1. Dow set to rise after Tuesday’s 900-point surge fizzled
A woman walks by the Wall Street subway station sign on March 23, 2020 in New York City.
Angela Weiss | AFP | Getty Images
U.S. stock futures were pointing to an over 200-point gain for the Dow Jones Industrial Average at Wednesday’s open. The Dow fell 26 points Tuesday after giving up an over 900-point surge earlier in the session. The S&P 500 and the Nasdaq also closed modestly lower. The Nasdaq avoided going back into a bear market. But the Dow and S&P 500 remained in bear market territory, defined by declines of at least 20% from recent 52 week highs. All three stock measures hit record highs in February before the worst of the coronavirus crisis took hold in the United States. The Federal Reserve releases the minutes from its most recent meeting at 2 p.m. ET. The meeting in question was the emergency weekend session in March when the Fed cut rates to a range of zero to 0.25%.
2. US coronavirus cases surpass 400,000
U.S. coronavirus cases surpassed 400,000 on Wednesday, according to figures provided by NBC News, with 12,864 fatalities nationwide. The world’s largest economy has recorded the most COVID-19 infections of any country around the globe by far. Cases in America are almost five times those in China, where the virus was first identified in December. New York state’s over 140,300 cases and 5,489 deaths are the most in the U.S. Half those cases are in New York City, which has more than 70% of the fatalities in the state.
3. Global coronavirus cases top 1.4 million
Global coronavirus cases topped 1.4 million with 83,148 deaths and over 281,300 recoveries, according to Johns Hopkins University data. After the U.S., the worst of the outbreak is ravaging Europe. U.K. Prime Minister Boris Johnson, suffering from COVID-19, spent a second night in the intensive care unit at St. Thomas’ Hospital in London. Johnson’s condition is stable, according to officials. In the Chinese city of Wuhan, the epicenter of the outbreak, authorities started allowing people to leave there for the first time since late January’s lockdown.
4. Trump blames WHO for getting it all wrong
President Donald Trump is blaming the World Health Organization for getting “every aspect” of the outbreak wrong. At Tuesday evening’s White House coronavirus briefing, he threatened to withhold funding from the WHO, the United Nations’ health agency. In hopes of further helping U.S. small businesses, Treasury Secretary Steven Mnuchin asked congressional leaders for an additional $250 billion for the small business loan program. Congress late last month approved a $350 billion small business loan program as part of an over $2 trillion stimulus.
5. Dorsey to use $1 billion in Square equity for charity
— Reuters contributed to this report.