5 things you need to know before the stock market opens on June 23, 2020

1. Dow futures jump after a loss of almost 400 points overnight

Dow futures pointed to a gain of more than 350 points in Tuesday’s opening after White House trade adviser Peter Navarro clarified that the trade deal between the United States and China has not ended. Navarro, a Chinese hawk, claimed his comment on Fox News on Monday night suggesting that the disappearance of the deal was taken “out of context.” Dow futures plummeted nearly 400 points overnight after Fox’s interview with Navarro aired.

The Dow Jones Industrial Average on Monday snapped a three-session losing streak with a 0.6% gain. The S&P 500 posted a similar profit. The Nasdaq, which continued to outperform the overall stock market, was up 1.1%, closing at a record high. A component of the Dow and a major share in the S&P 500 and Nasdaq, Apple ended with a 2.6% gain and another record close, helping fuel the Wall Street rally. Apple shares rose 1.5% in the pre-market on Tuesday.

2. Trump confirms that the trade agreement between the United States and China is “completely intact”

President Donald Trump followed up on Navarro’s clarification and tweeted Monday night that the trade agreement between the United States and China is “completely intact.” But the president added that he expects China “to continue to comply with the terms” of the agreement.

Questions about the status of the trade deal with China began Monday night, when a Fox News presenter asked Navarro: “Given everything that happened and all the things you just listed, is it over?” Navarro responded saying: “It is over.”

In a clarifying statement issued by the White House, Navarro said his comments “had nothing to do with the Phase I trade agreement, which is still in effect. He was simply talking about the lack of confidence we now have in the Chinese Communist Party” . after they lied about the origins of the China virus and imposed a pandemic on the world. “

3. Trump Freezes H-1B Visas For Qualified Employees

President Donald J. Trump speaks during a “Make America Great Again!” rally at the BOK Center on Saturday June 20, 2020 in Tulsa, OK.

Jabin Botsford | The Washington Post via Getty Images

Trump temporarily blocked certain foreign workers from entering the United States. The freeze, which takes effect on Wednesday, includes H-1B visas for qualified employees, which are heavily used by US tech companies and multinational corporations.

The Business Roundtable, which advocates on behalf of many of America’s largest companies, and the United States Chamber of Commerce said they are concerned about the changes that create disruptions to companies’ operations. The Trump administration described the effort as a way to free jobs for Americans in an economy reeling from the coronavirus.

4. Fauci will testify as Covid-19 hospitalizations grow

Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, speaks during a teleconference hearing organized by a Senate panel on the White House response to the coronavirus, in Washington DC, the United States, May 12, 2020.

Liu Jie | Xinhua News Agency | fake pictures

White House health adviser Dr. Anthony Fauci is ready to testify and answer questions during a House panel hearing on the coronavirus on Tuesday morning. Fauci’s appearance comes more than a month after he told a Senate panel that some states were prematurely reopening businesses and risking new outbreaks. Fauci’s prophetic warning about the virus spikes came true as Covid-19 hospitalizations grew in 14 states starting Sunday, according to a CNBC analysis of data from Johns Hopkins University.

Cases are growing by 5% or more in 25 US states. The US, including Texas, where the governor said the state will have to take “tougher measures” if daily coronavirus cases and hospitalizations continue to rise at current rates, and Arizona, where Trump plans to hold an indoor campaign rally Tuesday after last weekend’s rally in Oklahoma.

5. Major League Baseball to impose a 60 game season

A sign announces that Phillies Florida Operations and Spectrum Field, the Philadelphia Phillies’ spring training home, were closed on May 20, 2020 in Clearwater, Florida.

Mike Ehrmann | fake pictures

Major League Baseball plans to impose a 60-game schedule for its shortest season since 1878 after the players union rejected a negotiated deal of the same length. The decision could lead to lengthy and costly litigation over the impact of the coronavirus on baseball.

Within hours of the Major League Baseball Players Association’s decision, the league released a statement informing the union that it would “proceed with the 2020 season under the terms of the March 26 Agreement.” MLB asked the union to respond before 5 pm ET on Tuesday about whether players can report to training before July 1 and whether the players’ association would agree to the operations manual regarding health and safety protocols. .

Associated Press and Reuters contributed to this report. Follow all developments on Wall Street in real time with CNBC’s Live Markets blog. Get the latest on the pandemic with our coronavirus blog.