The jump in Dow futures, the reopening of operations increase, big business increases sentiment

US stocks rose sharply on Monday to begin the first full trading week of the third quarter and the second half of 2020. The top three averages were in the green, avoiding a surge in coronavirus cases in the United States and abroad.

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• Goldman Sachs downgraded Intel’s rating to sell from neutral.
• Imperial downgraded Netflix’s rating to go online from superior performance.
• Bernstein downgraded Spotify’s rating for below-market performance.
• JMP raised its Tesla price target to $ 1,500 from $ 1,050.
• Citi started Harley-Davidson as a purchase.
• Baird raised his Zoom target price to $ 300 from $ 230.

Pro subscribers read more here. – To flourish

The Nasdaq Composite hit a new all-time intraday high Monday at opening, its 26th all-time high of 2020. The Heavy Tech Index is now on its way to its fifth consecutive positive session for the first time since its eight day streak. ends June 18. The Nasdaq-100 also hit a new all-time intraday high in the opening. – Fitzgerald, Hayes

To start the first full week of the third quarter, stocks opened with strong gains. On Monday, the Dow Jones Industrial Average rose 360 ​​points, or 1.4%. The S&P 500 and Nasdaq Composite increased 1.4% and 1.5%, respectively. – Fitzgerald

President Donald Trump warned Monday morning that the election of Joe Biden could cause 401 (k) and US actions to “disintegrate and disappear” thanks to the policies proposed by Democrats. Trump, who leads Biden by 8.7 percentage points behind in national polls, turned to Twitter to rebuke what he called his opponent’s plan for “massive tax increases.” Shares have certainly continued to rise further as Biden’s leadership increases in the polls. And JPMorgan pointed out to clients on Monday that a Democratic victory in November would be neutral or slightly positive for the markets. – Franck

Shares of companies that would most benefit from the reopening of the US outperformed the overall market before the opening bell on Monday morning. Mall operator Simon Property Group increased 3%, while Kohl’s and Gap recovered 2.5% and 3.5%, respectively. Delta, Southwest and United airlines earned about 2.5%. Expedia and TripAdvisor added 2.5%. – Franck

JMP Securities raised its price target on Tesla, saying in a note to customers that the company’s better-than-expected second-quarter deliveries showed it was on track to continue its growth. The firm projects that Tesla will generate $ 100 billion in annual revenue by 2025. The automaker’s shares rose 6% in premarket trading.

Professional subscribers can read more about the note here. –Libra

Intel shares fell 0.4% in premarket trading after Goldman Sachs downgraded the rating to sell from neutral. The bank said in a note to customers that its channel controls have shown that the personal computer market is slowing and Intel is losing market share in other lines of business. –Libra

Asia’s stock indexes rose on Monday morning after the China Securities Journal touted the stocks and said investors would feel “the wealth effect of the capital markets.” The state media publication also emphasized the importance of a “healthy” bull market. China Shanghai indices were up around 6% and the Nikkei 225 in Japan was up 1.8%. “When I look at the markets over the next 5-10 years, I am optimistic about emerging Asian economies and I believe stocks in that region of the world will outperform elsewhere during that time period after 10 years. underperforming, “said Peter Boockvar, chief investment officer. officer in the Bleakley Advisory Group. – Helmsman

Bullish sentiment on Wall Street is the backdrop to the growing cases of coronavirus at home and abroad. The World Health Organization said on Saturday that more than 200,000 cases of coronavirus were confirmed within 24 hours, a record. The largest peak was observed in the Americas, where almost 130,000 new cases were confirmed. Florida and Texas reported daily record peaks of 11,445 and 8,258, respectively, on Saturday. – Fitzgerald

Berkshire Hathaway is spending $ 4 billion to buy Dominion Energy’s natural gas transmission and storage assets, marking the conglomerate’s first deal since the coronavirus crisis and its largest purchase in years. Including debt assumption, the deal totals nearly $ 10 billion. With the deal, Dominion is transitioning to a regulated utility company that focuses on producing clean energy from wind, solar, and natural gas. Prior to the announcement, Warren Buffett revealed that Berkshire had amassed a record $ 137 billion cash accumulation and was looking to make an “elephant-sized acquisition.” –Li

Uber agreed to buy the Postmates food delivery service, the two companies said Monday. Postmates is the fourth largest food delivery service in the US by market share. The company has been successful in specific urban areas such as Los Angeles and Miami. – Fitzgerald

Shares of the Uber giant rose 6.5% in pre-market trade on Monday after multiple reports that Uber has agreed to a deal to buy food delivery service Postmates in a $ 2.65 share deal. billion Earlier this year, Uber was in talks to buy Grubhub; however, the deal never materialized and Grubhub was purchased by Just Eat Takeaway.com from Europe. –Fitzgerald

US stock futures traded sharply higher on Monday, extending last week’s strong performance to begin in the second half of the year. Dow futures rose about 345 points, or 1.3%. The move involved a higher opening at around 400 points. S&P 500 and Nasdaq-100 futures were 1.1% higher. Shares whose performance depends on the reopening of the economy rose in pre-trade.

Stocks are starting strongly in the third quarter and second half of 2020. The Dow Jones Industrial Average and S&P 500 rose 3.3% and 4%, respectively, last week. The Nasdaq advanced 4.6% in the week shortened by holidays. – Fitzgerald

– with reports by Jeff Cox and Tom Franck of CNBC.

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