| What to watch today: Dow set for lower opening after strong 3-day rally | | |  | THU, JUN 04, 2020 | | | | AS OF THU, JUN 04, 2020 • 08:40 ET | | Dow Jones Fut | | 26,269.89 | | Current: | 26,126.00 | | Change: | -102.00 | | Impl. Open: | -123.89 | | | S&P 500 Fut | | 3,122.87 | | Current: | 3,101.25 | | Change: | -16.50 | | Impl. Open: | -18.62 | | | NASDAQ 100 Fut | | 9,704.69 | | Current: | 9,660.75 | | Change: | -24.00 | | Impl. Open: | -39.94 | | | Russell 2000 Mini | | 1,452.09 | | Current: | 1,436.80 | | Change: | -12.00 | | Impl. Open: | -13.09 | | | The government said this morning that first-time jobless claims totaled nearly 1.9 million last week, in a sign both that the worst is over for the coronavirus-related jobs crisis but that the level of unemployment remains stubbornly high. The government reports its May employment report Friday, with nonfarm payrolls expected to decline by 8.3 million and the nation's unemployment rate expected to soar to 19.5%. (CNBC) | | | | ZoomInfo Technologies (ZI) debuts today on the Nasdaq after the business intelligence platform's initial public offering priced at $21 per share, above the expected range and valuing the company at more than $8 billion. (Reuters) | | Casinos in Las Vegas and all around Nevada reopen Thursday, under a number of coronavirus requirements, including 50% capacity in gaming areas. Hotels do not have to limit room capacity. Civil unrest in Vegas and around the country prompted tourism officials to pull a planned ad campaign to promote the reopening. (CNBC) | | | | American Airlines (AAL) plans to fly 55% of its domestic schedule in July, up dramatically from May when the airline flew 20% of its schedule from a year earlier. American is increasing flights at a more aggressive pace than its competitor United (UAL), which is ramping up its July schedule to 25% of what it flew during the same month in 2019. (CNBC) | | | | Hospitalizations due to the coronavirus are on the rise across the country, former Food and Drug Administration Commissioner Dr. Scott Gottlieb told CNBC. He added that hospitalizations are a "lagging indicator" that represent infections that occurred weeks ago. | | | | Global leaders are set to pledge billions of dollars toward vaccination funding on Thursday at a U.K.-hosted summit that aims to raise at least $7.4 billion. The money raised go to global vaccine alliance Gavi, which will use the money to immunize 300 million children in the world's poorest countries by 2025. Gavi was set up in 1999 when the Bill & Melinda Gates Foundation. (CNBC) | | | | Hydroxychloroquine, the drug backed by Trump to combat Covid-19, is no better than a placebo in preventing infection from the coronavirus, according to results published in the New England Journal of Medicine. The president finished a regimen of the anti-malaria drug "without side effects," a White House doctor said Wednesday. The World Health Organization said Wednesday it's resuming its hydroxychloroquine trial after temporarily halting research over safety concerns. (CNBC) | | | | In Washington, a bill passed by the Senate and the House to give small businesses more flexibility in how they spend federal coronavirus loans through the Paycheck Protection Program heads to President Donald Trump for his signature. The PPP was created in March to support small businesses during the pandemic and to encourage them to retain employees. (CNBC) | | | | Former Defense Secretary James Mattis ripped into Trump, in a scathing statement Wednesday night published by The Atlantic, as protests over the death of George Floyd at the hands of Minneapolis police continued to sweep the nation. Mattis said the president "tries to divide us." The president hit back on Twitter, saying firing Mattis was something he has in common with Barack Obama. (CNBC) | | | | Mark Esper, the current Defense secretary, reversed a decision late Wednesday to withdraw active-duty army units from the Washington area. Esper told reporters that while he ordered the deployment of 1,600 troops to the region, he does not support using active-duty military to respond to civil unrest. (CNBC) | | | | Virginia Gov. Ralph Northam is expected to announce plans Thursday to remove one of the country's most iconic monuments to the Confederacy, a statue of Gen. Robert E. Lee along Richmond's Monument Avenue. The move would be an extraordinary victory for civil rights activists, whose calls for the removal of that monument and others in this former capital of the Confederacy have been resisted for years. (AP) | | | | Amazon (AMZN) is reopening two of its warehouses in the Midwest after it temporarily closed these delivery stations in Chicago and nearby Gary, Indiana due to escalating civil unrest in the area. The company's delivery stations are smaller than its fulfillment centers, and are solely responsible for sorting and preparing packages for the last mile of shipping. (CNBC) | | | | FedEx (FDX) is adding surcharges to some U.S. shipments, following a similar move by rival United Parcel Service (UPS). The move is designed to manage rising costs and a surge in package shipments amid the coronavirus pandemic. (WSJ) | | | | Simon Property Group (SPG) is suing apparel retailer Gap (GPS) over nearly $66 million in unpaid rent, according to online real estate publication The Real Deal. Gap is the largest tenant for the nation's largest mall operator. | | | | Costco (COST) reported a 5.4% increase in May comparable-store sales, compared to FactSet's estimate of a 0.3% decline. The warehouse retailer also saw e-commerce sales more than double compared to a year earlier. (CNBC) | | | | Carnival (CCL) extended the suspension of some voyages of its Princess Cruises brand that travel to Australia, Canada, and Taiwan. Many cruise ports around the world remain shut due to the Covid-19 pandemic. (Reuters) | | J.M. Smucker (SJM) reported quarterly earnings of $2.57 per share, beating the consensus estimate of $2.29 a share. Revenue also beat forecasts, driven by increased consumer demand resulting from the Covid-19 pandemic. Smucker did forecast a 1% to 2% decline in overall sales for fiscal 2021, owing to weakness in its "away from home" business. | | | | Truck maker Navistar (NAV) reported a loss of 38 cents per share for its latest quarter, 3 cents a share smaller than analysts were anticipating. Revenue came in ahead of Wall Street estimates, with Navistar predicting a "gradual" recovery for its business. | | | | French luxury goods maker LVMH is exploring ways to renegotiate its $16.2 billion acquisition of American rival Tiffany (TIF), according to a Reuters report. The deal was announced in November but has yet to close, and the pandemic and social unrest have weighed on Tiffany's results since that time. | | | | Fossil (FOSL) matched estimates with a quarterly loss of $1.51 per share, though the luxury goods maker's revenue exceeded estimates. The company anticipates that the pandemic will continue to pressure its sales throughout 2020. | | | | Ciena (CIEN), a maker of networking equipment and services, earned an adjusted 76 cents per share for its second quarter, well above the 49 cents a share consensus estimate. Revenue was also above Wall Street forecasts, and Ciena said it has sufficient resources to weather the pandemic. | | | | Michaels Cos. (MIK), an arts and crafts retailer, reported a quarterly loss of 43 cents per share, compared to analysts' expectations of a 14 cents per share profit. Revenue was also well below estimates, with same-store sales falling 27.6%. The company said pandemic-related store closures hurt its results, but said it is seeing encouraging trends as its stores reopen. | |  | | |
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