Happy hump day!
Let's take a look at some of the biggest stories driving markets Wednesday.
First, Let's Talk About the Coronavirus
As of Tuesday night, there are now over 24,000 confirmed cases and nearly 500 people have died from the virus.
"They must be beaten around the head to sell, at least that's what it looks like," said Cramer.
So, with the coronavirus being mentioned in a lot of different earnings calls, is the coronavirus a make or break it when it comes to forward-looking guidance?
Then There's the State of the Union
President Donald Trump put the economy front and center in his third State of the Union address on Tuesday, effectively kicking off his re-election campaign by ticking off the many economic milestones achieved since he took over as president.
“Jobs are booming, incomes are soaring, poverty is plummeting, crime is falling,” Trump said at the beginning of his speech. “Confidence is surging, and our country is thriving and highly respected again.”
Is President Trump's bullish motives enough to keep this rally going?
Disney Reported Earnings
The entertainment and media giant posted fiscal first-quarter and sales that beat analysts' estimates thanks to the outperformance of its direct-to-consumer video offering, Disney+.
“We recognize there’s a lot of interest in this new business and we wanted to give you some additional context. So I’m pleased to say that as of Monday, we were at 28.6 million paid subscribers,” CEO Robert Iger said in a conference call Tuesday.
And Then There's Macy's
Macy's plans to shut around 125 stores.
The 125 units to be eliminated represent about 24% of Macy’s 525 total. It’s also axing about 2,000 corporate jobs, 10% of the total.
“Our goal is to reclaim and revitalize what a department store should be,” Macy’s CEO Jeff Gennette told The Journal. “Department stores are still vital if they are done right. There is viability to having many categories and brands under one roof.”