Dow Futures Nosedive as U.S. COVID-19 Cases Flare

One coronavirus-related death in California has brought the U.S. death toll up to 11

Digital Content Manager
Mar 5, 2020 at 9:10 AM
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It appears as if yesterday's Super Tuesday surge will be short-lived, with stock futures signaling significant drops this morning. Dow Jones Industrial Average (DJI) futures are eyeing a roughly 600 point tumble, paring a chunk of yesterday's massive quadruple-digit gains, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) aren't too far behind. This choppy market is thanks to even more coronavirus anxieties, with California declaring a state of emergency following it's first COVID-19 fatality, bringing the death toll in the U.S. to 11. 

Continue reading for more on today's market, including: 

  • Why one analyst isn't concerned about Cronos' delayed quarterly report. 
  • Breaking down last week's S&P sell-off, and what it might mean for stocks, with Schaeffer's Senior Quantitative Analyst Rocky White. 
  • Plus, CIEN pops on earnings beat; Needham issues warning on GOOGL stock; and FireEye gets a bull note. 

Stock Futures Chart March 5

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 92.2 million call contracts traded on Wednesday, compared to 79.8 million put contracts. The single-session equity put/call ratio moved to 0.87, and the 21-day moving average was 0.62.
  2. Tech name Ciena Corporation (NYSE:CIEN) is continuing its impressive climb higher this morning, after posting fiscal first-quarter earnings that beat analysts' expectations. The company cited strength in its networking business platforms. The equity is up 4.6% in pre-market trading, and is looking to reclaim its year-to-date breakeven level, should these gains hold. 
  3. FAANG name Alphabet Inc (NASDAQ:GOOGL) is slipping this morning after Needham slashed its outlook for both fiscal first and second quarters, blaming lower travel ad revenue. The Google parent is now down 2.5% in electronic trading. 
  4. FireEye Inc (NASDAQ:FEYE) is higher in pre-market trading, up 1.7% after Goldman Sachs upgraded the software concern to "buy" from "neutral," with a price target of $18 -- a roughly 30% premium to last night's close. The analyst said that conversations with the company have given it confidence that FEYE is on the road to improvement. 
  5. Today, traders will comb over weekly jobless claims, unit labor costs and productivity data, and factory orders data for January. The Organization of the Petroleum Exporting Countries' (OPEC) two-day meeting will also start. American Outdoor Brands (AOBC), Costco (COST), and Kroger (KR) will all step into the earnings confessional. 

Buzz Chart March 5

$50 Billion IMF Aid Package Props Up Asian Markets

Markets in Asia rose across the board today. China's Shanghai Composite gained 2%, after the International Monetary Fund (IMF) announced a $50 billion aid package to help combat the coronavirus outbreak. Hong Kong's Hang Seng added 2.1%, with insurance stock AIA leading the charge. Rounding out the region, Japan's Nikkei closed up 1.1%, while South Korea's Kospi tacked on 1.3%.

Over in Europe, on the other hand, stocks have pivoted lower at midday, despite the $50 billion relief from the IMF. London's FTSE 100 is down 1.8% at last check. The German DAX is off 1.7%, despite a big day from meal-kit company HelloFresh. The French CAC 40 is nursing a 1.9% loss.

 

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