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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.

Confirmed Cases: 28770

Reported Deaths: 1092
CountyConfirmedDeaths
Hinds224739
DeSoto144216
Madison124234
Jones109149
Neshoba97070
Lauderdale89479
Rankin86012
Forrest82942
Harrison79410
Scott75715
Copiah58016
Leake56519
Jackson55716
Holmes53641
Wayne52212
Lee51816
Oktibbeha51625
Washington5129
Yazoo4786
Leflore47449
Warren46317
Lowndes45912
Lincoln43734
Lamar4317
Grenada3965
Pike39312
Monroe37529
Lafayette3684
Attala35523
Newton3329
Sunflower3216
Covington3175
Bolivar29813
Panola2956
Adams28018
Simpson2713
Chickasaw26418
Tate2648
Marion26311
Pontotoc2616
Jasper2516
Noxubee2478
Pearl River24532
Clay24410
Winston2446
Claiborne23910
Marshall2123
Smith21111
Clarke20424
Coahoma1906
Union1819
Walthall1794
Kemper17614
Yalobusha1667
Lawrence1621
Carroll16111
Humphreys1309
Itawamba1308
Tippah12711
Webster12610
Calhoun1244
Montgomery1242
Hancock12313
Tallahatchie1153
Jefferson Davis1074
Prentiss1003
Greene968
Jefferson963
Wilkinson929
Tunica903
Amite842
George753
Tishomingo731
Choctaw724
Quitman690
Perry634
Alcorn601
Stone541
Franklin392
Benton270
Sharkey270
Issaquena81
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 39604

Reported Deaths: 961
CountyConfirmedDeaths
Jefferson4532143
Montgomery3875102
Mobile3797134
Tuscaloosa210739
Marshall162210
Lee124537
Shelby110923
Madison11047
Morgan10203
Walker87123
Franklin86314
Dallas8419
Elmore83614
Baldwin7359
Etowah64413
DeKalb6415
Butler60727
Chambers60027
Tallapoosa57269
Autauga55312
Unassigned50724
Russell5030
Lowndes45820
Lauderdale4576
Houston4464
Limestone4290
Cullman4114
Pike4075
Colbert3775
Bullock3649
Coffee3592
Barbour3331
Covington3327
St. Clair3192
Marengo29911
Hale29621
Escambia2936
Wilcox2848
Talladega2827
Calhoun2805
Sumter27912
Clarke2686
Dale2620
Jackson2522
Winston2373
Blount2181
Pickens2176
Chilton2152
Marion20613
Monroe2052
Choctaw19212
Randolph1889
Conecuh1866
Greene1788
Macon1778
Bibb1761
Perry1541
Henry1303
Crenshaw1243
Washington1027
Lawrence1000
Cherokee797
Lamar711
Geneva700
Fayette671
Clay612
Coosa571
Cleburne301
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