1. Dow will recover after 730 point drop on Friday
Dow futures pointed to a gain of more than 200 points in Monday’s opening, a rebound after the Dow Jones Industrial Average fell 730 points, or 2.8%, on Friday, knocking down the blue chips 3.3% last week . After initial overnight falls, stock futures rose early Monday despite mounting cases of coronavirus in the US The Dow, with two days to go in June, could break its two-month winning streak. However, the benchmark index, as of Friday’s close, was up just over 14% for the second quarter.
The shortened holiday week on Wall Street brings pending home sales on Monday and S & P / Case-Shiller home prices on Tuesday. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify before the House Financial Services Committee on Tuesday. The latest ADP private sector jobs report was released on Wednesday. A day earlier, on Thursday, the government reports its June employment report. The stock market is closed on Friday, July 3, in celebration of Independence Day.
Gilead’s shares, which rose 14% this year as of Friday’s close, rose more than 2% in pre-market trading on Monday after the biopharmaceutical giant priced its antiviral treatment Covid-19 remdesivir. Developed world governments will pay $ 390 per dose, and privately insured patients will charge $ 520 per dose.
2. Florida and Texas withdraw part of their reopening plans
With more than half of US states reporting spikes in coronavirus cases, Florida saw a record 9,636 new infections on Saturday, with another 8,577 on Sunday. Florida Republican Governor Ron DeSantis blamed interactions between the youth on Sunday. Miami-Dade and Broward counties are closing their beaches for the weekend of July 4.
Vice President Mike Pence met with Texas Republican Party Governor Greg Abbott on Sunday, who said the growing infections in his state have taken a “very fast and very dangerous turn” in recent weeks. Texas closed limited bars and restaurants on Friday, the day after reporting a confirmed state record with positive results of 5,996.
3. Record-breaking daily cases bring total US infections to nearly 2.55 million
Crowds gather at Ocean Beach in San Francisco, Monday, May 25, 2020. The warm weather of Memorial Day drew large crowds to popular parks and beaches despite the shelter-in-place order in the midst of the pandemic. from Covid-19.
Jessica Christian | San Francisco Chronicle | fake pictures
The United States reported more than 45,000 coronavirus cases on Friday, a record daily increase. More than 42,600 new cases were registered on Saturday and more than 38,800 new cases were registered on Sunday. Total cases in the United States rose to nearly 2.55 million, according to data from Johns Hopkins University on Monday, with deaths close to 126,000.
Health and Human Services Secretary Alex Azar told NBC News on Sunday that the “window is closing” for the United States to stop Covid-19 spikes, particularly in the southern and western states. Total global cases approached 10.2 million, with more than 500,000 deaths.
4. Shale Pioneer Chesapeake Energy Files for Bankruptcy
Daniel Acker | Bloomberg | fake pictures
Chesapeake Energy, a pioneer in the US shale revolution, filed for bankruptcy Sunday as the company and the industry as a whole were rocked by a drop in oil and gas prices during the pandemic of coronavirus. Chesapeake, which is heavily in debt, has been in trouble for some time, and said in May that it was concerned about its long-term viability. At its peak, Chesapeake had 175 operating platforms, with operations across the United States, including Texas, Louisiana, Pennsylvania, and Ohio. However, the company took on significant debt to fuel its rapid expansion. The Chesapeake recession is not unique. Whiting Petroleum, another large drilling rig, filed for bankruptcy in April.
5. Boeing and the FAA would have started test flights 737 Max
The Boeing Co. Max 737 aircraft takes off from Renton Municipal Airport in Renton, Washington, USA on Friday, January 29, 2016.
Mike Kane | Bloomberg | fake pictures
Pilots and test crew members from the Federal Aviation Administration and Boeing are slated to begin a three-day certification test campaign for the 737 Max on Monday, people familiar with the matter told Reuters. The test is a watershed moment in Boeing’s worst corporate crisis, compounded by the coronavirus pandemic that decimated air travel and demand for aircraft. The 737 Max fleet landed in March 2019 after two accidents in five months that killed 346 people in Ethiopia and Indonesia. The test pilots reportedly will intentionally activate the reprogrammed crash prevention software, which was involved in both accidents. Dow Boeing shares, which fell more than 45% in 2020, rose more than 3% in the pre-market on Monday.
– 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.
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