Here are five things you must know for Wednesday, April 1:
1. -- Stock Futures Sink After Dire Coronavirus Warnings
Stock futures were sinking Wednesday after President Donald Trump warned Americans that it’s “going to be a painful two weeks” and White House officials estimated the U.S. could see 100,000 to 240,000 deaths as the coronavirus spreads throughout the country.
“Our strength will be tested, our endurance will be tried,” Trump said at his daily White House briefing on Tuesday.
Deborah Birx, the coordinator of the federal government's response to the pandemic, said as many as 200,000 Americans were projected to die in the outbreak.
“There’s no magic bullet. There’s no magic vaccine or therapy. It’s just behaviors,” Birx said, adding that people must stick with strict federal social distancing guidelines.
Without social distancing, the death toll could be as high as 2.2 million, according to White House officials.
Sentiment also was dented by factory data from Tokyo to London that revealed output slumping in nearly every major economy as supply chains have buckled, plants have been shuttered and workers have remained home for fear of contracting the virus.
Contracts linked to the Dow Jones Industrial Average fell 668 points, S&P 500 futures were down 79 points and Nasdaq futures slumped 206 points.
Stocks declined Tuesday, closing the worst quarter since the financial crisis of 2008. The S&P 500 fell 1.6% on Tuesday and dropped 20% during the quarter, while the Dow slid 23%, the blue-chip index's worst quarterly fall since 1987.
2. -- Coronavirus - The Latest
The number of confirmed global cases of the coronavirus has risen to 860,793, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 42,353.
The U.S. has 189,633 cases of the coronavirus, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to 4,055.
Deaths in New York City, the epicenter of the outbreak in the United States, rose to 1,096 as of late afternoon Tuesday. The city reported its first virus-related death of a person under age 18.
Infections in New York state now exceed those reported in China’s Hubei province, where the virus first emerged in late 2019.
New York’s subway ridership has declined nearly 90%, and the number of passengers on the New York Metropolitan Transportation Authority Metro-North Railroad has fallen 94%.
The MTA is losing an estimated $125 million each week in fare and toll revenue, Bloomberg reported.
At least 80% of the U.S. population is under a stay-at-home or shelter-in-place order, according to a count from CNN.
The Wimbledon tennis tournament likely will be cancelled this year, according to the Financial Times, which cited people with knowledge of the discussions. The tournament will be called off for the first time since World War II.
3. -- ADP Employment Report and Manufacturing Data Highlight Wednesday's Calendar
The economic calendar in the U.S. Wednesday includes the ADP National Employment Report for March at 8:15 a.m. ET, the PMI Manufacturing Index for March at 9:45 a.m., the ISM Manufacturing Index for March at 10 a.m., Construction Spending for February at 10 a.m. and Oil Inventories for the week ended March 27 at 10:30 a.m.
4. -- Xerox Ends Hostile Bid for Larger HP Inc.
Xerox (XRX) - Get Report ended its hostile takeover bid of rival HP Inc. (HPQ) - Get Report, saying the coronavirus pandemic and "resulting macroeconomic and market turmoil caused by Covid-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition."
Xerox said it has ended a $30 billion tender offer and a bid to seize control of HP's board.
Xerox initiated the takeover bid for the much-larger HP Inc. late last year.
In the intervening months, the two companies went back and forth acrimoniously on terms of the deal. HP rejected Xerox's most recent cash-and-stock offer of $24 a share.
5. -- Marriott Says New Data Breach Could Affect 5.2 Million Guests
Marriott International (MAR) - Get Report suffered its second data breach in less than two years, disclosing Tuesday that more than 5 million guests worldwide may have had their personal information accessed.
The information taken from the 5.2 million guests may have included names, mailing addresses, email addresses, account numbers and points balances but not passwords, and additional personal details such as birthdays.
Marriott said on its website that its investigation was ongoing but "has no reason to believe" that payment card information, passport information or driver’s license numbers were accessed.
The stock fell 3.66% to $72.07 in premarket trading.