1. Dow to rebound at open as investors evaluate Biden’s resurgence and coronavirus developments
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020.
Brendan McDermid | Reuters
U.S. stock futures were pointing to a strong rebound Wednesday on Wall Street as moderate Democrat Joe Biden scored major Super Tuesday wins in the race for his party’s presidential nomination. The implied gain of over 650 points for the Dow Jones Industrial Average at the open would largely reverse Tuesday’s 785 point decline. The Dow was all over the map, with an intraday gain of nearly 400 points and loss of almost 1,000 points after Tuesday morning’s emergency 0.5% interest rate cut by the Federal Reserve failed to temper concerns of slower economic growth due to the coronavirus outbreak. The Dow closed in a correction, down over 12% since record highs on Feb. 12. A correction is defined as a decline of at least 10% from recent 52-week highs. The ADP private-sector jobs report for February is out before Wednesday’s stock market open. On Friday, the government issues its February employment report.
2. 10-year Treasury yield around 1% after Tuesday’s historic plunge below that level
3. Coronavirus mortality rate rises as confirmed cases around the globe continue to climb
The World Health Organization said the mortality rate for coronavirus is 3.4% globally, higher than previous estimates of about 2%. By comparison, the 2002-2003 SARS outbreak killed nearly 1 in 10 infected people. The common flu in the U.S. has a mortality rate of 0.1%. More than 93,000 coronavirus cases have been confirmed worldwide, including 3,198 deaths, though the vast majority of infections and deaths are still in China, where the virus originated in late December. Italy now has the most cases of coronavirus outside Asia, with over 2,500 cases and 79 deaths, South Korea has the most cases outside China, with 5,328 infections and 32.
4. Amazon employee who works in Seattle tests positive for coronavirus
Amazon Brazil offices in Seattle, WA.
Amazon confirmed that an employee in Seattle tested positive for the coronavirus. ″We’re supporting the affected employee who is in quarantine,” Amazon told CNBC. The office is in downtown Seattle on 9th Avenue, according to a search on Google Maps. It is not Amazon’s headquarters office, which is located on 7th Avenue. Twenty-seven of the more than 100 cases in the U.S. are in Washington state. All nine U.S. deaths from the virus were in Washington state.
5. Biden scored major victories on Super Tuesday, moving back to the top of the pack
Democratic U.S. presidential candidate and former Vice President Joe Biden, appears at his Super Tuesday night rally in Los Angeles, California, U.S., March 3, 2020.
Mike Blake | Reuters
Biden won nine of the 14 Super Tuesday states holding primaries and caucuses, including delegate-rich Texas. However, Vermont Sen. Bernie Sanders, who led the delegate count heading into Tuesday’s contests, was leading in California. With California’s delegates yet to be allocated, Biden has 453 and Sanders has 373 total delegates, according to NBC News. No matter who emerges with the most delegates, Biden and Sanders are the clear front-runners. Billionaire former New York Mayor Mike Bloomberg, who joined the race late and banked his personal war chest on Super Tuesday races, won only in American Samoa. Massachusetts Sen. Elizabeth Warren also had a weak showing, losing her home state to Biden.