US stock futures climbed higher on Friday, along with stocks and bonds globally, as investors continually reviewed unprecedented stimulus measures from the world’s leading central banks and governments to shield jobs and businesses from the coronavirus pandemic.
These developments come after yesterday’s session, where fresh emergency action from the Federal Reserve, European Central Bank and the Bank of England saw stock prices stabilize on Thursday.
S&P 500: +0.21%, Nasdaq 100: +0.60%, Dow Jones: +0.96%.
Meanwhile, the Senate has begun debating a stimulus plan of over $1 trillion in direct financial funding for Americans during the outbreak.
The centerpiece of the package includes tax rebates to individuals of $1,200 and $2,400 for married couples, $208 billion worth of loans for small businesses, $58 billion for the airline sector and $150 billion for other distressed areas of the economy.
Treasury Secretary, Steven Mnuchin, urged lawmakers to pass the legislation by Monday.
“We need to get this done Monday. The American public needs us to move forward” Mnuchin said.
In today’s economic calendar, Friday includes; Existing Home Sales for February at 10am EST.
Earnings reports are expected today from; Tiffany (TIF) and Hibbett Sports (HIBB).
TODAY'S TOP HEADLINES
Coronavirus: Disease Doubling Faster Now; Deaths Top 10,000. (Bloomberg)
The coronavirus pandemic has killed more than 10,000 people, according to data from Johns Hopkins University, and the World Health Organization said the disease is now infecting people at a faster pace.
Today's Economical Announcements.
10:00AM - ★★★ - Existing Home Sales (Feb) (Previous: 5.46M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Tiffany (TIF): [NEWS] LVMH is considering buying Tiffany shares on the opening market, according to a Bloomberg report.
Hibbett Sports (HIBB): [EARNINGS] Fell 11 cents a share shy of forecasts, with quarterly earnings of 51 cents per share. Revenue came in above forecasts. Comparable-store sales were up 4%, shy of the 4.7% consensus estimate compiled by Refinitiv. Hibbett also said it did not anticipate any material disruption to its supply chain due to the coronavirus outbreak, although it said it has seen a slowdown in demand.
Nike (NKE): [UPGRADE] Upgraded to “buy” from “neutral” at Bank of America Securities, saying an overall challenging environment could enhance Nike’s momentum in increasing global market share.
Tesla (TSLA): [NEWS] Will suspend production at its Fremont, California, factory on March 24, and said its New York solar roof tile factory will also suspend production. Tesla added that it believes its level of liquidity is sufficient to navigate the uncertainty surrounding the coronavirus outbreak.
Crowdstrike (CRWD): [EARNINGS] Reported a quarterly loss of 2 cents per share, smaller than the 8 cents a share loss that Wall Street had predicted. The cybersecurity company also gave upbeat guidance, with the coronavirus crisis spurring more to work at home and raising the need for more cyber protection.
Apple (AAPL): [NEWS] Is limiting online purchases of iPhones to two per customer, as it deals with supply chain disruptions as well as the closing of its brick-and-mortar stores outside China.
Walmart (WMT): [NEWS] Apple is hiring 150,000 more hourly workers to deal with a virus-related surge in shoppers. That follows a similar move by rival Amazon.com (AMZN) earlier this week. Walmart also announced it would pay a cash bonus of $300 to full-tie hourly workers and $150 to part-time employees.
Boeing (BA): [NEWS] Is strongly considering a temporary suspension of production at its twin-aisle jet factories, according to people familiar with the matter who spoke to Reuters. The company has not made a final decision on timing, however. Separately, Bloomberg reports that Boeing is considering cutting its dividend and laying off workers, as it deals with the disruption caused by the coronavirus outbreak.
GameStop (GME): [NEWS] Told its stores to stay open even in the event of state or city lockdowns, according to a memo obtained by gaming website Kotaku. The memo said the videogame retailer considered itself an “essential retail” operation.
Hertz Global (HTZ), Avis Budget (CAR): [NEWS] Hertz, Avis, and privately held Enterprise Holdings asked the Treasury Department to be included in any travel industry aid.
Carnival (CCL): [EARNINGS] Reported quarterly profit of 22 cents per share, 5 cents a share below estimates. Revenue beat forecasts, however. The quarter included cancellations and disruptions from the virus outbreak, and the cruise line operator said it cannot provide a full-year forecast as those disruptions escalate.
Oracle (ORCL): [UPGRADE] Upgraded to “overweight” from “neutral” at JPMorgan Chase, which cited the business software giant’s resilience across business cycles as well as its relative valuation.
Cardinal Health (CAH): [UPGRADE] Received a double upgrade at Bank of America Securities, which now rates Cardinal a “buy” compared to the prior “underperform” rating. The firm said the drug distributors are one of the drug industry groups best positioned to manage through the COVID-19 outbreak.
Lululemon (LULU): [UPGRADE] Citi upgraded the athletic apparel retailer to “buy” from “neutral,” noting a 41% drop in the stock since February 20 and saying the company is likely to fare better than peers and that its long-term earnings power is not at risk.
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