Here are five things you must know for Friday, March 27:
1. -- Stock Futures Point to an End for Wall Street's Three-Day Rally
Stock futures declined Friday, suggesting an end to Wall Street's three-day rally, after the United States became the country with the most coronavirus cases.
Contracts linked to the Dow Jones Industrial Average fell 550 points, S&P 500 futures were down 62 points and Nasdaq futures slumped 171 points.
Stocks surged Thursday and the S&P 500 rose for a third straight day - the first such streak since Feb. 12 - after the Senate passed a massive coronavirus relief package and investors looked past the 3.3 million Americans who filed for unemployment benefits last week as the coronavirus pandemic shut businesses nationwide.
The House is expected to vote on the $2 trillion stimulus package Friday and then send it to President Trump for his signature.
The Coronavirus Aid, Relief and Economic Security Act, known as CARES, will release at least $500 billion in loans and grants to U.S industries and a further $500 billion in immediate financial support to American families.
Leaders of the world's 20 largest economies, meanwhile, agreed to provide $5 trillion in collective support to cushion the coronavirus blow following a videoconference summit late Thursday.
The economic calendar in the U.S. Friday includes Personal Income and Outlays for February at 8:30 a.m. ET and Consumer Sentiment for March at 10 a.m.
2. -- Coronavirus - The Latest
The number of confirmed global cases of the coronavirus has risen to 533,416, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 24,081.
The U.S. has the most coronavirus cases in the world, with 85,991, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to nearly 1,200. Cases in New York state number more than 37,000..
Chinese President Xi Jinping told Donald Trump that China was willing to help the United States control the coronavirus outbreak, according to the official Xinhua news agency. Trump, in a tweet Thursday, praised China's handling of the outbreak and said the two countries were "working closely together. Much respect!”
Trump's shift in tone was striking, according to The New York Times, and came just days after he made a point of referring to the coronavirus as a “Chinese virus.”
The president said the Republican National Convention would take place in Charlotte from Aug. 24 to Aug. 27 as planned.
The Democrats are scheduled to hold their convention in Milwaukee from July 13 to 16.
“We’re quite a bit later than them, which I think is good,” Trump said.
The Trump administration is working on a plan that would rank U.S. counties by coronavirus risk, a step toward relaxing rules put in place to halt the spread of the coronavirus. Trump has said he'd like to have the U.S. "open for business" by Easter, April 12, despite the caution expressed by health experts.
BTS, the biggest international pop group, has canceled its North America tour because of the coronavirus. The tour from the Korean band was supposed to begin April 25 in Santa Clara, California.
3. -- American Airlines Expects $12 Billion From Stimulus Package
American Airlines (AAL) - Get American Airlines Group, Inc. Report is eligible to receive $12 billion of the $50 billion earmarked for the airline industry in the coronavirus aid package making its way through Congress, CEO Doug Parker told employees in a video posted on the company's website.
The CEO said American, the biggest airline in the U.S., would be cutting its flight schedule 60% in April and reduce it by 80% in May in light of "record low demand" during the coronavirus pandemic, Parker said.
“We are confident those funds, along with our relatively high cash position, will allow us to ride through even the worst of potential future scenarios,” Parker said. “Today we’re flying less than half of our previously scheduled domestic flights, and those aircraft are flying with fewer than 15% of the seats full.”
4. -- Tesla to Slash On-Site Staff at Nevada Battery Plant
The electric vehicle company will make the staff changes after Panasonic, Tesla's Japanese battery partner, said it would scale down operations at the Nevada factory this week before closing it for 14 days.
The factory makes electric motors and battery packs for Tesla’s Model 3 sedans.
“Tesla has informed us that the Gigafactory in Storey County is reducing on-site staff by roughly 75% in the coming days,” country manager Austin Osborne said in a post on the county’s website.
5. -- Lululemon Can't Provide Guidance Because of Virus Outbreak
Lululemon Athletica (LULU) - Get Lululemon Athletica Inc (LULU) Report fell more than 4% to $192.75 in premarket trading Friday after the athleisure chain posted quarterly profit that beat analysts' estimates but declined to provide guidance because of the coronavirus Covid-19 outbreak.
Sales in the quarter rose 20% to $1.4 billion, same-store sales increased 9%, and direct-to-consumer net revenue rose 41%.
"We are now navigating an extraordinary environment, which is currently impacting our business," said CEO Calvin McDonald in a statement. "The strength of our brand and strong financial position will help us manage through the day-to-day, while continuing to effectively plan for and invest in our future."
Lululemon in February temporarily closed all its retail locations in mainland China. "All but one of these locations have since reopened," the company said.
In March, it temporarily closed all its retail locations in North America, Europe, Malaysia, New Zealand, "and we temporarily closed our distribution center in Sumner, Wash.. These locations currently remain closed."