Dow futures jump after nearly 400 loss 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. (CNBC)

Apple shares (AAPL) rose more than 1.5% in the pre-market on Tuesday, a day after closing at a record high. Apple, a component of Dow and major stocks in the S&P 500 and Nasdaq, helped fuel Monday’s rally on Wall Street. The Dow 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. (CNBC)

* Here are all the big changes coming to your iPhone this fall (CNBC)
* Apple abandons Intel chips on laptops and desktops (CNBC)
* This is what top analysts think of Apple’s shares after announcements of new software and chips (CNBC Pro)

In today’s economic calendar, the government is out with May new home sales at 10 am ET, and economists expect a 1.9% rise after a 0.6% rise in April. Existing home sales fell 9.7% in May and fell 26.6% annually. However, the National Association of Real Estate Agents believes those levels will represent the bottom because those May numbers are based on closed sales during the worst of the coronavirus crisis in March and April. (CNBC)


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 virus spikes came true as Covid-19 hospitalizations grew in 14 states. (AP and CNBC)

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

Trump temporarily blocked certain foreign workers from entering the United States. The freeze, effective Wednesday, includes H-1B visas for qualified employees. The Trump administration described the effort as a way to free jobs for Americans in an economy reeling from the coronavirus. (AP)

* Google, Apple, Amazon and Tesla criticize Trump’s immigration crackdown (CNBC)

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. (AP)

* Significant steps toward NBA restart begin this week (Houston Chronicle)

Alphabet’s (GoogL) Google employees are signing an internal petition, asking the company to stop selling technology to police departments. The document, which CNBC saw, asks Google CEO Sundar Pichai to “take real steps to dismantle racism.”

BlackRock (BLK) CEO Larry Fink said in a LinkedIn post that the world’s largest asset management firm was committed to increasing its black workforce by 30% by 2024. BlackRock also plans to double the current percentage of black senior leaders at 3%. (Bloomberg)

Starbucks (SBUX) added Impossible Breakfast Sandwich, made with Impossible Foods’ plant-based sausages, to its American menu on Tuesday to meet increased consumer demand for meatless meat. Impossible Foods’ Impossible Whoppers are found in 7,500 Burger Kings across the country. (CNBC)


IHS Markit (INFO), the provider of financial information and analysis, reported quarterly earnings of 69 cents a share, 2 cents a share above estimates. Revenue was slightly below expectations as organic revenue fell 7%. The company said the quarter was “challenging” due to the pandemic, but that it expects profit and earnings growth this year and next.

Spirit AeroSystems (SPR) is asking its lenders for financial help as it deals with the aftermath of the Covid-19 pandemic and the disruption of production of the Boeing (BA) 737 ground-based aircraft. Spirit is Boeing’s largest supplier.

Salesforce (CRM) announced a collaboration with Siemens of Germany on a workplace safety software package. The software will help assist social distancing in various aspects of workplace operations.

Softbank started selling $ 21 billion in T-Mobile (TMUS) shares. The Japanese firm is seeking to raise funds for a $ 41 billion debt reduction and a share buyback plan.

Intuit (INTU), the maker of TurboTax and other financial software, cut 715 jobs and said it is renewing its technology and sales strategies. Affected workers will receive a four-week minimum wage, as well as an additional two weeks for each year of service.

ViacomCBS (VIAC) will release its new movie “SpongeBob” on digital platforms in early 2021, bypassing theaters. “The SpongeBob Movie: Sponge On The Run” will first be available via pay-per-view, and will then move exclusively to the company’s CBS All Access streaming service.

American Airlines (AAL) will increase the aggregate size of planned convertible and secondary share offerings to $ 2 billion from $ 1.5 billion, according to a Bloomberg report.