Stock market live updates: Dow futures up, Powell testimony, Under Armour plummets

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• Pivotal downgrades Facebook to sell from hold
• Oppenheimer raises its price target on Nvidia to $300 from $250
• JPMorgan downgrades World Wrestling Entertainment to neutral from overweight
• Credit Suisse upgrades Boston Beer to outperform from neutral
• RBC raises its price target on Advanced Micro Devices to $63 from $53
• Cowen upgrades Jack in the Box to outperform from market perform
• Credit Suisse upgrades L Brands to neutral from underperform
• DA Davidson upgrades CrowdStrike to buy from neutral

CNBC Pro subscribers can read more here. —Bloom

The Stoxx 600, the broadest measure of European stocks, climbed 0.8% to a record high on Tuesday. The index is also up more than 4% this month, outperforming the S&P 500, which is up 3.9% in February. European stocks have been on fire this year as ECB President Christine Lagarde lobbies for more fiscal stimulus in the region, particularly from Germany. —Imbert, Pisani

Bridgewater founder and billionaire investor Ray Dalio said Tuesday that the impact from the coronavirus may be overdone. The virus, which has now killed more than 1,000 people, “probably had a bit of an exaggerated effect on the pricing of assets,” Dalio told attendees at the annual Milken Conference in Abu Dhabi on Tuesday. “Because of the temporary nature of that, I would expect more of a rebound. It most likely will be something that in another year or two will be well beyond what everyone will be talking about,” he added. —Stevens

As of Monday night, the Chinese government said there were 2,478 new confirmed cases of coronavirus and 108 additional deaths, bringing the total numbers to 42,638 cases and 1,016 deaths in the country. “With 99% of cases in China, this remains very much an emergency for that country, but one that holds a very grave threat for the rest of the world,” WHO chief Tedros Adhanom Ghebreyesus said during opening remarks of a meeting between more than 400 researchers and national authorities, Reuters reported Tuesday. The virus has spread to at least 25 other nations. — Stevens

Federal Reserve Chairman Jerome Powell’s remarks before Congress were released at 8:30 am and we are seeing a muted reaction so far. If anything, futures have come off slightly with Dow futures up only 90 points after being up more than 100 points before the testimony was released. Powell, in his semiannual testimony before Congress, will say that the U.S. economy appears “resilient,” that the Fed is closely monitoring the coronavirus, and that the “current stance of monetary policy will likely remain appropriate,” according to remarks. Traders will now focus on the Q&A portion of his testimony, which begins at 10 a.m. ET. -Melloy

A U.S. District judge ruled in favor of the proposed merger between Sprint and T-Mobile. Sprint’s stock soared more than 60% in extended trading, while T-Mobile shares gained 8.8%. —Pound

Shares of Under Armour slid 13% during Tuesday’s premarket trading after the company said its 2020 revenue would be hurt by the coronavirus outbreak. China is one of the athletic retailer’s fastest growing markets, so weakness in the region could hurt top-line growth. The comments came as the company reported fourth quarter results. Earnings per share came in at 10 cents which was in-line with estimates, according to Refinitiv, but the company’s $1.441 billion in revenue fell short of expectations. —Stevens

Federal Reserve Chairman Jerome Powell appears Tuesday before the House Financial Services Committee as part of his mandated semiannual testimony before Congress. On tap will be comments about general economic conditions, the state of monetary policy and the Fed’s view on international developments including the coronavirus. Powell then will take questions from committee members. It’s off to the Senate tomorrow for the central bank chief. —Cox

U.S. stock futures are pointing to solid gains Tuesday as new data from Johns Hopkins University showed the number of new confirmed coronavirus cases has declined. Dow Jones Industrial Average indicated a gain of more than 100 points, while S&P 500 and Nasdaq 100 futures were also up solidly. Still, some companies — including Under Armour — are warning the outbreak could hurt their sales. —Imbert

With reporting from Jesse Pound, John Melloy, Bob Pisani, Michael Bloom. 

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