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Trade fears ease; Big pharma deal; Facebook under scrutiny

1. Trade fears ease: Global markets were firmly higher following signs that the United States and Ch...

Posted: Mar 27, 2018 1:42 PM
Updated: Mar 27, 2018 1:42 PM

1. Trade fears ease: Global markets were firmly higher following signs that the United States and China were pulling back from the brink of a potential trade war.

US stock futures were pointing higher on Tuesday.

The Dow spiked 669 points, or 2.8%, on Monday -- its third-biggest point gain on record. The Nasdaq gained 3.3% and the S&P 500 climbed 2.7%.

The upbeat mood in the markets marks a sharp reversal from last week, when fears over a trade war caused major losses.

"Trade relationships remain the dominant market driver, with market confidence skating on thin ice," said Joshua Mahony, a market analyst at IG.

CNNMoney's Fear & Greed index shows that "extreme fear" continues to drive investors.

2. Big pharma deal: GlaxoSmithKline will buy Novartis' stake in a consumer health joint venture the two formed in 2014. The $13 billion deal will give GSK 100% ownership of the business.

The announcement comes less than a week after GSK dropped its bid to buy Pfizer's consumer healthcare business. Shares in GSK jumped 3.5% in London after the announcement.

Novartis said divesting from the venture will enable it to focus on the development and growth of its core businesses. Its shares were trading 1.7% higher.

3. Facebook data scandal saga: Facebook shares dropped as much as 5% on Monday after the Federal Trade Commission confirmed it is currently investigating the company's data practices.

A late upswing erased those losses, however.

Facebook is struggling to cope with the fallout from the Cambridge Analytica data scandal. CEO Mark Zuckerberg is facing calls to testify before Congress.

Former Cambridge Analytica contractor Christopher Wylie will appear before a British parliamentary committee on Tuesday.

4. Global market overview: European markets were higher in early trading, following a positive trading session Asia. Japan's Nikkei was the biggest winner, gaining over 2.6%.

US oil futures were 0.2% higher at $65.70 per barrel.

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5. Earnings and economics: McCormick is set to release earnings before the open. Sonic will follow after the close.

Retailer lululemon athletica will also report after the close. The company could face tough questions: Its CEO resigned in February after Lululemon claimed he "fell short" of its standards of conduct.

Shares in H&M declined 6.7% in Stockholm after the Swedish fashion retailer reported a drop in its first quarter profit. The company blamed unusually cold weather for sluggish sales.

The Confidence Board will publish its US consumer confidence report for March at 10 a.m. ET. Last month it was at the highest level since 2000.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:
Tuesday - Lululemon earnings; US consumer confidence
Wednesday - Blackberry, Gamestop and Walgreens Boots Alliance earnings; US fourth-quarter GDP final look
Thursday - Constellation Brands earnings; UK fourth-quarter GDP final look; US personal spending and consumer sentiment
Friday - US markets closed for Good Friday

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 154411

Reported Deaths: 3836
CountyCasesDeaths
DeSoto10409104
Hinds10279202
Harrison7313112
Jackson6566128
Rankin5887106
Lee529496
Madison5014107
Forrest389786
Jones369088
Lauderdale3594147
Lafayette338253
Washington3246108
Lamar297850
Oktibbeha252362
Lowndes247064
Bolivar244384
Panola232653
Neshoba2249121
Marshall222851
Leflore208591
Monroe206778
Pontotoc204231
Lincoln197366
Sunflower192655
Warren180258
Tate177751
Union171926
Copiah167940
Pike165359
Yazoo160140
Scott159430
Itawamba157635
Alcorn155628
Pearl River155368
Coahoma152743
Simpson152653
Prentiss151331
Adams144752
Grenada143345
Leake139744
Holmes133461
Covington128639
Tippah128430
George128325
Winston125526
Hancock124341
Wayne121323
Marion119446
Attala119334
Tishomingo112443
Chickasaw109432
Newton108229
Tallahatchie98127
Clay94727
Clarke93653
Jasper85223
Stone80615
Calhoun78713
Walthall77629
Montgomery76926
Carroll74115
Lawrence73814
Smith73216
Yalobusha73128
Noxubee72717
Perry68326
Tunica62619
Greene61522
Jefferson Davis59017
Claiborne58916
Amite56615
Humphreys54719
Benton50018
Quitman5007
Webster46714
Kemper45018
Wilkinson40522
Jefferson37112
Choctaw3617
Franklin3555
Sharkey32417
Issaquena1204
Unassigned00

Alabama Coronavirus Cases

Cases: 252900

Reported Deaths: 3638
CountyCasesDeaths
Jefferson33526501
Mobile20103365
Madison13723151
Tuscaloosa13366154
Montgomery12552236
Shelby1079677
Baldwin9051137
Lee787266
Morgan696451
Calhoun6598121
Etowah656167
Marshall647357
Houston541038
DeKalb498137
Cullman462443
St. Clair441956
Limestone440445
Lauderdale426754
Elmore421164
Walker3735111
Talladega370157
Jackson340423
Colbert332042
Blount306140
Autauga281842
Franklin257434
Coffee250015
Dale239054
Dallas231532
Chilton228939
Russell22663
Covington225034
Escambia202331
Tallapoosa187291
Chambers182750
Pike161514
Clarke161019
Marion144736
Winston137523
Lawrence133436
Pickens126518
Geneva12508
Marengo123424
Bibb120418
Barbour118911
Butler118642
Randolph105522
Cherokee105124
Hale98131
Fayette94616
Washington93219
Clay92824
Henry8896
Monroe83011
Lowndes80929
Cleburne78814
Macon75522
Crenshaw72230
Bullock70119
Lamar7018
Conecuh70014
Perry6916
Wilcox64818
Sumter58622
Greene43518
Choctaw43114
Coosa3664
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