Here are five things you must know for Monday, Feb. 10:
1. -- Stock Futures Mixed as Coronavirus Deaths Surpass SARS
Stock futures were mixed Monday and markets in Asia fell as the number of new cases of the coronavirus rose in China and factories and businesses there struggled to start production following a Lunar New Year break that was extended to help stem the spread of the outbreak.
Contracts tied to the Dow Jones Industrial Average fell 10 points, S&P 500 futures were up 0.75 1.75 points and Nasdaq futures rose 9.50 points.
Stocks closed lower Friday following four days of gains after the U.S. economy added more jobs than expected in January but worries about the spread of coronavirus lingered.
The virus has killed about 910 people and infected close to 41,000. The coronavirus has now killed more people than the SARS epidemic in 2002-2003.
China has pledged about $10 billion to combat the pandemic, which has forced businesses to close, shuttered factories and severed transportation links as citizens attempt to avoid contracting the respiratory illness.
With analysts forecasting a sharp slowdown in China's economy during the first quarter, and prolonged weakness until the virus is either contained or a feasible vaccine is found, markets in Asia have struggled to find ground, with stocks trading weaker again Monday following Wall Street's post jobs report selloff on Friday.
2. -- Allergan, EdgeWell and Restaurant Brands Report Earnings
Earnings reports are expected Monday from Allergen (AGN) - Get Allergan plc Report, RingCentral (RNG) - Get RingCentral, Inc. Class A Report, XPO Logistics (XPO) - Get XPO Logistics, Inc. Report, Edgewell Personal Care (EPC) - Get Edgewell Personal Care Co. Report, Restaurant Brands International (QSR) - Get Restaurant Brands International Inc Report and Diamond Offshore Drilling (DO) - Get Diamond Offshore Drilling, Inc. Report.
Highlights later in the week are reports from Lyft (LYFT) - Get Lyft, Inc. Class A Report, Under Armour (UAA) - Get Under Armour, Inc. Class A Report, Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report, CVS Health (CVS) - Get CVS Health Corporation Report, Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report, Nvidia (NVDA) - Get NVIDIA Corporation Report, PepsiCo (PEP) - Get PepsiCo, Inc. Report and Roku (ROKU) - Get Roku, Inc. Class A Report.
The economic calendar in the U.S. on Monday is bare. Later in the week will see the release of the Consumer Price Index and Retail Sales for January, and Federal Reserve Chairman Jerome Powell holds two days of testimony before Congress.
3. -- Tesla's Plant in Shanghai Resumes Production
Tesla had said the closure of the $2 billion Shanghai gigafactory would delay Model 3 deliveries in the world's largest car market, and also extend the ramp-up of production of its benchmark sedan, which it hopes will hit 150,000 a year when the newly opened facility is running at peak capacity.
"In view of the practical difficulties key manufacturing firms including Tesla have faced in resuming production, we will coordinate to make all efforts to help companies resume production as soon as possible," a spokesman for the Shanghai municipal government said, Reuters reported.
Tesla shares were rising 5.22% in premarket trading Monday to $787.15. The stock rose to all-time high of $968.98 last Tuesday, but then shed more than 22% after analysts warned of high valuations and the potential hit to production targets from the coronavirus outbreak.
4. -- L Brands Is Close to Selling Victoria's Secret
L Brands (LB) - Get L Brands, Inc. Report is close to selling its Victoria’s Secret brand to private-equity firm Sycamore Partners in a deal that could be announced as soon this week, CNBC reported, citing people familiar with the matter.
CNBC said it couldn't immediately be determined what leadership role L Brands CEO Les Wexner would have in such a deal. Wexner is L Brands company's biggest shareholder, with a roughly 17% stake, but he has come under pressure because of his ties to the late sex criminal Jeffrey Epstein and for the poor performance of Victoria’s Secret, CNBC noted.
The Wall Street Journal reported in January that L Brands was considering selling the Victoria's Secret brand, as well as Wexner stepping down as CEO.
5. -- 'Parasite' Wins Best Picture
“Parasite” won best picture at the Academy Awards on Sunday evening, the first foreign language film to win the ceremony’s top honor.
Joaquin Phoenix earned his first Oscar for his starring role in "Joker," while Renee Zellwegger won the best actress award for her portrayal of Judy Garland in "Judy."
Parasite won four Oscars, including for director Bong Joon Ho, international feature film and original screenplay.