Jake Novak's Morning Business Briefing, 3/11
STOCKS/ECONOMY
-Stock futures are sharply lower after Tuesday's 1,168-point gain for the Dow and similar near-5 percent gains for the S&P 500 and the Nasdaq. Investors appear to be more bearish this morning as more government measures to combat the economic effects of the coronavirus outbreak have not yet been announced.
-The yield on the 10-year Treasury bond is down to 0.70 percent after Tuesday's increases. The 2-year yield is 26 basis points behind at 0.44 percent.
-Gold is flat and at the $1,660 per ounce level. Bitcoin is down to the $7,800 level.
-Asian markets closed down today. Japan's Nikkei index fell the most with a 2.3 percent loss at the close.
OIL/ENERGY
-U.S. crude prices are giving back some of Tuesday's gains, and are now down more than 3 percent to the $33 a barrel level. This comes as Saudi Arabia now says it plans to increase production to a record 13 million barrels per day to further escalate the price war against Russia.
-Gasoline prices fell another 2 cents to $2.34 a gallon, national average.
CORONAVIRUS LATEST
-The number of confirmed cases in the U.S. has now exceeded 1,000.
-The Trump administration is reportedly likely to push back the income tax filing deadline.
-Leading Democrats say they oppose President Trump's push to temporarily cut or suspend payroll taxes.
-The Bank of England announced an emergency 50 basis point interest rate cut this morning to limit the economic impact of the outbreak.
-Fiat Chrysler may temporarily close its Italian plants.
-Adidas says it may lose up to $1.1 billion in sales in China for the first quarter.
-The U.S. has begun trimming the 90,000 troops across the region as Iran, ravaged by the coronavirus, hasn’t posed as large a threat as U.S. officials once feared.
DEALS/NO DEALS
-Pepsico is reportedly discussing a deal to buy Rockstar Energy Beverages for $3.85 billion.
MOVING AMERICA
-Tesla manufacturing director Jatinder "Jat" Dhillon, who oversaw Model 3 production, has left the company.
-Tesla CEO Elon Musk says he's scouting the "central USA" for the location of a factory to build the company's planned cybertruck.