Here are five things you must know for Wednesday, March 25:
1. -- Stock Futures Lower After Lawmakers Reach $2 Trillion Stimulus Aid Package
Stock futures turned lower Wednesday after Congress and the White House reached a deal on a $2 trillion stimulus bill meant to revive an economy stalled by the coronavirus pandemic.
Contracts linked to the Dow Jones Industrial Average fell 83 points, S&P 500 futures were down 24 points and Nasdaq futures declined 76 points.
Stocks soared on Tuesday and the Dow rose more than 11% to 20,704, posting its biggest one-day percentage gain since 1933, as Wall Street anticipated lawmakers would reach an agreement on the stimulus package.
The S&P 500 jumped 9.4%, its best session since October 2008, while the Nasdaq on Tuesday climbed 8.1%, the tech-heavy index's best performance since March 13.
The economic relief package, struck shortly before 1 a.m. ET on Wednesday, will include payments to U.S. households and jobless benefits to individuals and aid for small businesses and the travel industry.
“At last we have a deal,” Senate Majority Leader Mitch McConnell said early Wednesday on the Senate chamber’s floor. “I’m thrilled that we’re finally going to deliver to the country.”
McConnell said the Senate would vote on the measure Wednesday. It still has to get passed by the House before President Trump signs it.
The plan, according to reports, includes $50 billion of loans to U.S. airlines. It also includes more than $350 billion in aid to small businesses and $150 billion for hospitals.
For individuals, Bloomberg reported, the package provides direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child. Unemployment insurance would be extended to four months.
2. -- Coronavirus - The Latest
The number of confirmed global cases of the coronavirus has risen to 424,048, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 18,946.
The U.S. has 55,225 cases of the virus and deaths have climbed to about 785.
New York state has become the epicenter of the outbreak in the United States, with more than 25,000 positive tests and 210 deaths.
The White House urged anyone who has been in the New York metro area to self-quarantine for 14 days to avoid spreading the virus to other parts of the country.
“You may have been exposed before you left New York,” said Deborah Birx, the State Department doctor who is advising Vice President Mike Pence. “Everybody who was in New York should be self-quarantining for the next 14 days to ensure that the virus doesn’t spread to others.”
Three U.S. sailors aboard the aircraft carrier USS Theodore Roosevelt - currently in the Philippine Sea - have tested positive for the coronavirus. It's the first time the virus has infected sailors on a deployed military ship..
President Trump said he wants to re-open a U.S. economy shut down by the pandemic by Easter, which is April 12.
“I would love to have it open by Easter,” Trump said in an interview with Fox News. “I would love to have it opened up and just raring to go by Easter.”
California Gov. Gavin Newsom said that it would be “misleading” to suggest his state could emerge from the coronavirus shutdown by Easter.
Newsom called that timeline "sooner than any of the experts that I talked to would believe is possible." He said California, the most highly populated U.S. state, likely was looking at a shutdown of eight to 12 weeks.
3. -- Boeing Plans to Resume Production of 737 MAX by May
The aircraft maker has begun talking with suppliers to have them prepare to start shipping parts in April, one source told Reuters, while another said production was planned to restart in May.
Supply chain disruptions caused by the coronavirus pandemic also were altering Boeing's plans, forcing the company to move the restart of MAX production to May, a third source told Reuters.
“It’ll be a very slow, methodical, systematic approach to warming the line up, and getting crews back in place,” Boeing Chief Financial Officer Greg Smith told Reuters on Tuesday when asked about the restart goal of May.
Boeing halted production of the jet in January after it was grounded in March 2019 following two fatal crashes tied to the plane’s control software.
4. -- Facebook Says Ad Business Takes Hit From Coronavirus
In a blog post, Facebook said that countries hardest-hit by the coronavirus have seen a spike in use of its messaging services, namely Facebook Messenger and WhatsApp. But it also said that its overall business was "being adversely affected like so many others around the world" as the virus spreads.
Facebook said that a number of its services have seen a dramatic increase in usage over the past several weeks. Total messaging increased by more than 50% in the last month in hard-hit countries, and Facebook also reported increases in group calling, Instagram and Facebook Live.
However, many of those services aren't well-monetized, and the company said its core ad business has suffered in countries that are taking dramatic actions to stop the virus.
The stock rose 1.45% to $163.31 in premarket trading.
5. -- Micron Earnings, Durable Goods on Wednesday's Calendar
The economic calendar in the U.S. Wednesday includes Durable Goods Orders for February at 8:30 a.m. ET and Oil Inventories for the week ended March 20 at 10:30 a.m.