Here are five things you must know for Tuesday, April 7:
1. -- Stock Futures Rally on Optimism Over Slowing Pandemic
Stock futures were rising Tuesday following the S&P 500's highest close since March 13 on continued optimism that major economies across the globe were seeing signs the coronavirus pandemic could be slowing.
Contracts linked to the Dow Jones Industrial Average were up 698 points, S&P 500 futures rose 73 points and Nasdaq futures jumped 195 points.
Indications that the rate of the death toll from the coronavirus and new infections may be easing boosted U.S. equities on Monday. The Dow jumped 1,627 points, or 7.73%, to 22,679, the S&P 500 soared 7.03% and the Nasdaq rose 7.33%.
Despite Monday's sharp gains, the S&P 500 remains more than 21% below its record set in February.
“Since this is a public health crisis, the response has been extreme,” Morgan Stanley strategists wrote in a report. “There are literally no governors on the amount of monetary or fiscal stimulus that will be used in this fight.”
The next stimulus bill from Congress to support the U.S. economy during the coronavirus crisis will be at least another $1 trillion, House Speaker Nancy Pelosi told Democrats on a private conference call, Bloomberg reported.
The first round of stimulus - a $2.2 trillion virus relief bill - was signed into law in late March.
The economic calendar in the U.S. Tuesday includes the Job Openings and Labor Turnover Survey for February at 10 a.m. ET.
2. -- Coronavirus - The Latest
The number of confirmed global cases of the coronavirus has risen to 1,350,523, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 74,856.
The U.S. has 368,449 cases of the coronavirus, the most in the world, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to 10,943.
However, the death count in the U.S. could be higher, according to the Centers for Disease Control and Prevention. Some deaths from coronavirus Covid-19 "may be misclassified as pneumonia deaths in the absence of positive test results," the CDC said.
For the first time since January, China reported no new coronavirus deaths in the country. China - where the pandemic began - said Tuesday it had 32 cases but they were from people who returned from overseas.
Boris Johnson, U.K. prime minister, was moved to an intensive care unit at a London hospital on Monday after his coronavirus symptoms worsened.
Johnson was admitted to St. Thomas’ Hospital late Sunday, 10 days after he was diagnosed with Covid-19.
Michael Gove, a minister in Mr. Johnson’s cabinet, said Tuesday that Johnson had received oxygen but wasn’t on a ventilator.
The Wisconsin primary will take place Tuesday after a last-minute attempt by Gov. Tony Evers to delay in-person voting by executive order because of the virus was blocked by the state Supreme Court.
3. -- 3M Strikes Deal With Trump Administration for Protective Masks
3M (MMM) - Get Report reached an agreement with the Trump administration to import 166.5 million protective masks from its manufacturing facility in China for use by healthcare workers in the U.S. but would still be allowed to export masks to Canada and Latin America.
President Donald Trump last week invoked the 1950 Defense Production Act to force the company to stop exporting the N95 masks. The move, however, outraged many officials in Canada.
“3M and the administration worked together to ensure that this plan does not create further humanitarian implications for countries currently fighting the Covid-19 outbreak,” the company said in a statement. “The plan will also enable 3M to continue sending U.S. produced respirators to Canada and Latin America, where 3M is the primary source of supply.”
“The 3M saga ends very happily,” Trump said at a briefing Monday evening. “We’re very proud to be dealing now with 3M and its CEO, Mike Roman. I just spoke with him and I thanked him for getting it done.”
Roman had pushed back against Trump’s criticism, telling The Wall Street Journal that 3M was doing everything possible to increase mask production.
4. -- Boeing to Temporarily Suspend 787 Operations in South Carolina
The suspension will begin at the end of the second shift on Wednesday, the airplane maker said in a statement.
"It is our commitment to focus on the health and safety of our teammates while assessing the spread of [coronavirus] across the state, its impact on the reliability of our global supply chain and that ripple effect on the 787 program," said Brad Zaback, vice president and general manager of the 787 program. "We are working in alignment with state and local government officials and public health officials to take actions that best protect our people."
Boeing said late Sunday that its manufacturing hubs in the Seattle area would remain closed indefinitely due to the spread of the coronavirus.
5. -- Kraft Heinz Says Surging Demand Driving Sales Gains
Kraft Heinz (KHC) - Get Report was rising 2.12% to $26.46 in premarket trading Tuesday after saying it expects first-quarter net sales growth of 3% and organic net sales growth of 6% as demand surges for its prepared food products.
“Right now, our mission as a company has never been clearer: We have a huge responsibility to keep feeding the world,” said CEO Miguel Patricio in a statement.
The company also said it would postpone its investor day, scheduled for May, to an "appropriate time and place - ideally in the second half of 2020."