Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 16, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images
8:38 am: Morgan Stanley expects a global recession this year
The firm’s chief economist Chetan Ahya told investors that a “global recession in 2020 is now our base case.” Morgan Stanley said the coronavirus pandemic is fundamentally disrupting the world’s economy, forecasting the lowest global economic growth “since the global financial crisis.” – Sheetz
8:30 am: Treasury yields rebound just sightly
Treasury yields climbed a tad Tuesday morning as investors sought more details on fiscal stimulus from the Trump administration to battle the coronavirus fallout. The yield on the benchmark 10-year Treasury note rose just five basis points to 0.77% after slumping 23 basis points in the previous session. The yield on the 30-year Treasury bond was up slightly at 1.36%. Bond yields move inversely with prices. “There will come a stage in the process when the lows are ultimately established and efforts are made to return the market to some semblance of normality,” said Ian Lyngen, BMO’s head of U.S. rates. “It’s unclear if investors have entered this phase yet as the monetary policy reverberations continue to find their way through the system.” — Li
7:37 am: Tech titans erase more than $1 trillion in market sell-off
The so-called “MAGA” stocks — or Microsoft, Apple, Amazon and Google-parent Alphabet — have erased $1.3 trillion in value since their February all-time closing highs amid the broader market sell-off. Microsoft has been the hardest hit, losing roughly $405.2 billion. Apple has erased around $371.8 billion, while Alphabet has lost $311.1 billion. Amazon has shed $239.4 billion. With the recent losses, only Apple and Microsoft are now valued at more than $1 trillion. – Stevens
7:31 am: Nordstrom says it will close US stores, suspends 2020 guidance
Nordstrom said it will close 364 of its stores in an effort to curb the spread of the coronavirus. Due to the ongoing uncertainty surrounding the long-term impact of the virus, the retailer also suspended its 2020 earnings outlook. Nordstrom said it has experienced “a broad-based deceleration in customer demand over the past couple of weeks, particularly in markets most affected by the virus.” The stock has lost more than half its value this year, after shedding 58%. Shares were flat during Tuesday’s premarket trading. – Stevens, Thomas
7:14 am: Cramer says wild futures swings are ‘a total joke’
Stock futures have been on a wild ride heading into Tuesday’s open on Wall Street, casting doubt on the reliability of pre-market trading as an indicator of where things stand. Futures overnight were “limit up” at one point a situation where trading is halted because they have hit a 5% gain and can go no higher. However, shortly before 6:30 am markets turned around and were negative at one point. They then shot higher again shortly after and most recently pointed to a big gain. Observing the massive swings, CNBC’s Jim Cramer said futures were losing their reliability and are “a total joke.” “Don’t even look at them. You can’t have a bull market at 3:30 a.m. and have it end by 7 a.m.,” the “Mad Money” host said. —Cox
7:05 am: Regeneron speeds up coronavirus drug timeline
Pharmaceutical company Regeneron said on Tuesday it is speeding up its timeline for its coronavirus drug, with potential to run trials by the early summer. The antibody-based therapy has the potential to be preventative from the virus as well as treat active cases. Share of the biotechnology company rose more than 13% in premarket trading on Tuesday. — Fitzgerald
7:00 am: Stocks set to rebound
Stock futures pointed to a bounce on Tuesday following the Dow Jones Industrial average’s third-worst day in history. The Dow Jones Industrial Average futures indicated an implied open of more than 600 points. The S&P 500 and the Nasdaq were also slated to rise.
The rebound comes after the Dow and S&P 500 experienced their worst day since the “Black Monday” crash of 1987 despite the Federal Reserve’s rate cut and easing actions. The Dow lost nearly 13%, its third worst one-day percentage drop in history. The S&P 500 lost 12%. The Nasdaq Composite had its biggest one-day plunge ever, tumbling 12.3%. — Fitzgerald
— with reporting from CNBC’s Jeff Cox.
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