Here are five things to know for Wednesday, June 24:
1. – Slippage of herringbone futures in coronavirus cases
Stock futures plummeted on Wednesday when several US states. USA They experienced strong spikes in new cases of coronavirus.
With Arizona, Texas and California reporting new daily records of infections, investors were increasingly concerned that plans to reopen stagnant economies could be curtailed to slow the spread of the virus, slowing the recovery rate.
Dow Jones Industrial Average-linked contracts fell 235 points, S&P 500 futures fell 24 points, and Nasdaq futures fell 42 points.
“The recent acceleration of infections has rekindled concern that governments will be forced to shut down their economies once again, squandering the prospect of the expected economic recovery to recover,” said Prakash Sapal, economist at ING.
Optimism about the prospects for an economic recovery as more businesses open has helped propel Wall Street.
The S&P 500 rose 0.43% Tuesday, speeding it up for its third straight monthly gain, and the tech-heavy Nasdaq index closed at a record high.
2. – Coronavirus – The Latest
The number of confirmed global coronavirus cases has risen to 9,273,773, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 447,643.
The United States has 2,347,102 coronavirus cases, the most in the world, according to Johns Hopkins CSSE. Deaths in the United States have risen to 121,225, also the most in the world.
According to Bloomberg, cases of coronavirus in the US USA They rose 1.6% on Tuesday, more than the 1.3% average daily rise in the past seven days.
Dr. Anthony Fauci, who heads President Donald Trump’s coronavirus task force, told lawmakers Tuesday that the growing trend for infection and hospitalization was “disturbing,” but said neither he nor his colleagues asked them to to slow down the pace of testing by White House officials.
Texas recorded more than 5,000 new cases in the past 24 hours, a record number daily, according to Gov. Greg Abbott, who said he did not want to back down on the reopening of the state, but urged residents to take greater precautions, saying that people You shouldn’t ‘Don’t go out unless absolutely necessary.
“The safest place for you is at home,” said Abbott, The Wall Street Journal reported.
California also reported more than 5,000 new cases, and hospitalizations in the state hit a record 3,700.
Washington Governor Jay Inslee ordered residents to wear face masks in public. Positive tests for the virus increased 35% in the state last week.
3. – Dell Could Get $ 50 Billion Stake In VMware
Dell Technologies (DELL) – Get report Shares rose in the market on Wednesday ahead of a report on a possible major restructuring that could include a spin-off of its stake in VMware. (VMW) – Get report.
The stock rose 17.02% to $ 57.35 and the shares of VMware rose 9.14% to $ 162.87
The Wall Street Journal reported that Dell was considering downloading its sizable stake in VMware, worth about $ 50 billion, but also weighing a direct purchase from the cloud software company. Dell is VMware’s largest shareholder, with a stake of approximately 81%.
The companies have been working with outside consultants, the Journal reported, citing people familiar with the matter.
The review, the Journal said, was at an early stage and no decision was imminent. Dell may also choose to do nothing, the Journal noted.
4. – Mortgages and oil for the calendar on Wednesday
Wednesday’s economic calendar includes mortgage applications from the Mortgage Bankers Association for the week ending June 19 at 7 am ET and oil inventories for the week ending June 19 at 10:30 am
BlackBerry earnings reports expected on Wednesday (Bed and breakfast) – Get report, KB Home (KBH) – Get report and Winnebago (WGO) – Get report.
5. – DraftKings Launches New Jersey Casino App
DraftKings (DKNG) – Get report It was rising 2% to $ 38.75 in pre-market deals on Wednesday after launching its independent casino app in New Jersey.
The application will present new games, in addition to renewed classics such as blackjack and roulette.
DraftKings said the casino app will also offer games from third-party providers, including International Game Technology. (IGT) – Get report, Slingo, Scientific games (SGMS) – Get report.
“We are delighted to break new ground for DraftKings in the gaming space with the launch of our DraftKings Casino app, the company’s first perennial product that operates year-round regardless of annual sports hours,” said Jason March, vice president of DraftKings game, in a statement.