5 things to know before the stock market opens Tuesday
1. Dow to recover some of Monday’s sharp losses
Traders work on the floor of the New York Stock Exchange (NYSE) on January 27, 2020 in New York City.
Spencer Platt | Getty Images
U.S. stock futures were higher Tuesday, but indicating only a partial rebound from Monday’s more than 450-point drop in the Dow Jones Industrial Average. The Dow went negative for 2020 after its worst decline since October. The Federal Reserve begins its first two-day policy meeting of the year Tuesday morning. No interest rate change is expected. Three Dow components reported earnings before the bell: 3M and Pfizer issued mixed quarters, while United Technologies beat on quarterly profit and revenue.
2. Apple to report earnings after the bell
Apple CEO Tim Cook pose next to an image of the new iPhone 11.
Kena Betancur | AFP | Getty Images
Apple, also a Dow component, reports fiscal first-quarter 2020 earnings after the bell Tuesday. Analysts are expecting the tech giant to deliver earnings of $4.55 per share, compared with $4.18 in the year-ago period. Revenue in Q1 is seen rising to $88.5 billion. Apple shares are up over 3% in 2020. They more than doubled since the company issued first-quarter 2019 results. Apple’s stock increase in recent weeks has led to a number of analysts revising their price targets higher.
3. Boeing gets over $12 billion of financing commitments
The tails of Boeing 737 MAX aircraft are seen parked at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019.
Lindsey Wasson | Reuters
Boeing has secured commitments of more than $12 billion in financing from more than a dozen banks, according to people familiar with the matter, as the industrial giant shores up its balance sheet in the fallout from the nearly yearlong worldwide 737 Max grounding. The 737 Max was taken out of service after an Ethiopian Airlines crash last March happened following a Lion Air flight went down in Indonesia in October 2018. Together, all 346 people on the planes were killed.
4. Coronavirus cases rise and so does the death toll there
Chinese women wear protective masks on the street during the Chinese New Year and Spring Festival holiday on January 28, 2020 in Beijing, China.
Kevin Frayer | Getty Images
Chinese officials on Tuesday sharply increased their confirmed coronavirus cases to more than 4,500. The death toll in China rose to 106. The virus was first discovered in the city of Wuhan in Hubei province in December. The CDC said Monday the number of “patients under investigation” in the U.S. almost doubled since Thursday to a total of 110 across 26 states. However, there are still only five confirmed cases in the U.S.
5. Possible Bolton testimony a wildcard in Trump impeachment trial
In this screengrab taken from a Senate Television webcast, Legal Counsel for President Donald Trump Ken Starr speaks during impeachment proceedings against U.S. President Donald Trump in the Senate at the U.S. Capitol on January 27, 2020 in Washington, DC.
Senate Television | Getty Images
President Donald Trump‘s lawyers are set to finish their opening statements Tuesday, after laying out a multi-pronged defense in Day 2 at his Senate impeachment trial on Monday. Key GOP senators said that reports about former national security advisor John Bolton shifts the tide in favor of calling him as a witness. However, it remains unlikely that two thirds of the Senate will vote to remove Trump, as the Constitution requires.
