Chinese tourists with facial masks stand in front of the New York Stock Exchange (NYSE) on February 3, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images
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8:52 am: KB Home rises 5% in premarket on strong earnings
Shares of KB Home gained 5.7% in premarket trading Friday after the home builder reported strong-than-expected quarterly earnings. The company earned 63 cents per share in its fiscal first quarter, beating consensus estimates by 18 cents, according to Refinitiv. KB Home said it sees a 31% jump in orders and a 28% increase in deliveries during the quarter. However, the company pulled its 2020 guidance given the uncertainty surrounding the coronavirus pandemic. – Li
8:40 am: Coronavirus GDP losses
8:19 am: US has the most cases of coronavirus in the world
The United States now has more confirmed coronavirus cases than Italy and China, making it the country with the largest outbreak in the world.
The total number of cases in the U.S. reached 82,404 Thursday evening, eclipsing China’s 81,782 cases and Italy’s 80,589, according to data compiled by Johns Hopkins University. Confirmed U.S. cases passed 5,000 last week. At the beginning of the month, there were roughly 100 confirmed cases in the U.S. – Stevens
7:58 am: UK Prime Minister Johnson tests positive
7:55 am: Trump says the US and China are ‘working closely together’ in fight against coronavirus
China and the U.S. are aiming to work more closely as the coronavirus continues to spread, leaders of both countries said in a phone call Friday.
President Donald Trump said in a tweet that he spoke with his Chinese counterpart Xi Jinping “in great detail” about the COVID-19 pandemic, which has so far killed more than 24,000 people globally.
“China has been through much & has developed a strong understanding of the Virus,” Trump said on Twitter. “We are working closely together. Much respect!” – Stevens, Cheng
7:37 am: Stock futures lower, Dow set to drop 600 points at the open
U.S. stock index futures pointed to losses at the open, which would snap stocks’ record 3-day win streak. The Dow Jones Industrial Average was set to open more than 600 points lower for a loss of 2.7%. The S&P 500 was also on track to drop 2.7% at the open, while the Nasdaq was poised for a 2.6% decline.
On Thursday the Dow and S&P 500 each gained more than 6%, registering their largest 3-day win streaks since 1931 and 1933, respectively.
Stocks got a boost after the Senate passed a $2 trillion economic stimulus bill aimed at mitigating the economic damage from the coronavirus outbreak. The House is expected to vote on the bill later today.
Comments from Federal Reserve Chairman Jerome Powell also lifted markets on Thursday.
“We still have policy room in other dimensions to support the economy,” Powell said on NBC’s “TODAY” show. “We’re trying to create a bridge from a very strong economy to another place of economic strength.”
Stocks managed to move higher despite the largest weekly jobless claims number on record. Even with the recent strength, the major averages are still more than 20% below their February all-time high levels.
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