Market set to rally at openU.S. stock index futures pointed to a higher open on Wednesday as the market continues to bounce back from a steep sell-off that was sparked by worries over the coronavirus. CNBC’s Rahel Solomon reports.

After a weak January for the stock, MKM Partners chief market technician JC O’Hara says the charts could be flashing a particularly bullish signal. “Every time we reached 30 especially over the last 18 months, we’ve seen Nike shares rally 20%. So coming into the trading week, we saw Nike was exactly at that 30 oversold condition on RSI. When Nike’s RSI fell to 25 in August, its shares rallied as much as 24% in less than three months. Nike shares dipped slightly in Wednesday’s premarket after the

There could be a further $5 a barrel downside for oil prices as a result of the coronavirus, an energy analyst said this week. Both Brent and West Texas Intermediate crudes have suffered losses amid the coronavirus outbreak, but things could still get worse, according to Andy Lipow, president of Lipow Oil Associates. Oil prices have been under pressure following the rapid spread of a novel coronavirus that was first discovered in China. “Any extended period of time where we see this decline in d

Purchase demand, however, dropped. Refinance applications, which are most sensitive to weekly rate moves, jumped 15% for the week and were 183% higher than a year ago. Mortgage applications to purchase a home decreased 10% from one week earlier, but were 11% higher annually. “Prospective buyers weren’t as responsive to the decline in mortgage rates — likely because of suppressed supply levels,” Kan said. Mortgage rates have been falling on fears over the coronavirus hitting financial markets.

A Chinese citizen undergoing testing for coronavirus while passing through a temporary corridor opened at a border checkpoint between Blagoveshchensk and Heihe. Financial markets in Europe and the U.S. jumped Wednesday morning with traders reportedly buoyed by scientific efforts to treat the new coronavirus. The lead scientist told the media outlet he would start testing it on animals as early as next week. Another separate media report out of China Wednesday claimed that researchers within the

Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX) and Tesla Inc., speaks during an event at the SpaceX launch facility in Cameron County, Texas, U.S., on Saturday, Sept. 28, 2019. Musk gave space fans an update Saturday evening on the status of “Starship,” the next-generation vehicle his SpaceX plans to use to eventually take humans to Mars. That was the question Tesla CEO Elon Musk posed to his followers on Twitter late Tuesday, asking them if they would like a

Tesla CEO Elon Musk and Shanghai’s Mayor Ying Yong attend the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. (This story is for CNBC PRO subscribers only.) Canaccord downgraded shares of Tesla, which have doubled this year, and said investors should wait for a better opportunity to buy after the hot stock’s “electrifying” run. Tesla shares fell 4% in premarket trading Wednesday.

Merck & Company, Inc., d.b.a. Merck Sharp & Dohme outside the United States and Canada, is an American pharmaceutical company and one of the largest pharmaceutical companies in the world. U.S. drugmaker Merck said on Wednesday it was planning to spin off its women’s health, biosimilar drugs and legacy products into a new publicly traded company. Merck will retain its cancer drugs, including blockbuster cancer therapy Keytruda, vaccines, hospital and animal health businesses, the company said. Th

The Bank of Japan stands ready to ramp up stimulus if the economy’s recovery is derailed, Deputy Governor Masazumi Wakatabe said on Wednesday, warning that the coronavirus outbreak could hurt corporate sentiment and global trade. But he said risks remain high, as last year’s sales tax hike hurt household income and lingering uncertainty over the global outlook weigh on business sentiment. “There have been heightening uncertainties regarding the impact of the spread of the coronavirus on the glob

Indonesia’s economy expanded 4.97% on an annual basis in the October-December quarter, data from the statistics bureau showed on Wednesday, slower than expected in a Reuters poll. Household consumption, which accounts for more than half of Indonesia’s GDP also slowed, with sales of clothes, mobile phones, cars and motorbikes contracting, Suhariyanto, the head of the statistics bureau, said. BI last year cut interest rates four times by 100 basis points and eased lending rules in a bid to prop up

Chan Long Hei | Bloomberg Getty ImagesInsurers in China will likely be able to manage the economic fallout from the coronavirus outbreak, according to multiple analysts. Hong Kong-listed shares of insurers have seen some choppy trading sessions since returning from the Lunar New Year holidays last week. Echoing the view of the ratings agency, analysts at Nomura said in note on Jan. 31: “We think direct claim losses for insurance companies will be manageable.” At this point, I think the effect on

Artyom Ivanov | TASS | Getty ImagesSome analysts and economists are downgrading China’s GDP growth forecast for 2020 as the coronavirus outbreak hits the world’s second largest economy. In 2019, China’s full-year GDP growth was 6.1%, down from 6.6% the year before. They said the negative economic impact will likely be concentrated in the first quarter of the year. Macquarie: Downgrades from 5.9% to 5.6%Macquarie downgraded its forecast for China’s first-quarter GDP growth from 5.9% to 4%. Moody’

ERIC PIERMONT | AFP | Getty ImagesFrench lender BNP Paribas reported slightly better-than-expected profits for its fourth quarter, but trimmed its outlook for the year ahead. It reported a net income of 1.84 billion euros ($2 billion) for the final quarter of 2019, while analysts had forecast a profit of 1.73 billion euros, according to Refinitiv. More savingsBNP Paribas has now concluded a three-year transformation plan which cost 2.7 billion euros. The bank said Wednesday that the completion o

The ongoing spread of a new coronavirus — which shut down major business hubs in China — serves as “a very good lesson” for companies and economies on the importance of diversifying their supply chains, said Singapore’s trade minister on Wednesday. But that status quo is now under threat, especially after much of China was shut down as authorities work to contain the virus outbreak. “Today, China is not just producing low-end, low-value products, they are also in the supply chains of many of the

European stocks traded slightly lower on Wednesday, just as their counterparts in Asia rebounded despite the coronavirus outbreak. The pan-European Stoxx 600 slipped 0.1% in early trade, household goods stocks falling 0.7% to lead losses while the tech sector added 0.6%. Investors are trying to weigh the economic impact of the new coronavirus outbreak. Traders will also be reflecting on U.S. President Donald Trump’s State of the Union address Tuesday night. On the data front, final purchasing ma

U.S. government debt prices were higher Wednesday morning, as investors continued to closely monitor the potential economic fallout of China’s fast-spreading coronavirus. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.5767%, while the yield on the 30-year Treasury bond was also lower at around 2.0511%. China’s National Health Commission on Wednesday confirmed 24,324 cases of the coronavirus in the country and 490 deaths. As of Monday, the United Na

That means any pressure on China’s growth now would hit the global economy harder than before. Here are five charts that show how China’s economy has changed since the SARS epidemic. World’s second-largest economySince 2003, China has grown from the world’s sixth-largest economy to the second biggest today behind the U.S. Demand for those goods could slump alongside a slowdown in the Chinese economy. World’s largest exporterThe virus outbreak could also affect the global economy through China’s

U.S. stock index futures edged lower on Wednesday as companies warned of a potential hit to earnings from the deadly coronavirus outbreak. ET, Dow futures were down 68 points and indicated an implied negative open of more than 27 points, while futures in the S&P 500 and Nasdaq also inched lower. Markets remain attuned to the coronavirus outbreak as confirmed cases in China near 25,000, claiming the lives of 490 people. U.S. President Donald Trump said during Tuesday’s State of the Union address

8:09 am: United Airlines to suspend Hong Kong flightsUnited Airlines on Tuesday said it will suspend its Hong Kong service, days after it cut its mainland China flights as coronavirus spreads. 8:02 am: China reports total deaths of 490, and 24,324 casesChina National Health Commission said that as of Tuesday night, a total of 24,324 cases have been confirmed and 490 people have died in the country. There were 65 additional deaths and all of them came from Hubei province, the epicenter of the out

Asia Pacific markets looked set to rise on Wednesday, building on gains from the previous session, after stocks sold off due to worries over the new coronavirus outbreak. The yen, considered a safe-haven asset in times of market uncertainties, changed hands at 109.46 per dollar, weakening from levels below 108.80 earlier in the week. Australia’s benchmark ASX 200 rose 0.85% after the first half-hour of trade, with most sectors trading up. The heavily-weighted financial subindex rose 0.66% as maj