1. Dow set to bounce after Friday’s 730-point plunge
Dow futures have been pointing to a greater than 150-point achieve at Monday’s open, a small bounce after the Dow Jones Industrial Common plunged 730 factors, or 2.8%, on Friday, knocking blue chips down 3.3% final week. Following preliminary declines in a single day, inventory futures turned larger early Monday regardless of surging U.S. coronavirus instances. The Dow, with two days left in June, might break its two-month successful streak. Nonetheless, the benchmark, as of Friday’s shut, was up simply over 14% for the second quarter.
The vacation-shortened week forward on Wall Avenue brings pending house gross sales Monday and S&P/Case-Shiller house costs Tuesday. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify earlier than the Home Monetary Companies Committee on Tuesday. The ADP’s newest non-public sector jobs report is out Wednesday. Sooner or later early, on Thursday, the federal government stories its June employment report. The inventory market is closed Friday, July 3, in observance of Independence Day.
2. Florida, Texas pull again a part of their reopening plans
With greater than half the states throughout the U.S. reporting spikes in coronavirus instances, Florida noticed a record-breaking 9,636 new infections on Saturday, with one other 8,577 on Sunday. Republican Florida Gov. Ron DeSantis on Sunday blamed interactions amongst younger folks. Miami-Dade and Broward counties are closing their seashores for the July Four weekend.
Vice President Mike Pence met on Sunday with GOP Texas Gov. Greg Abbott who mentioned the rising infections in his state have taken a “very swift and very dangerous turn” over the previous few weeks. On Friday, Texas once more shut down bars and restricted restaurant eating, a day after reporting a state document excessive confirmed optimistic checks of 5,996.
3. File-breaking day by day instances push complete U.S. infections to almost 2.55 million
Crowds collect at Ocean Seaside in San Francisco, Monday, Could 25, 2020. The nice and cozy Memorial Day climate introduced out giant crowds to well-liked parks and seashores regardless of the shelter-in-place order amid the Covid-19 pandemic.
Jessica Christian | San Francisco Chronicle | Getty Photographs
The U.S. reported greater than 45,000 instances of coronavirus on Friday, a record-breaking day by day improve. Saturday noticed over 42,600 new instances and Sunday noticed greater than 38,800 new instances. Complete U.S. instances climbed to almost 2.55 million, according to data from Johns Hopkins University on Monday. Well being and Human Companies Secretary Alex Azar informed NBC Information on Sunday the “window is closing” for america to halt the Covid-19 spikes, significantly in southern and western states. Complete world instances approached 10.2 million. The dying charge worldwide and within the U.S. stands at slightly below 5%.
4. Shale pioneer Chesapeake Power recordsdata for chapter
Daniel Acker | Bloomberg | Getty Photographs
Chesapeake Power, a pioneer within the U.S. shale revolution, filed for chapter safety Sunday as the corporate and business extra broadly has been rocked by a drop in oil and fuel costs through the coronavirus pandemic. The closely indebted Chesapeake has been in hassle for a while, saying again in Could that it had issues relating to its long-term viability. At its peak, Chesapeake had 175 working rigs, with operations throughout the U.S. together with in Texas, Louisiana, Pennsylvania and Ohio. Nonetheless, the corporate took on loads of debt to gas its speedy enlargement. Chesapeake’s downturn just isn’t distinctive. Whiting Petroleum, one other as soon as nice driller, filed for chapter safety in April.
5. Boeing, FAA reportedly to start 737 Max take a look at flights
The Boeing Co. Max 737 jet takes off from Renton Municipal Airport in Renton, Washington, U.S., on Friday, Jan. 29, 2016.
Mike Kane | Bloomberg | Getty Photographs
Pilots and take a look at crew members from the Federal Aviation Administration and Boeing are scheduled to start a three-day certification take a look at marketing campaign for the 737 Max on Monday, folks acquainted with the matter informed Reuters. The take a look at is a pivotal second in Boeing’s worst-ever company disaster, compounded by the coronavirus pandemic that is decimated air journey and jet demand. The 737 Max fleet was grounded in March 2019 after two crashes in 5 months killed 346 folks in Ethiopia and Indonesia. Take a look at pilots will reportedly deliberately set off the reprogrammed stall-prevention software program, which was faulted in each crashes. Shares of Boeing, which have been slammed over 45% in 2020, have been rising greater than 3% in Monday’s premarket.
— The Related Press and Reuters contributed to this report.