Stock prices drifted on Wednesday, after initial optimism surrounding a $2 trillion stimulus deal waned amid renewed concerns relating to the economic damage of the coronavirus pandemic.

Investors are hoping for global equities to post their first back-to-back daily gain since the rout began a month ago. This follows yesterday’s session, where the Dow rose over +11%, posting its biggest one-day percentage gain since 1933, in anticipation of the stimulus package.

“At last we have a deal”, Senate Majority Leader Mitch McConnell said early this morning on the Senate chamber’s floor. “I’m thrilled that we’re finally going to deliver to the country”.

McConnell said the Senate would vote on the measure on Wednesday; as will the House, before President Donald Trump signs it.

The market is awaiting details on legislation, which according to reports includes; direct financial checks to Americans, loans to hospitals and businesses and an expanded unemployment-insurance program.

Ahead, in today's economic calendar, Wednesday includes; Durable Goods Orders for February at 8:30am EST, followed by Crude Oil Inventories for the week ended March 20 at 10:30am EST.

Earnings reports are expected today from Micron Technology (MU), Winnebago (WGO), Paychex (PAYX) and H.B. Fuller (FUL).

Politics: White House Reaches Deal With Lawmakers on $2 Trillion Coronavirus Stimulus Bill. (WSJ)
Lawmakers and the Trump administration reached an agreement on an estimated $2 trillion stimulus package aimed at shielding the US economy from the worst consequences of the coronavirus pandemic.

Today's Economical Announcements.

08:30AM - ★★★ - C. Durable Goods (Feb) (Previous: 0.8%)
08:30AM - ★★☆ - Durable Goods (Feb) (Previous: -0.2%)
10:30AM - ★★★ - Crude Oil Inventories (Previous: 1.954M)

Pre-Market Movers & News Related Stocks.

Nike (NKE): [EARNINGS] Reported quarterly profit of 78 cents per share, beating the consensus estimate of 59 cents a share. Revenue also exceeded forecasts, and the athletic footwear and apparel maker said business has rebounded in China following the coronavirus outbreak.

Boeing (BA): [NEWS] Plans to restart 737 Max production by May, according to sources who spoke to CNBC. Several regulatory hurdles still remain, however, before the aircraft is ungrounded by the Federal Aviation Administration.

Facebook (FB): [NEWS] Said usage of its platforms has surged during the virus outbreak, but added that it is also seeing a weakening of its ad sales business.

Occidental Petroleum (OXY): [NEWS] Announced employee salary cuts of up to 30%, according to an internal memo seen by Reuters. CEO Vicki Hollub will take an 81% pay cut. The oil producer is trying to conserve cash during a period of tumbling oil prices.

Hershey (HSY): [UPGRADE] Received a double upgrade at Piper Sandler to “overweight” from “underweight.” Piper points to valuation, and expects the chocolate maker to benefit from strong consumer demand and retail traffic.

Winnebago (WGO): [EARNINGS] Reported quarterly earnings of 67 cents per share, matching estimates. Revenue beat Wall Street forecasts, however, and Winnebago said it is confident that the outdoor recreation industry will rebound in the future once the coronavirus outbreak is resolved.

Peloton Interactive (PTON): [NEWS] Largest investor, Wellington Management, sold 4 million shares worth about $100 million during the past week as the fitness equipment maker’s stock jumped, according to regulatory filings.

Apple (AAPL): [UPGRADE] Upgraded to “buy” from “hold” at Deutsche Bank, which said the recent decline has changed its opinion that the stock was “too rich” from a risk-reward standpoint.

Royal Caribbean (RCL): [NEWS] Extended the suspension of its cruises through May 12, as coronavirus cases around the world surge. The cruise line had previously suspended voyages through the end of April.

Target (TGT): [NEWS] Withdrew its financial guidance, due to the uncertainty stemming from the coronavirus outbreak. Target said food and household goods sales are jumping, but profit may be squeezed by higher costs for staffing and cleaning stores.

Kraft Heinz (KHC): [UPGRADE] Upgraded to “overweight” from “neutral” at JPMorgan Chase, which said that packaged food companies with higher levels of debt will benefit from the virus-related surge in business.

Whirlpool (WHR): [NEWS] Withdrew its 2020 guidance due to the coronavirus outbreak. The appliance maker is also cutting production in its US factories, due to supply chain disruptions.

TJX (TJX): [UPGRADE] Upgraded to “outperform” from “sector perform” at RBC Capital, based on the strength of the retailer’s balance sheet.