The timing of President Trump's proposed 0% payroll tax rate is uncertain
Yesterday's market bounce looks to be short-lived, with Dow Jones Industrial Average (DJI) futures pointing to an almost 800 point drop before the open this morning. The resumed selloff comes after U.S. President Donald Trump proposed on Tuesday a 0% payroll tax rate for the remainder of the year, though it was not specified when this would go into effect. Oil prices are back down too, after Saudi Aramco said it was asked to hike its output capacity by 1 million barrels per day. This has sent April-dated crude futures down 3.8% to $33.07 per barrel, at last check.
Continue reading for more on today's market, including:
- Why CEO and founder Bernie Schaeffer thinks traders should consider this outperforming biotech name.
- Which underperforming stocks do the best after a decline, according to Schaeffer's Senior Quantitative Analyst Rocky White.
- Plus, PEP picks up Rockstar; AAPL hit with a bear note; and HLT withdrawals full-year forecast.

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1 million call contracts traded on Tuesday, compared to 751,210 million put contracts. The single-session equity put/call ratio fell to 0.75, and the 21-day moving average climbed to 0.66.
- PepsiCo, Inc. (NASDAQ:PEP) announced this morning that it would acquire energy drink company Rockstar for $3.85 billion in an effort to break into the market. PepsiCo is looking to better compete with rival Coca-Cola (KO), which has already made a big push into energy drinks with a stake in Monster Beverage Co (MNST). At last check, PEP is down 2.5%, erasing yesterday's gain.
- Apple Inc. (NASDAQ:AAPL) is off 3.2% in pre-market trading after Bank of America Securities slashed its price target to $320 from $350. The analyst also lowered it quarterly outlook, forecasting coronavirus-related supply constraints for the next couple months. Apple stock is up 59% year-over-year going into today.
- Hilton Hotels Corporation (NYSE:HLT) is joining the ever-growing number of companies withdrawing full-year and current-quarter guidance, as economic uncertainty related to COVID-19 continues to ramp up. The hotel name is down 4.3% in electronic trading, and has shed 21.8% since its Feb. 12 record high.
- Today's economic calendar will feature February's core consumer price index (CPI) and Federal budget data. The Organization of the Petroleum Exporting Countries' (OPEC) will also release its monthly report. On the earnings docket are reports from Pinduoduo (PDD) and United Natural Foods (UNFI).

European Markets Inch Higher on Central Bank Buzz
Asian markets pivoted lower today amid lingering concerns about the actual implementation of government stimulus to combat COVID-19 linger. South Korea's Kospi led the region with a 2.8% loss, while Japan's Nikkei gave back 2.3%. China's Shanghai Composite finished 0.9% lower, and Hong Kong's Hang Seng shed 0.6% despite airliner Cathay Pacific gaining after a lackluster earnings report.
Over in Europe, stocks are inching higher, reacting favorably to the Bank of England's emergency cut to its main interest rate from 0.75% to 0.25%. The central bank also announced new funding schemes to help support small businesses impacted by the coronavirus. London's FTSE 100 is up 0.6% at last check in response. The French CAC 40 and German DAX are up 1.2% and 0.9%, respectively.