1. Dow set for sharp drop after worst first quarter ever
A pedestrian wearing a protective mask walks along Wall Street in front of the New York Stock Exchange (NYSE) in New York, U.S. on Monday, March 30, 2020.
Michael Nagle Bloomberg | Getty Images
Dow futures pointed to a drop of more than 700 points at Wednesday’s open on the first day of April and the second quarter on Wall Street. White House officials are projecting between 100,000 and 240,000 deaths in the U.S. with coronavirus fatalities peaking here over the next two weeks. The Dow Jones Industrial Average closed out its worst first-quarter ever with a 410-point decline Tuesday. The Dow’s coronavirus-driven plunge in March was the worst of any month since October 2008 during the financial crisis. Amid the Q1 carnage, Amazon stock was a standout, gaining 5.4% as online shopping for household essentials surged as states around the nation put stay-at-home orders in place. Gilead Sciences shares were up 15% in the first quarter as its experimental drug against the coronavirus, remdesivir, showed promise.
2. Coronavirus impact on employment emerges in data
ADP issues its March report on private sector employment at 8:15 a.m. ET