29/03/2024 2:42 PM

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Futures higher, Wall Street eyes Covid cases, airlines lower

A person wearing a face mask walks along Wall Street after further cases of coronavirus were confirmed in New York, March 6, 2020.

Andrew Kelly | Reuters

This is a live blog. Check back for updates.

7:51 am: American Airlines seeking $3.5 billion in new financing

American Airlines announced on Sunday that it’s looking to secure $3.5 billion in new financing to improve its liquidity as it copes with travel restrictions introduced by the coronavirus. American plans to raise $1.5 billion through sales of equity and convertible notes due in 2025, the company said in a statement. Meanwhile, the airline said it will offer another $1.5 billion in senior secured notes and that it’s seeking a $500 million term loan facility due 2024.

7:49 am: Coronavirus cases on the rise

Recent data show that coronavirus cases in the U.S. and abroad are increasing. The largest single-day increase in global coronavirus cases was recorded on Sunday, according to the World Health Organisation, after more than 183,000 new cases were reported worldwide. The U.S. saw more than 36,000 new cases reported on Sunday after more than 30,000 new cases were reported on both Friday and Saturday. Nevada, Florida, California and Arizona have reported record-high single-day infections as their economies attempt to open from the shutdown. Widespread testing is contributing to the uptick in reported cases. — Fitzgerald 

7:38 am: Stock futures higher

Dow Jones Industrial Average futures were higher by about 100 points. S&P 500 futures and Nasdaq-100 futures were also slightly higher. Major U.S. stock averages are coming off their fourth weekly gains in five weeks. Gains were capped on recent upticks in new coronavirus cases. — Franck

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