Market futures point to a Tuesday rebound following Monday’s record sell-off after President Donald Trump floats stimulus, plus stocks to watch today in the Money and Markets Wall Street Wake-Up.
The Top Story
The morning after all three U.S. indexes posted record losses, a rebound may be in the offing.
On Monday night, Trump discussed the possibility of “a payroll tax cut or relief” to help stem the tide of the coronavirus on stocks.
What it means: The president’s mention of some kind of relief could be enough to start righting the ship after Monday’s tank job. However, there were no specifics as to how much those potential tax cuts would be or when they would be implemented — or if they even have a chance of getting through the Democrat-controlled House.
As it stands now: As of 8 a.m. EDT, Dow futures were up 4%. S&P 500 futures were also up 4% while Nasdaq futures moved 4% higher.
Stocks to Watch Today
Tesla Inc. (Nasdaq: TSLA) — After falling more than 13% on Monday, the electric automaker’s stock was up 10.2% in the early morning hours. The company reported it’s now produced 1 million vehicles.
Organogenesis Holdings Inc. (Nasdaq: ORGO) — Shares of the health care company jumped 14.5% in the premarket session after beating analysts’ expectations in Q4. It also issued FY2020 guidance above expectations.
Stitch Fix Inc. (Nasdaq: SFIX) — The online personal styling service reported lower-than-expected quarterly revenue. It also issued a weak forecast for the next quarter. Shares of Stitch Fix were down 32.3% in the premarket session.
In the News
The oil price war is ratcheting up a day after it began.
Saudi Arabia and Russia — the two countries at the center of the massive price drop that sent markets tumbling Monday — both said they were willing to step up the amount of oil production.
Saudi Aramco — the state-run oil company in Saudi Arabia — said it will boost its oil production to 12.3 million barrels per day in April. Russian Energy Minister Alexander Novak replied, stating his country is willing to pump more crude as well.
Brent and West Texas Intermediate crude prices were both up 8% in premarket trading hours after falling to near-record lows on Monday.
International Auto Shows Move to Cyberspace Amid Coronavirus
Despite one of the largest international auto shows being canceled due to the coronavirus outbreak, automakers found a workaround to get their product information out.
Following the cancellation of the Geneva International Motor Show, car companies held to their press schedule and used the internet as their show floor. Geneva show organizers even created a web page with links to auto company streaming press conferences.
Google Scrubs Coronavirus Misinformation on Search, YouTube
In an effort to limit the amount of misinformation about the coronavirus on the internet, Google said it “has aggressively intervened” in some of its online services.
Google searches related to the virus will now bring up an “SOS Alert,” with news from mainstream news outlets, including National Public Radio. Information from the U.S. Centers for Disease Control and Prevention as well as the World Health Organization will also be displayed prominently.
Other Morning Reads
What Is the Nasdaq and How Does It Work (Money and Markets)
Qantas Says its CEO Will Stop Taking a Salary (CNN Business)
Cramer’s Recession Watch: ‘Unprecedented’ Oil, Yield Collapse Worse Than ’07-’09 (Money and Markets)
Here are the companies releasing earnings reports today:
American Public Education Inc. (Nasdaq: APEI)
Dicks Sporting Goods Inc. (NYSE: DKS)
Kopin Corp. (Nasdaq: KOPN)
Protagonist Therapeutics Inc. (Nasdaq: PTGX)
Turtle Beach Corp. (Nasdaq: HEAR)
Check back each morning before the opening bell for stocks to watch today with the Wall Street Wake-Up, here on Money and Markets.