Coronavirus Shuts Down California, Senate Debates $1T Stimulus, Apple, Tesla - 5 Things You Must Know Friday

Stock futures point to back-to-back gains for Wall Street; the Senate has begun debating a stimulus plan of more than $1 trillion; California's 40 million residents must stay at home except for essential activities.
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Here are five things you must know for Friday, March 20:

1. -- Stock Futures Point to Back-to-Back Gains for Wall Street

Stock futures rose Friday and shares in Asia and Europe traded higher after investors were heartened that stimulus measures from global central banks and government would soften the blow from the harsh economic impact of the coronavirus pandemic.

Contracts linked to the Dow Jones Industrial Average rose 462 points, S&P 500 futures were up 45 points and Nasdaq futures rose 234 points.

Fresh emergency action from the Federal Reserve, European Central Bank and the Bank of England lifted stocks Thursday.

The Dow Jones Industrial Average on Thursday finished up 188 points, or 0.95%, to 20,087, the S&P 500 gained 0.47%, and the Nasdaq rose 2.3%.

Thursday's session marked the first trading day in 14 that the S&P 500 moved higher or lower by less than 1%.

Meanwhile, the U.S. Senate has begun debating a stimulus plan of more than $1 trillion that would include direct financial help for Americans during the coronavirus pandemic.

The centerpiece of the package released by Senate Majority Leader Mitch McConnell includes tax rebates to individuals of $1,200 and $2,400 for married couples. The legislation also provides $208 billion worth of loans for small businesses, $58 billion for the airline sector and $150 billion for other distressed areas of the economy.

Treasury Secretary Steven Mnuchin urged lawmakers to pass the legislation by Monday.

“We need to get this done Monday. The American public needs us to move forward,” Mnuchin said. “Our objective is to have Congress pass legislation on Monday and have the president sign it.

The economic calendar in the U.S. Friday includes Existing Home Sales for February at 10 a.m. ET.

Earnings reports are expected Friday from Tiffany  (TIF) - Get Report and Hibbett Sports  (HIBB) - Get Report.

2. -- Coronavirus - The Latest

The number of confirmed global cases of the coronavirus has risen to 244,523, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 10,031.

The U.S. has 14,250 cases of the virus and deaths have climbed to about 220.

California's 40 million residents must stay at home except for essential activities. The lockdown - the largest in the U.S. - began Thursday night.

Gov. Gavin Newsom, in a letter to President Trump, estimated 56% of the state’s population, or 25.5 million people, would be infected by the coronavirus.

Newsom asked that a naval hospital ship be deployed to Los Angeles to increase help with the state's response to the pandemic.

The death toll in Italy has surpassed China, which for a second day reported no new domestic cases in Hubei province, the epicenter of the outbreak.

Italian fatalities numbered 3,405, according to Johns Hopkins CSSE, compared with 3,251 in mainland China.

New York City's hospitals could run out of basic medical supplies, including surgical masks, in the coming weeks, Mayor Bill de Blasio told CNN.

“Ventilators, surgical masks and surgical gowns - really basic stuff. We’re deeply concerned about where we’re going to be in a few weeks,” the mayor said.

The State Department urged Americans to avoid travel overseas and to return to the United States if possible.

The Level 4 travel advisory is the government's highest level.

“If you choose to travel internationally, your travel plans may be severely disrupted, and you may be forced to remain outside of the United States for an indefinite timeframe,” the advisory said.

3. -- Tesla to Shut Down Its California Factory

Tesla TSLA said it would shut down operations at its factory in Fremont, Calif., amid what is now a statewide shelter-in-place order.

The electric vehicle company will suspend production at the end of the day on March 23, the company told employees in an email. The factory is located in Alameda County, one of six Bay Area counties that earlier this week was put under a shelter-in-place order that restricts all but essential services and trips outside of the home to slow the spread of coronavirus.

Tesla reportedly had been going back and forth with local officials over suspending operations at the factory. Under the local order, only essential businesses such as medical facilities, grocery stores, pharmacies and gas stations are permitted to remain open.

The company's operations in Buffalo, New York, also will be suspended but Tesla's gigafactory in Nevada will remain open.

4. -- Apple Restricts Online iPhone Orders Amid Supply Chain Disruptions

Apple  (AAPL) - Get Report said it would limit online iPhone orders as it grapples with ongoing challenges and supply chain disruptions tied to the global coronavirus pandemic.

iPhone buyers on Apple's online store will be barred from placing large bulk orders, with orders limited to two per model per person as of this week.

The buying restrictions apply to most newer iPhone models, including the iPhone 11 lineup, as well as the iPhone 8, iPhone 8 Plus, and iPhone XR, said reports. Other devices, including the new iPad Pro models announced this week, also have purchase limits.

Outside of China, the company is conducting online orders only. Apple said earlier this week that retail stores outside of China would be closed "until further notice."

Meanwhile, Apple’s next flagship iPhones with 5G wireless capabilities remain scheduled to launch in the fall, although that’s partly because mass production isn’t due to begin until May, people familiar with Apple's supply chain issues told Bloomberg. 

5. -- Nikki Haley Resigns From Boeing's Board

Nikki Haley resigned from the board of Boeing  (BA) - Get Report, less than a year after the former governor of South Carolina and former U.S. ambassador to the United Nations joined the struggling planemaker, claiming she doesn’t think the company should seek support from the federal government.

Haley, who joined the board in April 2019, “informed the company that, as a matter of philosophical principle, she does not believe that the company should seek support from the federal government, and therefore decided to resign from the board,” according to filing with the Securities and Exchange Commission.

Boeing said Wednesday it needs a "minimum" of $60 billion in government aid in order to support the U.S. aerospace industry's 2.5 million jobs.

The company has been struggling for a year to return its 737 MAX aircraft to service after two fatal crashes, and the coronavirus pandemic, which has severely damaged the airline industry, has added to the planemaker's woes.