| What to watch today: Dow set to drop after first back-to-back gains since February | | |  | THU, MAR 26, 2020 | | | | AS OF THU, MAR 26, 2020 • 07:41 ET | | Dow Jones Fut | | 21,200.55 | | Current: | 20,868.00 | | Change: | -158.00 | | Impl. Open: | -211.55 | | | S&P 500 Fut | | 2,475.56 | | Current: | 2,440.50 | | Change: | -26.50 | | Impl. Open: | -24.06 | | | NASDAQ 100 Fut | | 7,469.62 | | Current: | 7,416.25 | | Change: | -51.50 | | Impl. Open: | -42.37 | | | Russell 2000 Mini | | 1,110.34 | | Current: | 1,087.70 | | Change: | -9.40 | | Impl. Open: | -12.44 | | | The Democratic-controlled House is scheduled to take up the Senate coronavirus relief bill Friday morning. The GOP-controlled Senate unanimously passed the bill, 96-0, a product of days of negotiations with Democrats and the White House. The package includes direct payments to individuals, grants and loans to businesses and more health-care funding. (CNBC) | | | Italy, which has had the most fatalities of any country, has seen its death toll top 7,500, more than double China's 3,291 fatalities. Italy's total cases of more than 74,300 are approaching the world's infection leader China, which has 81,700 cases. The U.S. has the third most cases. (CNBC)
Spain, with over 49,500 case, saw its death toll of 3,647 exceed that of China as well. Many European countries are closely following Italy's coronavirus data to forecast what trajectory their own national outbreaks could take. Global coronavirus cases rose to over 480,000 with 21,570 deaths and more than 115,000 recoveries. (CNBC) | | | Apple (AAPL) is considering delaying the launch of its next iPhone by months, according to a report in the Nikkei Asian Review. That comes amid supply chain disruptions and falling customer demand due to the virus outbreak. Apple has released a new iPhone in September or October in each year since 2011.
McDonald's (MCD) is pulling its all-day breakfast menu to simplify operations as the coronavirus strains restaurant operations. "We will regularly evaluate the situation and look to move back to our regular menu as soon as possible," according to a statement. The launch of the all-day breakfast menu in 2015 helped fuel McDonald's turnaround. (CNBC) | | | | Rich Williams has stepped down as Groupon (GRPN) CEO and Steve Kenzer has stepped down as COO. Both moves are effective immediately, although the daily deals provider said both remain at Groupon. The company did not comment on the reason for the changes. (Seeking Alpha) | | Micron Technology (MU) reported better-than-expected adjusted quarterly earnings and revenue. The chipmaker also gave a better than expected financial forecast as it benefits from the shift to home-based work. | | | | Ford's (F) credit rating was cut by S&P to BB+ from BBB-, pushing the rating into junk territory. The rating agency said the automaker's credit metrics were already borderline prior to the coronavirus outbreak. | | | | AMC Theaters (AMC) furloughed more than 600 employees, as the nation's biggest movie theater chain is forced to close cinemas across the country due to the coronavirus outbreak. | | | | Cheesecake Factory (CAKE) has told landlords it won't be able to pay rent on April 1, according to a report in industry publication Eater. CEO David Overton reportedly asked the landlords for patience and help. | | | | Beyond Meat (BYND) was downgraded to sell from neutral at Goldman Sachs, as food service traffic declines as a result of COVID-19. Goldman also cut its price target for the plant-based food maker's stock to $39 per share from $129. | | There was considerable trepidation among trading desks over the weekend as many in California, New York, and Massachusetts were told to start trading from home. However, for the most part, it appears traders are adapting. (CNBC) | |  | | |
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