U.S. stock futures, which were way down and way up overnight, were pointing to a higher open on Monday after Wall Street's worst week since the 2008 financial crisis. Last week, concerns about the spread of the new coronavirus and the economic impact of the outbreak knocked 3,500 points off the Dow Jones industrial average. (CNBC)
The Dow, S&P 500 and Nasdaq all sank into a correction territory, defined by moves of 10% or more from their most recent 52-week highs. While Friday saw the Dow lose another 357 points, blue chips rallied in the final minutes of trading. The Dow had been off nearly 1,100 points earlier in Friday's session. (CNBC)
Goldman Sachs thinks the Fed will likely announce a 0.5% rate cut at, or even before, its March 17-18 meeting. Goldman then sees the Fed cutting another 0.5% later this year. Former Fed Gov. Kevin Warsh told CNBC on Friday the Fed and other global central banks should act in unison.
On Monday's U.S. economic calendar, two manufacturing surveys are out this morning: a final February purchasing managers' index at 9:45 a.m ET and February data from the Institute for Supply Management at 10 a.m. ET. The government issues its January construction spending report, also at 10 a.m. ET. (CNBC)
IN THE NEWS TODAY
Worldwide coronavirus cases approached 90,000 overnight with 3,048 deaths, according to Johns Hopkins. While the vast number of cases and fatalities are still in China, where the virus originated, the U.S. confirmed its second coronavirus death over the weekend. Both victims were in Washington State. (CNBC)
New York City reported its first coronavirus case Sunday night, a woman who recently traveled to Iran. Total U.S. cases were 86. President Donald Trump tweeted Monday morning, "I am meeting with the major pharmaceutical companies today at the White House about progress on a vaccine and cure." (CNBC)
Italy continues to have the most cases in Europe, around 1,600. The European Union's disease prevention agency raised the bloc's risk level to high. South Korea has the most cases outside China, at about 4,300. Iran said infections exceeded 1,500, with 66 deaths. (CNBC)
Former Vice President Joe Biden, who stumbled early on, hopes to take the momentum from his comfortable South Carolina primary victory into Super Tuesday, when 14 states hold contests that collectively award a third of the total delegates in the race for the Democratic presidential nomination. (CNBC)
Ex-Mayor Pete Buttigieg was in third with 26 delegates. But Sunday, he dropped out of the race. Billionaire Tom Steyer dropped out Sunday. The campaign of Sen. Elizabeth Warren, who has just eight delegates, vowed to push to the Democratic National Convention in July. (CNBC)
Elliott Management founder Paul Singer is looking to replace Twitter (TWTR) CEO Jack Dorsey, noting the company's top executive's focus is split by also running Square (SQ), CNBC has learned through a source. Twitter shares were up about 5% in the premarket.
Oppenheimer upgraded Apple (AAPL) to outperform from perform, noting the company has "mastered the art to turn technology into deeply personal and indispensable everyday objects."
JPMorgan analyst Stephen Tusa, who had a longtime bearish stance on General Electric (GE), upgraded the industrial giant to neutral from underweight, noting the company's floor on free cash flow exceeded his expectations. "We were wrong," Tusa said in a note to clients.
WATERCOOLER
AT&T (T) is rolling out a new national TV service that lets customers connect Google Android-powered boxes directly to their broadband internet, eliminating the need for U-Verse fiber hookups or satellite TV dishes. (CNBC)
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