10 things you need to know before the opening bell
Here's what you need to know before the markets open.
1. 'Race to the bottom': Stocks tumble, dollar soars as coronavirus fears overpower stimulus efforts. "Despite heavy losses, we do not rule out the possibility of a deeper bear market," one analyst said.
2. The European Central Bank has launched a 'bazooka' $820 billion pandemic fund to aid markets. 'There are no limits.' ECB President Christine Lagarde tweeted: "Extraordinary times require extraordinary action."
3. Elon Musk says on Twitter that his factories will make ventilators if there is a shortage due to coronavirus. The Tesla and SpaceX boss tweeted that the plants make "sophisticated" components and ventilators are "not difficult" by comparison.
4. Amazon confirms first case of coronavirus at a warehouse in the US. "We are supporting the individual who is now in quarantine," a spokesperson for the e-commerce titan told The Atlantic, which reported the incident.
5. China plans to ramp up spending to revive its economy, and could cut its growth target. Officials want to spur infrastructure investment with 2.8 trillion yuan, or $394 billion, of local government special bonds, Reuters reported.
6. US coronavirus bailout requests top $1 trillion. The National Restaurant Association wants $455 billion in industry support, while hotel and travel executives discussed a $250 billion aid package with President Donald Trump this week.
7. Credit markets flash red as coronavirus hits corporate America. The premium investors demanded to hold riskier, junk-rated credit rose to 904 basis points over safer Treasury securities on Wednesday, its highest level since 2011.
8. Stocks are down. European equities fell, with Germany's DAX down 1.4%, Britain's FTSE 100 down 2.6%, and the Euro Stoxx 50 down 1.1%. Asian indexes dropped, with China's Shanghai Composite down 1%, Hong Kong's Hang Seng down 2.6%, and Japan's Nikkei down 1%. US stocks are set to fall, with futures underlying the Dow Jones Industrial Average and the S&P 500 down about 2.7%, and Nasdaq futures down 1.6%.
9. Some big earnings are out. Accenture and Next are two highlights.
10. Key data is on the way. Initial jobless claims will be closely watched.