July 10, 2020
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5 Things to Know Before Opening the Stock Market Monday

5 Things to Know Before Opening the Stock Market Monday

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1. Dow is set to rebound after Friday’s fall of 730 points

Dow futures point to an increase of more than 250 points at the opening on Monday, a slight rebound after the Dow Jones Industrial Average fell 730 points, or 2.8%, on Friday, dropping blue chips by 3.3% by last week. After an initial decline overnight, stock futures at the beginning of Monday became higher, despite the sharp increase in the number of cases of coronavirus in the United States. Dow, remaining two days in June, could end his two-month streak of victories. Nevertheless, as of the end of Friday, the indicator grew in the second quarter by a little more than 14%.

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Wall Street’s shortened holiday week brings expected home sales on Monday and S & P / Case-Shiller home prices on Tuesday. Federal Reserve Chairman Jerome Powell and Treasury Secretary Stephen Mnuchin testify before House House Financial Services Committee on Tuesday. ADP’s latest private sector jobs report came out Wednesday. One day early Thursday, the government reports its June employment report. The stock market closed on Friday, July 3, in connection with the celebration of Independence Day.

Gilead shares, which rose 14% this year at closing Friday, rose more than 2% in Monday’s premarket trading after the biopharmaceutical giant set prices for its remdesivir antiviral treatment Covid-19. Developed country governments will pay $ 390 per dose, and $ 520 per dose for private insured patients.

2. Florida, Texas to recall part of its opening plans

More than half of the US states report a sharp increase in the number of cases of coronavirus, and a record 9,636 new infections were reported on Saturday in Florida, and another 8,577 on Sunday. On Sunday, Republican Florida Governor Ron De Santis accused young people of communicating . Miami Dade and Broward counties close their beaches for the weekend of July 4.

Vice President Mike Pence met on Sunday with Texas GOP Governor Greg Abbott, who said the rise in infections in his state has accepted “A very quick and very dangerous turn” in the last few weeks. Texas closed bars and a limited number of restaurants on Friday, confirming positive tests 5.996 a day after reporting a record high state level.

3. Record daily cases bring the total number of infections in the United States to almost 2.55 million.

A crowd gathers at Ocean Beach in San Francisco on Monday, May 25, 2020. Warm weather on Memorial Day caused a large crowd in popular parks and beaches, despite the tidy place during the Covid-19 pandemic.

Jessica Christian | San Francisco Chronicle | Getty images

More than 45,000 cases of coronavirus were reported on Friday in the United States, a record daily increase. On Saturday, more than 42,600 new cases were recorded, and on Sunday more than 38,800 new cases. The total number of cases in the USA has grown to almost 2.55 million, according to Johns Hopkins University on Monday. Health and Welfare Minister Alex Hazard told NBC News Sunday that the window is “closing” for the United States to stop Covid-19 emissions, especially in the southern and western states. The total number of global cases is close to 10.2 million. Mortality rates worldwide and in the US are just under 5%.

4. Shale Pioneer Chesapeake Energy Declares Bankruptcy

Daniel Aker | Bloomberg | Getty images

Chesapeake Energy, a pioneer of the American shale revolution, filed for bankruptcy protection on Sunday as the company and the industry as a whole were hit by falling oil and gas prices during the coronavirus pandemic. The heavily indebted Chesapeake was in trouble for some time, saying in May that he had concerns about its long-term viability. At its peak, Chesapeake had 175 operational rigs operating in the United States, including Texas, Louisiana, Pennsylvania, and Ohio. However, the company took on significant debt in order to ensure its rapid expansion. The Chesapeake recession is not unique. Whiting Petroleum, another great driller, filed for bankruptcy protection in April.

5. Boeing, FAA is reported to launch 737 Max trial flights

Aircraft Boeing Co. Max 737 departs from Renton Airport in Renton, Washington, USA, on Friday, January 29, 2016.

Mike Kane | Bloomberg | Getty images

Pilots and test crew members of the Federal Aviation Administration and Boeing are due to launch a three-day certification test campaign for the 737 Max on Monday, people familiar with this issue told Reuters. The test is a key point in the worst corporate crisis of Boeing, which is exacerbated by the coronavirus pandemic that destroys air travel and the demand for jet aircraft. Fleet 737 Max was founded in March 2019 after two accidents in five months, which killed 346 people in Ethiopia and Indonesia. Reportedly, test pilots intentionally launch reprogrammed software to prevent a shutdown that was faulty in both crashes. Boeing shares, which exceeded 45% in 2020, rose by more than 3% at the premarket on Monday.

– The Associated Press and Reuters contributed to this report.

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