Dow Futures Nosedive as Tech, Travel Sectors Stalled

Futures on the Dow Jones Industrial Average (DJI) are down over 200 points below fair value, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures aren't far behind. The ebbing tech and travel sectors are mostly to blame, with FAANG name Amazon.com (AMZN) set to lose steam from yesterday's record high near the $3,000 mark. Exponential growth in U.S. coronavirus cases isn't helping matters either, though several drugmakers, including Novavax (NVAX), were just granted "Operation Warp Speed" funding by the White House for their potential treatments. 

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

• Tech stock strides higher on an analyst upgrade. 
• Schaeffer's Senior V.P. of Research Todd Salamone looks at this Nasdaq level that's been a magnet for weeks. 
• Plus, REGN makes headlines yet again; VSLR bounds higher on buyout news; and NVDA gets a bull note. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1.56 million call contracts traded on Monday, and 661,398 put contracts. The single-session equity put/call ratio dropped to 0.42, and the 21-day moving average stayed at 0.52. 
2. Regeneron Pharmaceuticals Inc (NADAQ:REGN) is on Wall Street's radar again this Tuesday, up 2.4% at $642.32 in pre-market trading.  Regeneron was one of the drugmakers chosen to receive $450 million in "Operation Warp Speed" funding for the development of its COVID-19 anti-viral antibody cocktail.  
3. News that Vivint Solar Inc (NYSE:VSLR) will be bought out by solar panel name Sunrun (RUN) in a $1.46 billion stock deal has the shares of the former surging in early market trading, up 20.6% at $12.82 ahead of the bell. VSLR has more than tripled off its March 18 two-year bottom of $3.17.
4. Bank of America Securities just lifted its price target on semiconductor name Nvidia Corporation (NASDAQ:NVDA) to a Street-high of $460 from $420. The analyst cited strength in the gaming market ahead of several major console launches. NVDA is struggling to capitalize on this bull note, just 0.4% higher at $395.62 ahead of the open. 
5. All eyes will be on JOLTS data today. Meanwhile, earnings reports from Levi Strauss (LEVI) and Paychex (PAYX) are on tap. 

COVID-19 Outbreak Casts Shadow Over Global Recovery

Stocks in Asia closed mostly lower today, as expanding coronavirus outbreaks cast a shadow over prospects of global recovery. In China, however, the Shanghai Composite rose 0.4,%, as investors looked forward to the wealth effect of the capital market, and stocks continued to lead gains among the region’s major markets. Meanwhile, Hong Kong’s Hang Seng and South Korea’s Kospi dropped 1.4% and 1.1%, respectively. Elsewhere, Japan’s Nikkei saw a less severe loss of 0.4%.

In Europe stocks are also retreating, as weak German industrial production data and rising coronavirus cases in the U.S. dim hopes. At last check, the German DAX was down 1.3%, the London’s FTSE 100 was down 1.6%, and France’s CAC 40 was down 1.2%.