Dow futures were pointing toÂ an over 350 point gain at Tuesday’s open after White House trade advisor Peter Navarro clarified that the U.S.-China trade agreement isn’t over. Navarro, a China hawk, claimed his comment to Fox News on Monday night suggesting the deal’s demise was taken « wildly out of context. » Dow futures nosedived almost 400 points overnight after Fox’s interview with Navarro aired. (CNBC)Apple (AAPL) shares were up over 1.5% in Tuesday’s premarket, one day after closing at a record high.Â Apple, a Dow component and a major stock in the S&P 500 and Nasdaq, helped fuel Monday’s rally on Wall Street.Â The Dow snapped a three-session losing streak with a 0.6% advance. The S&P 500 logged a similar gain. The Nasdaq, which continued to outperform the broader stock market, jumped 1.1%, closing at a record high. (CNBC)* Here are all the big changes coming to your iPhone this fall (CNBC)* Apple ditches Intel chips on laptops and desktops (CNBC)*Â Here’s what major analysts think of Apple’s stock after announcements on new software and chips (CNBC Pro)
On today’s economic calendar, the government is out with May new home sales at 10 a.m. ET, with economists expecting a 1.9% gain after a 0.6% increase in April.Â Existing home sales plunged 9.7% in May and were down 26.6% annually. However, the National Association of Realtors 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 advisor Dr. Anthony Fauci is set to provide testimony 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 has come to pass as Covid-19 hospitalizations were growing in 14 states. (AP & CNBC)Cases are growing by 5% or more in 25 states across the U.S., including Texas, where the governor said the state will have to take « tougher actions » if daily coronavirus cases and hospitalizations continue to climb at current rates, and Arizona, where President Donald TrumpÂ plans to hold an indoor campaign rally Tuesday after last weekend’s rally in Oklahoma. (CNBC)
TrumpÂ temporarily blocked certain foreign workers from entering the United States. The freeze, which takes effect Wednesday, includes H-1B visas for skilled employees.Â The Trump administration described the effort as a way to free up jobs for Americans in an economy reeling from the coronavirus. (AP)*Â Google, Apple, Amazon and Tesla slam 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)
Employees at Alphabet’s (GOOGL) Google are signing an internal petition, calling on the company to stop selling technology to police departments. The document, which CNBC viewed, asks Google CEO Sundar Pichai to « take real steps to dismantle racism. »
BlackRockÂ (BLK) CEO Larry Fink said, in a LinkedIn post, that the world’s biggest asset management firm was committed to increasing its Black workforce by 30% by 2024. BlackRock also plans to double the percentage of Black senior leaders from the current 3%. (Bloomberg)
Starbucks (SBUX) added the Impossible Breakfast Sandwich, made with Impossible Foods’ plant-based sausage, to its U.S menu on Tuesday to meet increased consumer demand for meatless meat. Impossible Foods’ Impossible Whoppers are in 7,500 Burger Kings nationwide. (CNBC)
IHS MarkitÂ (INFO), the financial information and analytics provider, reported quarterly profit of 69 cents per share, 2 cents a share above estimates. Revenue was slightly short of forecasts 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 AeroSystemsÂ (SPR) is asking its lenders for financial relief, as it deals with the fallout of the Covid-19 pandemic and the production halt forÂ Boeing’sÂ (BA) grounded 737 Max jet. Spirit is Boeing’s largest supplier.
SalesforceÂ (CRM) announced a collaboration with Germany’s Siemens on a workplace safety software suite. The software will help in aiding social distancing in various aspects of workplace operations.
Softbank has kicked off theÂ sale of $21 billion in T-Mobile (TMUS) shares. The Japanese firm is seeking to raise funds for a $41 billion debt reduction and stock buyback plan.
IntuitÂ (INTU), the maker of TurboTax and other financial software, cut 715 jobs, and said it is revamping its technology and sales strategies. Impacted workers will receive a minimum of four weeks salary as well as two additional weeks for every year of service.
ViacomCBSÂ (VIAC) will debut its new « SpongeBob » movie on digital platforms in early 2021, bypassing movie theaters. « The SpongeBob Movie: Sponge On The Run » will first be available via pay-per-view, and then move exclusively to the company’s CBS All Access streaming service.
American AirlinesÂ (AAL) will increase the aggregate size of planned convertible and secondary stock offerings to $2 billion from $1.5 billion, according to a Bloomberg report.
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News – What to watch today: Dow futures jump after a nearly 400 point loss overnight