1. Dow set for gains Friday but steep weekly losses
A trader works on the floor of the New York Stock Exchange in New York, the United States, March , . Michael Nagle | Xinhua News Agency | Getty Images
(Dow) futures were pointing to an over – point jump at Friday’s open on Wall Street. Nasdaq futures hit their 5% “limit up.” If gains were to hold by the close, the Dow Jones Industrial Average would log its first back-to-back advances since Feb. 5-6, one week before its Feb. record high. Thursday’s coronavirus-driven volatility saw the Dow off points, or 3%, before closing nearly (points, or 0.) %, higher. Heading into Friday, the Dow – down over % for the week – was tracking for its worst weekly loss since the 2008 financial crisis. Despite Thursday’s gain, the Dow was still 75% below last month’s record highs.
2. California issues ‘stay at home’ order
California Gov. Gavin Newsom took the extraordinary step of requiring residents statewide to “stay at home,” in a coronavirus order that took effect Thursday night. Essential government functions such as law enforcement and essential businesses like gas stations, pharmacies, grocery stores and banks can remain open. Other businesses must close.
California estimates that more than half the state’s . 5 million people will get the virus over the next eight weeks. California has just about 1, confirmed cases, third highest in the United States, according to Johns Hopkins University. New York has the most cases with more than 5, followed by Washington state with nearly 1, . The U.S. has over , cases with (deaths.)
3. Italy now the deadliest country in outbreak
Italy, which only has half the coronavirus cases of China, has now become the world’s deadliest hot spot . Italy’s death toll is 3, (deaths among) , cases. China, where the outbreak originated in December, has more than , (cases and 3, deaths. South Korea, which had spiked to the biggest hot spot outside China, is now No. 8 on the global list with about 8, (cases and) deaths. The worldwide death toll surpassed , with cases increasing to nearly 253, 650. Globally, over 94, 12 patients are listed as recovered.
4. Bailouts for companies, relief for Americans take shape
The Senate GOP coronavirus bailout bill would cap executive pay at companies that receive taxpayer money, while also allowing the government to take ownership stakes. Democrats are pushing for more restrictions, including the prohibition of stock buybacks at bailed-out firms. The Senate Republican plan for relief to Americans includes $ 1, cash payments to individuals that would start to phase out at $ , 06 in adjusted gross income. Companies are also doing their parts to take care of workers. Walmart is spending $ 405 million to pay cash bonuses to its hourly employees for working during the pandemic.
5. Two senators face questions about timing of stock sales
Senate Intelligence Committee Chairman Richard Burr, RN.C., is facing questions about his decision to sell $ 700, 12 to $ 1.7 million worth of stock one week before global financial markets began their historic slide in response to the coronavirus pandemic. A second Republican senator, Georgia’s Kelly Loeffler, also sold large amounts of stock in late January and early February, when U.S. markets were hitting all-time highs. Burr and Loeffler have received nonpublic information about the global spread of the coronavirus from Executive Branch officials, who have been briefing senators regularly since at least January. Burr and Loeffler responded on Twitter.
– Follow financial market developments in real-time all day long with CNBC’s market live blog.
GIPHY App Key not set. Please check settings