10 things you need to know before the opening bell
Here's what you need to know before the markets open.
1. 'Markets are screaming for more': Stocks, oil, Treasury yields climb as hopes of a global coronavirus response grow. Central banks in Norway, Japan, and Australia cut interest rates, bought government bonds, or took other expansionary measures.
2. 'We need to care for working people as much as we care for the stock market': Alexandria Ocasio-Cortez and Bernie Sanders blasted the Fed's $1.5 trillion injection. "FYI, the amount that the Fed just injected almost covers all student loan debt in the US," Ocasio-Cortez tweeted.
3. The US stock market has now wiped out the entire $11.5 trillion of value it gained since Trump's 2016 election victory. The Trump administration initially downplayed the virus, with top economic adviser Larry Kudlow calling the outbreak "contained" on February 25.
4. Fed announces $1.5 trillion in capital injections to combat coronavirus fallout and 'highly unusual disruptions'. The Federal Reserve said it would add $500 billion to money markets on Thursday and inject $1 trillion every Friday through the end of March.
5. The New York Stock Exchange is preparing to close its trading floor as the coronavirus sweeps through New York. The NYSE's contingency plan would replace its human/electronic-broker hybrid with a backup system that hasn't yet been used during a real-world trading session, WSJ reported.
6. Morgan Stanley says it's time to start buying stocks amid the market carnage. The market rout has brought stocks to levels that could bring swift Fed action, part of the "bottoming process" in US markets, Morgan Stanley said.
7. Coronavirus shock is pushing highly indebted 'zombie' companies toward financial ruin - and a risky $1 trillion market is already showing the damage a recession would do. A coronavirus-driven recession could trigger a "corporate subprime financial crisis," according to one expert.
8. Famed economist David Rosenberg called the housing bubble. Now he tells us why the oil-price war will be more damaging than the coronavirus - and outlines a scenario where stocks plunge another 13%. The market's plunge may be only half over, and the pain from a coronavirus/oil-shock recession might last for years, Rosenberg said.
9. Stocks are rallying worldwide. Japan's Nikkei rose 7.2%, Germany's DAX was up 8.5%, Great Britain's FTSE 100 climbed 8.7%, and US equity futures hit limit-up levels after posting 5% gains.
10. Key data is out today. Look out for import and export prices.