5 things you need to know before the stock market opens on June 24, 2020

1. Dow is poised to fall as US coronavirus cases rise. USA

With the S&P 500 soaring more than 21% in the second quarter and with five trading days to go, Wall Street strategists are lessening the likelihood of institutional and other investors selling some of their big gains in the stock market. stocks and buy bonds over the course of the next week. The amount of rebalancing of pension funds is estimated to be in a wide range, from $ 35 billion to $ 76 billion, according to some forecasts.

2. iPhone sales declined in China last month

People wearing face masks stop by an Apple store in Beijing on March 17, 2020 in Beijing, China.

Fred Lee | fake pictures

Apple shares were under some pressure in pre-market trading on Wednesday, a day after rising 2% to another record close. Perhaps contributing to the pause in Apple’s rally since Monday’s developer conference announcements, the data showed that iPhone sales in China fell 7.7% to 3.6 million units month-over-month in May. after the 160% increase in April. The slowdown in sales last month came after Apple experienced an initial rebound when China reopened its economy as the coronavirus outbreak subsided. Apple launched its second-generation iPhone SE in April, the cheapest device in the iPhone lineup. As Apple introduced the iPhone SE to Chinese retailers, sales of the new device helped boost April numbers.

3. Fauci warns of a ‘disturbing increase’ in infections

The director of the National Institute of Allergy and Infectious Diseases, Dr. Anthony Fauci, wears a face mask while waiting to testify before the House Energy and Commerce Committee about the Trump Administration’s response to the COVID-19 pandemic, in the Capitol of Washington, DC, United States, June 23, 2020.

Kevin Dietsch | Reuters

White House health adviser Dr. Anthony Fauci cautions that parts of the US USA They are beginning to see a “disturbing increase” in coronavirus infections. States with growing outbreaks may need to consider pausing or reversing the stages of their reopening plans, Fauci said in a House panel hearing Tuesday. He said states may not need to order full closings again as in March. Fauci also said that doctors are seeing “more and more” complications with Covid-19 in young people. He said he expects a vaccine to be ready by early next year.

4. Covid-19 cases and hospitalizations continue to rise

The seven-day average of new cases of coronavirus in the US USA It rose 30% from a week ago, according to a CNBC analysis of data from Johns Hopkins University. Hospitalizations are also increasing in states like Arizona and Texas.

According to health officials, it can take five to 12 days for people to show symptoms, which could delay reporting. Cases are growing in at least 26 states, including Texas, California, and Florida. Meanwhile, the District of Columbia and 16 states, including New York, New Jersey, and Connecticut, reported declines in new infections.

5. EU can still ban American travelers when reopening borders

A volunteer measures people to see if they have a high temperature at the entrance of the Maggiore Hospital in Bologna for preventive measures for Covid-19 on June 05, 2020 in Bologna, Italy.

Michele Lapini | fake pictures

The European Union is discussing how to reopen its external borders as the region slowly seeks to reopen economies. However, visitors from countries like the United States may still be prohibited from entering. “It is too early to say which countries will be on the list,” an EU official, who spoke on condition of anonymity due to the sensitivity of the decision-making process, told CNBC. European countries decided to close their external borders in March to contain the spread of Covid-19. Travel restrictions have been extended three times, but will end on Tuesday.

Associated Press contributes 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.