Second half stock market outlook | Banks rein in credit card transfers | Facebook ad boycotts get serious

Stocks fell this week as a rise in coronavirus cases forced Texas to rollback reopening plans.

VIEW IN BROWSER | SUBSCRIBE SAT, JUN 27, 2020 WEEKEND BRIEF EDITOR'S NOTE The reopening trade behind an astonishing market comeback was not working out so well this week.   Coronavirus cases rose in more than 30 states, Texas rolled back reopening plans and Florida closed bars, dampening optimism for  a smooth recovery.  The Dow Jones Industrial Average lost more than 700 points on Friday and finished the week with a loss of  3%.   The first half of the year saw an unprecedented shutdown of the U.S. economy, as well as a stock market recovery shaped quite like a V, until recent sessions proving that a W or a series of many jagged peaks and valleys is more realistic.   In the second half of the year, the market will have to prove its thesis of a sharp return to economic growth, writes CNBC's Patti Domm. The first big test will be the June jobs report, out on Thursday. Economists expect 3 million jobs were created as the economy recovered, following May's surprise gain of 2.5 million.   "The second half needs to be a 'show me' period, proving that our optimism was justified," said Sam Stovall, chief investment strategist at CFRA. "We'll need to see continued improvement in the economic data, and I think we need to see upward revisions to earnings estimates.   Second half performance also depends on continuing fiscal and monetary responses to the pandemic, particularly if a spike in infections, hospitalizations and deaths significantly slows or shuts down parts of the economy, Domm writes.   Michael Santoli writes about the key questions for the stock market entering the second half.  They include, how much more can be expected of the expensive growth-stock goliaths in pushing the indexes forward as investors wait for the recovery to gain traction? Santoli cites a Citi survey that shows investors are still cautious heading into the final six months of the year, with cash levels twice the normal levels.   Thanks for reading Weekend Brief.  Email your thoughts to EveningBrief@nbcuni.com or follow me on Twitter @tellittoal.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal MICHAEL SANTOLI'S MARKET COLUMN Here are the key questions for the stock market heading into the second half of the year   THE WEEK AHEAD Fragile economic recovery faces first big test with June jobs report in the week ahead   ACTIVIST SPOTLIGHT Nikola is a social investing home run for Jeff Ubben as he launches new fund   YOUR WEEKEND BRIEFING  Coca-Cola pauses advertising on all social media platforms globally Credit card industry reins in balance-transfer offers as banks from JPMorgan to Amex fear defaults Delta to warn more than 2,500 pilots about possible furloughs, offers early retirement packages The Facebook ad boycotts have entered the big leagues. Now what? As the economic recovery progresses, stocks like General Motors and Starbucks are a must own, analysts say Amazon will have to invest many billions more than it's spending on Zoox to bring self-driving tech to market Disney postpones 'Mulan' to August 21 as coronavirus cases rise Hedge funds flipped from short to long on these stocks that are beating the market, Jefferies says Government must release migrant children in detention centers because of coronavirus, judge orders Trump says he's signed a 'strong' order to protect monuments     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS