5 things to know before the stock market opens Tuesday - CNBC

1. Dow to get back on track, nearing record again

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, January 24, 2020.

Lucas Jackson | Reuters

U.S. stock futures were pointing to a higher Wall Street open on Tuesday, with the Dow Jones Industrial Average less than 0.5% away from record highs. Monday's bounce-back after Friday's declines sent the S&P 500 and Nasdaq to all-time closing highs. Federal Reserve Chairman Jerome Powell testifies Tuesday and Wednesday in the first of his twice-a-year economic updates to Congress. In prepared testimony, Powell said the Fed is "closely monitoring" the coronavirus outbreak for impact on China and the global economy. Regarding U.S. interest rates, Powell said policy is well positioned. On Tuesday, hedge fund billionaire Ray Dalio told attendees of the annual Milken Conference in Abu Dhabi that he thinks the coronavirus' hit to global markets is probably exaggerated.

2. Coronavirus cases continue to rise in China

Medical staff check a patient's condition at a temporary hospital converted from "Wuhan Livingroom" in Wuhan, central China's Hubei Province, Feb. 10, 2020.

Xiong Qi | Xinhua | Getty Images

Chinese health officials said overnight that confirmed cases of coronavirus in China rose to over 42,000, with the death toll there exceeding 1,000. Beijing's top economic adviser told Reuters on Tuesday that coronavirus may peak there in February, before cases then start to plateau and ease over the coming months. Meanwhile, the director-general of the World Health Organization warned that while almost all cases are in China, the virus poses a "very grave threat" for the rest of the world. The CDC confirms the 13th case in the United States.

3. New Hampshire primary pits Sanders against Buttigieg

Democratic 2020 U.S. presidential candidates (L-R) entrepreneur Andrew Yang, former South Bend Mayor Pete Buttigieg, Senator Bernie Sanders (I-VT), former Vice President Joe Biden, Senator Elizabeth Warren (D-MA), Senator Amy Klobuchar (D-MN) and billionaire activist Tom Steyer pose before the eighth Democratic 2020 presidential debate at Saint Anselm College in Manchester, New Hampshire, U.S., February 7, 2020.

Bryan Snyder | Reuters

4. Amazon wants to question Trump over JEDI contract

The logo of Amazon Web Services (AWS) is seen during the 4th annual America Digital Latin American Congress of Business and Technology in Santiago, Chile, September 5, 2018.

Ivan Alvarado | Reuters

Amazon is seeking to question President Donald Trump, Defense Secretary Mark Esper and former Defense Secretary James Mattis over a $10 billion Pentagon cloud contract awarded to Microsoft. Amazon Web Services is looking to depose seven "individuals who were instrumental" in the JEDI, or Joint Enterprise Defense Infrastructure, source selection. AWS sent CNBC a statement, which reads in part, "President Trump has repeatedly demonstrated his willingness to use his position as President and Commander in Chief to interfere with government functions."

5. Sprint soars on ruling in favor of T-Mobile deal

T-Mobile CEO John Legere (L) and Executive Director of Sprint Marcelo Claure pose for photographs before testifying to the House Judiciary Committee's Antitrust, Commercial and Administrative Law Subcommittee in the Rayburn House Office Building on Capitol Hill March 12, 2019 in Washington, DC.

Chip Somodevilla | Getty Images

A federal judge on Tuesday ruled in favor of the $26 billion Sprint and T-Mobile deal. Shares of Sprint skyrocketed more than 70% in premarket trading. Reports on Monday evening indicated that a decision was coming. Shares of T-Mobile were up over 9% in trading ahead of Wall Street's open on Tuesday. However, the deal can't close until the California Public Utilities Commission approves the transaction, which still hasn't happened nearly two years after the deal's announcement.

— Reuters contributed to this report.

2020-02-11 12:59:00Z
https://www.cnbc.com/2020/02/11/5-things-to-know-before-the-stock-market-opens-february-11-2020.html