Coronavirus Cases Slow, Amazon Delays Prime Day, Boeing Extends Production Shutdown - 5 Things You Must Know Monday

Stock futures jump as data show coronavirus cases slowing across the globe; deaths decrease in New York for the first time in days; the pandemic forces Amazon to postpone its annual Prime Day event to later in the summer.
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Here are five things you must know for Monday, April 6:

1. -- Stock Futures Jump as Coronavirus Pandemic Seen Slowing

Stock futures were jumping Monday as data showed reported cases of the coronavirus slowed across the globe over the weekend.

Contracts linked to the Dow Jones Industrial Average rose 747 points, S&P 500 futures gained 90 points and Nasdaq futures were up 277 points.

In New York, the epicenter of the outbreak in the United States, deaths fell for the first time in days and many hard-hit European countries also saw their tallies decrease.

“Hundreds of people are passing away each day from the pandemic, but less so than previous days, giving markets hope that the lockdown measures are finally starting to prove effective,” said Jeffrey Halley of Oanda.

“Like the rest of the world, financial markets are searching for any slivers of hope,” he said.

President Donald Trump, however, warned over the weekend the coming week would be "one of the toughest weeks" of the outbreak. 

"There's going to be a lot of death, unfortunately. There will be a lot of deaths," the president said at a briefing of the White House's coronavirus task force. 

Stocks were rebounding from Friday's sharp declines that came after U.S. employers cut 701,000 in March, the first drop in employment since 2010.

2. -- Coronavirus - The Latest

The number of confirmed global cases of the coronavirus has risen to 1,286,409, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 69,789.

The U.S. has 337,646 cases of the coronavirus, the most in the world, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to 9,620, behind Italy and Spain.

New York Gov. Andrew Cuomo said Sunday the state for the first time in days has seen a decrease in the number of deaths and infections from the Covid-19 disease. The state reported 594 new coronavirus deaths on Sunday, a drop of 36 from Saturday.

Citing that data from New York, Vice President Mike Pence said he and President Trump were beginning to see signs the virus outbreak was leveling off.

“We are beginning to see the glimmers of progress,” Pence said at a White House news conference on Sunday. “The experts will tell me not to jump to any conclusions, and I’m not, but like your president I’m an optimistic person and I’m hopeful.”

Italy on Sunday reported 525 deaths from the virus but the fewest since March 19. France reported the lowest daily coronavirus deaths in five days.

British Prime Minister Boris Johnson was admitted to the hospital over concerns of his condition after earlier contracting the coronavirus.

While some media had reported rumors of declining health of Johnson and that he still has a fever, a statement from Downing Street said the hospital admission was only "a precautionary step."

The prime minister has had persistent symptoms of Covid-19, the disease caused by the virus, for 10 days after testing positive.

Nadia, a tiger at New York’s Bronx Zoo, has been infected with the coronavirus. The U.S. Department of Agriculture said the 4-year-old female Malayan tiger was the first instance of a tiger being infected with Covid-19.

The zoo, which has been closed since mid-March, said the tiger became sick after coming in contact with an employee who was "asymptomatically infected with the virus."

3. -- Amazon Expected to Delay Prime Day

Amazon.com  (AMZN) - Get Report will postpone its annual Prime Day sales bonanza as it navigates the impacts of coronavirus.

Citing internal memos, Reuters reported that Amazon plans to delay Prime Day until at least August and expects a $100 million hit from unsold devices that it would normally promote during the sales period.

During Prime Day, which normally happens in July, Amazon promotes its family of Echos and other devices with a range of discounts exclusive to Prime members. The company doesn't disclosure Prime Day sales results, but the research firm Internet Retailer estimated that sales topped $7 billion last year.

The revenue hit from excess devices could be as high as $300 million in the "worst case" scenario, according to meeting notes cited by Reuters. That revenue loss would come from an estimated 5 million devices that Amazon would have otherwise sold.

Amazon shares rose 1.85% to $1,941.80 in premarket trading Monday.

4.-- Boeing to Extend Production Shutdown

Boeing's  (BA) - Get Report manufacturing hubs in the Seattle area will remain closed indefinitely due to the spread of the coronavirus.

The airplane maker, in an email to Washington employees, said it was extending the planned two-week shutdown rather than reopening Wednesday. The decision affects about 30,000 of Boeing’s 70,000 employees in the state, according to the Associated Press.

The company said the decision was based on the health and safety of its employees, assessment of the spread of the virus, supply chain concerns and recommendations from government health officials.

United Airlines  (UAL) - Get Report, meanwhile, said it was cutting nearly 90% of its flights to the New York area. New York is the epicenter of the coronavirus outbreak in the United States.

The flight reductions to Newark Liberty International Airport and LaGuardia Airport took effect Sunday and are expected to last at least three weeks.

5. -- Economic Calendar Highlights

The economic calendar in the U.S. Monday is bare. Reports later in the week include weekly Jobless Claims, the Consumer Price Index for March and the Producer Price Index for March.

Minutes of the Federal Reserve’s emergency meeting on March 15 will be released Wednesday. The central bank that day cut interest rates to essentially zero and announced a $700 billion quantitative easing program, saying the coronavirus outbreak "has harmed communities and disrupted economic activity in many countries, including the United States."

The earnings calendar for Monday also is light but reports are expected later in the week from Levi Strauss  (LEVI) - Get Report and Delta Air Lines  (DAL) - Get Report.