1. Dow poised to build on Tuesday’s rebound
U.S. stock futures on Wednesday were pointing to a higher Wall Street open, with investors going through Boeing’s loss and Apple’s strong earnings. On Tuesday, the Dow Jones Industrial Average broke a five-session losing streak. The Dow’s 187-point advance Tuesday clawed back about 40% of Monday’s 453-point slide, which was the biggest one-session drop since October. Investors are focused on earnings, the latest on the coronavirus in China and the Fed’s post-meeting news conference this afternoon. Central bankers are expected to hold interest rates steady.
2. Apple reports a much better-than-expected quarter
Apple, the most valuable U.S. stock with an over $1.4 trillion market cap, was up about 2% in premarket trading after blockbuster earnings. The tech giant, after-the-bell on Tuesday, reported fiscal first-quarter earnings of $4.99 per share and overall revenue of $91.8 billion, both of which blew past estimates. The new iPhone 11 lineup fueled better-than-expected Q1 iPhone revenue of $56 billion, which included sales from the holiday shopping season.
3. More Dow stocks report quarterly results
Boeing on Wednesday reported its first annual loss in more than two decades as the costs from the 737 Max crisis rise sharply. The stock was bouncing around. Shares of another Dow component, McDonald’s, were steady in premarket trading after the fast food chain reported adjusted fourth-quarter per-share earnings of $1.97, a penny better than estimates. Revenue of $5.3 billion matched expectations. Embattled General Electric, a former Dow stock, was up about 6% after the company beat estimates with earnings and revenue. Dow component Microsoft leads the after-the-bell earnings list, with Tesla and Facebook also reporting.
4. Coronavirus cases in China surpass past SARS outbreak
Cases in the current coronavirus outbreak in China have now surpassed the number of SARS cases on the mainland from 2002-2003. As of Tuesday evening, Chinese health officials reported more than 6,100 coronavirus cases in China, with 132 deaths. Many companies are curtailing operations in China to help protect against the spread of the virus. Worldwide, during the SARS outbreak, there were nearly 8,100 cases of severe acute respiratory syndromem, with 774 deaths.
5. There may be witnesses at Trump’s impeachment trial after all
The Senate will get 16 hours, beginning Wednesday, to present written questions in President Donald Trump‘s impeachment trial. Then, senators will vote on whether to produce additional documents or call witnesses. Republican don’t appear to have the votes to block witnesses. On Tuesday, Trump’s lawyers completed their opening statements, bringing to a quick end a defense that attempted to discredit the evidence gathered by House Democrats in their initial probe.
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