What to watch today: Dow set to rebound after worst drop since 2008 financial crisis

BY THE NUMBERSIN THE NEWS TODAYDelta Air Lines (DAL) said Tuesday that it will make deep cuts throughout its network to reduce costs as coronavirus drives down demand for air travel. American Airlines (AAL) is also cutting international and domestic flights. (CNBC)Coronavirus cases in the U.S. topped 750 with 26 deaths, according to figures compiled by Johns Hopkins University and Medicine. Total global coronavirus cases increased to nearly 115,000 with deaths topping 4,000. (CNBC)Italy expanded its lock down, asking all 60 million people nationwide to stay at home. South Korea and Iran both have cases in the 7,000s with 54 and 237 deaths, respectively. (CNBC)Six states are holding primaries and caucuses in the race for the 2020 Democratic presidential nomination. Joe Biden has led in recent Michigan polls. Bernie Sanders may need a win in there to keep up with Biden, who leads the pledged delegate count 652 to 575. (CNBC & NBC News)Tesla (TSLA) has produced one million electric vehicles, according to CEO Elon Musk, who congratulated the “Tesla team” on the milestone via tweet. Meanwhile, Tesla plans to increase production capacity for certain car parts at its Shanghai factory. Tesla shares, which tanked 13.5% Monday, were rebounding about 9% in premarket trading. (CNBC & Reuters)Fifth Third (FITB) was charged by the Consumer Financial Protection Bureau with opening new accounts without customer consent, in order to meet sales goals. Fifth Third called the allegations “unnecessary and unwarranted.” (Reuters)STOCKS TO WATCHDick’s Sporting Goods (DKS) said today it will remove guns from another 440 stores this year, building on its efforts after the deadly school shooting in Parkland, Florida, in 2018. The retailer made the announcement as it reported strong holiday-quarter earnings and sales. Shares were on the rise.Stitch Fix (SFIX) shares were under pressure in Tuesday’s premarket after the online clothing styling service delivered weaker-than-expected current quarter and full-year guidance. The company blamed the financial impact of promotional activity across the retail sector.Vail Resorts (MTN) reported quarterly earnings of $5.04, missing the estimates. Revenue also fell short. The resort operator also pulled its annual guidance and said it sees business continuing to decline. Shares of Vail were dropping in the premarket.WATERCOOLERMarket circuit breakers were triggered Monday for the first time since they were substantially revamped more than a decade ago. The system didn’t end the sell-off, but it at least put a modest brake on a very ugly start. CNBC’s Bob Pisani said the circuit breakers passed the test.

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