US stock futures rallied on Wednesday, rebounding from Tuesday’s lows, as Joe Biden’s surprise comeback in the race for the Democratic nomination became the latest development to shift bets on Wall Street.

Equities were getting a boost from a strong showing in the Super Tuesday primaries by moderate Democratic candidate Joe Biden, the financial market’s preferred candidate, who stole some momentum from Bernie Sanders, a fierce critic of Wall Street.

Biden, whose campaign had been faltering, scored wins in Virginia, North Carolina, Arkansas, Oklahoma, Tennessee, Alabama and Minnesota; with his victories in Texas and Massachusetts having been especially painful for Sanders, who had led Biden in recent state polls.

These developments look to help contrast yesterday’s weakness, where the S&P 500 (-2.86%) fell for the eighth time in nine days following the Federal Reserve’s decision to cut interest rates by 50 basis-points.

Fed Chair, Powell, told a press conference that the economy remains strong, but the virus outbreak will weigh on activity “for some time.”

Ahead, today’s economic calendar includes; the ADP Employment Report for February at 8:15am, PMI Services data for February at 9:45am, ISM Non-Manufacturing data for February at 10am, followed by Crude Oil Inventories for the week ended Feb. 28 at 10:30am EST.

Earnings reports are expected today from; Marvell Technology (MRVL), Abercrombie & Fitch (ANF), Campbell Soup (CPB), Dollar Tree (DLTR), Splunk (SPLK) and American Eagle Outfitters (AEO).

Politics: Biden Takes Texas, Sweeps the South; Sanders Wins California. (The WSJ)
Joe Biden notched an impressive string of Super Tuesday victories, while Bernie Sanders won delegate-rich California, as the pair broke away from the field in the race for the Democratic nomination.

Today's Economical Announcements.

08:15AM - ★★★ - ADP Nonfarm Employ. (Feb) (Previous: 291K)
09:45AM - ★★☆ - Services PMI (Feb) (Previous: 53.3)
10:00AM - ★★★ - ISM Non-Manuf. PMI (Feb) (Previous: 55.5)
10:30AM - ★★★ - Crude Oil Inventories (Previous: 0.452M)

Pre-Market Movers & News Related Stocks.

Nordstrom (JWN): [EARNINGS] Earned $1.42 per share on revenue of $4.54 billion. Analysts polled by Refinitiv expected a profit of $1.47 per share on sales of $4.56 billion. The company also issued weaker-than-expected earnings guidance for the year.

Beyond Meat (BYND): [RATING] Argus Research initiated Beyond Meat with a “buy” rating and a price target of $130 per share, which represents an upside of 36.2% from Tuesday’s close of $95.43 per share. “We expect demand for plant-based alternatives to meat to continue to grow, driven not only by consumer preferences for healthier food, but also by environmental concerns,” the analyst said.

Home Depot (HD): [UPGRADE] Instinet upgraded Home Depot to “buy” from “neutral,” and hiked his price target on the stock to $251 per share from $240 per share.

Chipotle Mexican Grill (CMG): [UPGRADE] Upgraded to “overweight” from “equal weight” by Wells Fargo who believes Chipotle drive-thru locations are “set to accelerate the company’s move back toward all-time high store-level sales, margins and returns, which we do not believe is appreciated by the market.”

Dollar Tree (DLTR): [EARNINGS] Reported mixed quarterly results for the fourth quarter, sending the stock down 1.6%. The discount retailer posted a profit of $1.79 per share, beating a Refinitiv estimate of $1.75 per share. However, the company’s $6.32 billion in revenue was below analysts’ estimate of $6.39 billion.

General Electric (GE): [GUIDANCE] Said it expects the coronavirus outbreak to shave off between $300 million and $500 million in first-quarter free cash flow. GE, however, reaffirmed its full-year outlook for free cash flow.

Oracle (ORCL): [UPGRADE] Societe Generale upgraded Oracle to “buy” from “hold,” citing the stock’s “large discount vs. peers.” The firm also thinks Oracle will be less impacted by the coronavirus than other companies in the space, given that two-thirds of revenue is recurring “thanks to its maintenance and cloud businesses.”

Target (TGT): [REVIEW] Goldman Sachs added Target to its “Americas conviction list,” noting: “We think there is room for the top-line story to exceed their low-single-digit growth guidance as the company continues to benefit from competitor store closures.”

Morgan Stanley (MS): [UPGRADE] Upgraded to “buy” from “neutral” at Citi who said the recent pullback in bank stocks gives investors with “a longer-term horizon” to buy into the investment bank.

Amazon (AMZN): [NEWS] An employee in Amazon’s “Brazil” office in downtown Seattle tested positive for the coronavirus.

Mattel (MAT): [UPGRADE] Upgraded to “overweight” from “sector weight” by KeyBanc Capital Markets. “With cost takeouts and turnaround heavy lifting largely in hand, it was more apparent to us that MAT is pivoting back onto offense, squarely focused on revenue growth,” the firm said.