “received multiple inquiries regarding a strategic transaction.”
Visa (V): [GUIDANCE] Revised guidance on net revenue growth for the second quarter due to the coronavirus. Visa said it expects net revenue growth to be 2.5 percentage points to 3.5 percentage points lower than it originally expected.
Microchip Technology (MU): [GUIDANCE] Said it expected flat net sales for the fourth quarter of fiscal 2020 because of the coronavirus. “Our business in the Americas and Europe is trending towards our original expectations,” the company said in a statement. “However, we see very weak demand in Asia, especially in China, driven by the COVID-19 fears, and customers returning to work at a slower pace than anticipated.” Microchip also said that its supply chain is returning to normal operations at a slower pace than anticipated.
GAINERS: KPTI, CBB, AAPL
DECLINERS: PRMW, BVN
GFL Environmental (GFL) (Low: 20, High: 21) (Est. Vol: $1.50B)
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