The daily business briefing: March 6, 2020

1. Stock futures drop, extending Thursday's big losses

U.S. stock index futures dropped by 1 percent early Friday, after the Dow Jones Industrial Average closed down 970 points, or 3.6 percent, on Thursday in the fourth straight rollercoaster day for Wall Street. Thursday's selloff came as the continuing spread of the flu-like coronavirus around the world, including in the U.S., fueled fears of painful economic fallout. The Dow Jones Industrial Average skidded all last week in its worst week since the 2008 financial crisis, but jumped back up more than 1,000 points on Monday in its biggest one-day points gain ever. It then slid down 1,000 points the next day, then rebounded, and then flopped again on Thursday. The instability is likely to continue.

CNBC The Washington Post

2. Economists expect jobs report to show another month of strong hiring

The February jobs report being released Friday is expected to show another month of strong hiring. Economists expect the Labor Department data to show that U.S. employers added about 175,000 nonfarm jobs last month, leaving unemployment at 3.6 percent, near a five-decade low. Analysts expect the report to show that wages rose by 0.3 percent, with a year-over-year increase of 3 percent. The figures will give a picture of where the economy was before the bulk of any economic fallout from the new coronavirus. The rapidly spreading outbreak of the flu-like virus "didn't really become a major scare until the last week of the month, so we may not see this weigh heavy on the February report," JJ Kinahan, chief market strategist at TD Ameritrade, told CNN Business.

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CNN

3. Bond yields fall to record lows as investors seek safe assets

Bond yields fell to record lows early Friday as investors fearing coronavirus fallout continued to dump risky assets like stocks and seek safer assets. The yield on the benchmark 10-year Treasury note fell by 14 basis points to 0.78 percent. The 10-year Treasury bond yield only fell below 1 percent for the first time ever on Tuesday as the continued spread of coronavirus outside of China, including in the U.S., raised concerns and rattled stock markets. The Federal Reserve's first emergency rate cut since 2008 stoked those fears, rather than soothing them. The yield on the 30-year Treasury bond hit 1.28 percent, also a new low. Bond yields move inversely to prices, dropping when stronger demand pushes prices up.

MarketWatch CNN

4. Hachette employees protest publishing of Woody Allen memoir

Dozens of Hachette Book Group employees walked off the job on Thursday to protest the company's decision to publish Woody Allen's autobiography, Apropos of Nothing. The publisher said earlier in the week that it's Grand Central imprint would release the book April 7, describing it as "comprehensive account" of the filmmaker's personal and professional life. The announcement angered critics who said the publisher should have steered clear of Allen because of the allegations that he molested his adopted daughter Dylan Farrow. Allen denies the allegations. He wasn't charged after two investigations conducted two decades ago. Hachette said through a spokeswoman: "We respect and understand the perspective of our employees," and "will engage our staff in a fuller discussion about this at the earliest opportunity."

The New York Times

5. JPMorgan's Dimon recovering after emergency heart surgery

JPMorgan Chase said Thursday that its CEO, Jamie Dimon, had undergone emergency heart surgery to repair an acute aortic dissection. The bank's co-presidents, Daniel Pinto and Gordon Smith, released a statement telling employees and shareholders that Dimon was now recuperating. "The good news is that it was caught early and the surgery was successful. He is awake, alert, and recovering well," the statement said. An aortic dissection involves a tear in the inner layer of the large blood vessel that branches off the heart. Dimon performed his duties until recently, and made a presentation at the company's annual investor day late last month.

CNBC