US stock futures looked to stage a partial recovery on Friday, helping markets stabilize following the worst S&P 500 selloff since 1987, down -9.57%; the index closed at a discounted -26.8% from its record high.
Those declines overshadowed a Fed decision to ease “highly unusual disruptions” by providing $1.5 trillion to banks in the repo market.
Global equities were headed for their worst week since 2008 as markets worried that emergency fiscal and monetary packages would fall short of staving off a global recession; markets remain volatile.
Participants are doubting the efficacy of policy responses as Covid-19 cases continue to grow across the world, while restrictions on people and businesses toll sentiment worldwide.
Ahead, lawmakers and the Trump administration are nearing an agreement on legislation aimed at aiding Americans affected by virus, House Speaker Nancy Pelosi said.
Today’s economic calendar includes; Import and Export for February at 8:30am EST and Consumer Sentiment data for March at 10am EST.
Earnings reports are expected today from; Jail (JBL), Overstock.com (OSTK) and JinkoSolar (JKS).
TODAY'S TOP HEADLINES
Coronavirus: Coronavirus Testing to Soon Happen on ‘Very Large Scale’. (Bloomberg)
US President Donald Trump said testing for coronavirus cases will “soon happen on a very large scale basis” following some changes, according to a Twitter post on Friday.
Today's Economical Announcements.
08:30AM - ★★☆ - Export Price Index (Feb) (Previous: 0.7%)
08:30AM - ★★☆ - Import Price Index (Feb) (Previous: 0.0%)
10:00AM - ★★☆ - Michigan Consumer Expect. (Mar) (Previous: 92.1)
10:00AM - ★★☆ - Michigan Consumer Senti. (Mar) (Previous: 101.0)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
DocuSign (DOCU): [EARNINGS] Earned 12 cents per share for its fourth quarter, well above the consensus estimate of 5 cents a share. The electronic signature technology provider’s revenue also beat forecasts and the company gave better-than-expected forward guidance.
Walt Disney (DIS): [NEWS] Announced it will close Disneyland and other theme parks in Southern California through the end of the month, in response to the coronavirus outbreak.
Gap (GPS): [EARNINGS] Reported quarterly earnings of 58 cent per share, 17 cents a share above estimates. The clothing chain’s revenue also came in above Wall Street forecasts, and Gap forecast better-than-expected 2020 profit. The company warned, however, that it expects a $100 million revenue hit this quarter due to the coronavirus outbreak.
Oracle (ORCL): [EARNINGS] Beat estimates by a penny a share, with quarterly profit of 97 cents per share. The business software company’s revenue was slightly above analysts’ forecasts, boosted by growth in Oracle’s cloud business.
Apple (AAPL): [NEWS] Reopened its 42 branded stores in China, after shutting them down in early February due to the coronavirus outbreak.
Broadcom (AVGO): [NEWS] Withdrew its 2020 revenue forecast, the latest chipmaker to do so following coronavirus-related supply disruptions.
United Airlines (UAL): [NEWS] Said it would keep its regular schedule for flights to the US from Europe through March 19, but will cut back its schedule after that date. That follows news of the 30-day ban on flights announced by President Donald Trump on Wednesday.
Ulta Beauty (ULTA): [EARNINGS] Reported quarterly profit of $3.89 per share, 16 cents a share above estimates. Comparable sales were also above estimates, although the cosmetics retailer’s revenue was slightly below consensus and its full-year outlook was also below estimates.
Slack Technologies (WORK): [EARNINGS] Lost 4 cents per share for its latest quarter, 1 cent a share less than analysts were expecting. The workplace messaging platform provider’s revenue came in above estimates, however Slack forecast lower-than-expected billings for this year and reported a surge in expenses during the most recent quarter.
The Buckle (BKE): [EARNINGS] Reported quarterly earnings of 96 cents per share, 9 cents a share above estimates. Revenue was essentially in line with expectations. Comparable-store sales were up 3.3%, above the Refinitiv consensus estimate of a 2.5% rise.
DECLINERS: EPR, SAVE, BTAI, VTR, AL, XENT, GDOT, NVTA, BA
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