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5 things to know before the stock market opens on March 10, 2020

1. Dow is set to recover the historic plunge of about half of Monday

Traders work during the opening bell on the New York Stock Exchange (NYSE) on March 5, 2020 on Wall Street in New York.

Johannes Eisele | AFP | Getty Images

US stock futures were pointing to huge gains Tuesday after President Donald Trump proposed lower payroll taxes and other financial alleviation measures to combat the negative effects of the coronavirus on the American economy and American workers. Raising the Dow Jones Industrial Average by more than 800 points would recover nearly half of the worst sales since the 2008 financial crisis. Monday's losses pushed the Dow, the S&P 500 and the Nasdaq near bearish territory. The three benchmark equity measures were down 19% from last month's record closings. A bear market is defined by an index or asset that is at least 20% down from recent 52-week highs.

2. Oil and bond yields rise after dizzying declines

Concerns about the spread of the virus and an oil price war have pushed investors to agree on perceived bond security, pushing prices and yields to record lows on Monday. The 10-year Treasury yield, which fell to just over 0.3% on Monday morning, stabilized around 0.7% on Tuesday morning. Oil prices, which fell 24.5% on Monday after the failure of OPEC's proposed production reduction agreement, rebounded by more than 8% on Tuesday. However, even with this advance, crude oil remains firmly in a bear market, down more than 50% from its recent 52-week high at Monday's close, which was the worst oil drop in a single session since. the 1991 Gulf War.

3. Trump wants to talk about "possible payroll tax cuts"

Trump plans to meet with Senate and House Republicans on Tuesday to discuss "possible payroll tax cuts" and other "substantial tax cuts." in the United States, 750 cases of coronavirus exceed 750 with 26 deaths. Reducing payroll taxes would put more money in the pockets of consumers. However, some economists question whether typical stimulus packages would work during the epidemic if affected citizens stay at home and avoid spending money in restaurants or movies. The president said on Monday evening that he would also look for ways to help hourly workers who might miss their paychecks if they couldn't go to work. However, those responsible for the Trump administration have said the White House is far from ready to launch specific economic proposals.

4. Cases of coronavirus are increasing while Italy encloses the whole country

The total number of coronavirus cases worldwide has risen to nearly 115,000 with deaths exceeding 4,000, according to figures compiled by Johns Hopkins University & Medicine. Italy, with more than 9,000 cases and 463 deaths, has become the largest hotspot outside of China, which still has by far the most cases and deaths. The virus originated in the Chinese city of Wuhan in Hubei province in December. The Italian government has extended its lockout, asking the country's 60 million people to stay at home. South Korea and Iran have cases in the 7,000 with 54 and 237 deaths respectively. Meanwhile, Delta Air Lines announced Tuesday that it will make dark cuts across its network to cut costs, as coronavirus drives down demand for air travel. American Airlines is also reducing international and domestic flights.

5. Biden vs. Sanders in six state nomination contests

Democratic Presidential Hopes Vermont Senator Bernie Sanders (L) and former Vice President Joe Biden (R) participate in the tenth Democratic primary debate of the 2020 presidential campaign season co-hosted by CBS News and Congressional Black Caucus Institute at the Gaillard Center in Charleston, South Carolina, February 25, 2020.

Jim Watson | AFP | Getty Images

It's "big Tuesday": six states are holding primaries and caucuses in the 2020 Democratic presidential nomination race. Michigan's 125 delegates are the jackpot on Tuesday. Former Vice President Joe Biden led these latest polls. Senator Bernie Sanders may need a win in Michigan to follow Biden, who leads the number of promised delegates from 652 to 575. The other states hosting contests on Tuesday are Missouri, Mississippi, Idaho, North Dakota and Washington, which has been badly affected by the coronavirus.

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