Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019.
Frederic J. Brown | AFP | Getty Images
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9:06: Dow set to pop 400 points at the open
Dow futures were up by 380 points, implying a gain of about 400 points at the open. The S&P 500 and Nasdaq Composite are also on track to open sharply higher. Stocks are trying to rally for a second session following a brutal sell-off last week triggered by coronavirus fears. —Li
9:02 am: Coronavirus stocks bouncing back
8:59 am: China could cut key rates in the next few weeks to boost economy, report says
The People’s Bank of China could cut its lending rate along with its bank reserve requirement ratios in the coming weeks to stymie a potential economic slowdown from the coronavirus outbreak, Reuters reported, citing sources. More than 20,000 cases of the deadly virus have been confirmed in China, with the death toll breaking above 400. The outbreak has also raised concern over slower global growth. However, investors around the world cheered the prospect of more stimulative monetary policy. The Shanghai Composite jumped more than 1% overnight. European stocks rose broadly. —Imbert
8:39 am: Major Tesla shareholder thinks recent stock run ‘just the beginning’
Billionaire Ron Baron told CNBC on Tuesday that he thinks Tesla could one day be “one of the largest companies in the whole world.” As of Monday’s close of $780 per share, Baron’s Tesla stake was worth $1.3 billion. He said he accumulated nearly 1.63 million Tesla shares at an average cost of $219 each. Baron said on “Squawk Box” that he sees Tesla generating $1 trillion in revenue in 10 years. “It’s nowhere near ended at that point and time.” He also thinks Tesla’s recent stock run is “just the beginning.” —Wayland
8:36 am: Alphabet slips after reporting a revenue miss
Shares of Google’s parent Alphabet dropped more than 3% in premarket trading after the tech giant reported a quarterly revenue miss. Its fourth-quarter sales came in at $46.08 billion, compared to the estimates of $46.94 billion, per Refinitiv. Alphabet’s earnings beat expectations, however. —Li
8:26 am: Tesla shares rally again to record highs
Tesla‘s relentless rally this year continued on Tuesday, with the electric car maker’s stock jumping another 13% in the premarket and broke above $900 for the first time. Tuesday’s surge came after the stock soared nearly 20% on Monday, its best one-day performance in six years. Through Monday’s close, Tesla shares are up more than 80% year to date and are easily the best performers in the Nasdaq-100 index. That surge has burned short sellers of the stock to the tune of more than $8 billion, S3 Partners data shows. Billionaire Ron Baron, a longtime Tesla bull, thinks the stock will keep going up from here. However, not everyone is as confident as Baron in in the Elon Musk-led company. —Imbert