Dow futures were pointing to a decline at Tuesday's open after six straight sessions of gains. All the so-called reopening trade stocks were down in the premarket, from airlines to cruise lines. On Monday, the Dow jumped another 461 points, or 1.7%, trimming 2020 losses to about 3.4%. The S&P 500's 1.2% gain on the day pushed the index slightly positive for the year. The Nasdaq, about 10.6% higher in 2020, popped 1.1% on Monday, closing at an all-time high. (CNBC)
As investors look ahead to Wednesday's post-Federal Reserve meeting policy statement and Chairman Jerome Powell's news conference for guidance on the central bank's unprecedented monetary stimulus, the National Bureau of Economic Research said the coronavirus-slammed U.S. economy officially entered into a recession in February. (CNBC)
On today's economic calendar, the government issues its monthly reports on April Job Openings and Labor Turnover Survey and April wholesale inventories at 10 a.m. ET. (CNBC)
Billionaire investor Ron Baron believes there's still plenty of room for growth for Elon Musk's Tesla (TSLA) and SpaceX companies. Baron said Tuesday morning on "Squawk Box" that he believes "there's 10 times more to go" with Tesla. He also said SpaceX, a privately held company, will grow by a multiple of 20 in the next 10 years. (CNBC)
Texas, among the states seeing an increase in new coronavirus cases, reported record Covid-19 hospitalizations on Monday, weeks after Republican Gov. Greg Abbott took the lead among state leaders in easing social distancing measures to help bring jobs back. There were 1,935 Covid-19 patients in Texas hospitals, topping the previous state hospitalization record of 1,888 patients on May 5, according to state health data. (CNBC)
Total coronavirus cases in Texas climbed past 76,400, the seventh hardest-hit state in America. Cases approached 2 million in the U.S., the country with the most infections. Globally, there are more than 7.1 million cases.
The spread of the coronavirus from asymptomatic patients is "very rare," according to the World Health Organization. The latest guidance from the WHO is a departure from the previous thinking that a Covid-19 carrier with no symptoms could infect others. (CNBC)
The WHO also said Monday that most people across the globe are still at risk of coronavirus infection and that the biggest threat to further spread is complacency, as mass gatherings resume in countries worldwide. The pandemic is worsening across the globe as the number of new Covid-19 cases on Sunday reached an all-time high. (CNBC)
Despite the coronavirus risk, the Trump campaign is gearing up to start holding reelection rallies again in the next two weeks, more than three months after the outbreak forced President Donald Trump to scrap his signature campaign events. Trump's last rally was held on March 2 in Charlotte, North Carolina. (CNBC)
Trump on Monday pledged to maintain funding for police departments in the U.S., as calls intensify for sweeping law enforcement budget cuts following last month's death of George Floyd during an arrest in Minneapolis, which sparked nationwide protests against police brutality and racial inequality. (Reuters)
Presumptive Democratic presidential nominee Joe Biden diverged from activists pushing to "defund the police," arguing an overhaul of policing in America can be accomplished within existing law enforcement agencies. Biden's priority is to "improve relationships between officers and residents," according to his campaign. (AP)
Former vice president Biden on Monday met with Floyd's family in Houston, one day before the private funeral for the slain 46-year-old. Some 6,000 people attended a public memorial service for Floyd held Monday in Houston where he grew up. (AP)
Tiffany (TIF) reported a quarterly loss of 53 cents per share, compared to a consensus estimate of a 3 cents per share profit. Revenue was also well below forecasts, with comparable-store sales falling a greater-than-expected 44%. Tiffany's results were impacted by pandemic-related worldwide store closures.
Macy's (M) reported a preliminary first-quarter loss of $2.03 per share, smaller than the consensus estimate of a $2.82 per share loss. Revenue was in line with estimates, and within the range that the retailer had given on May 21. Macy's will finalize its first-quarter numbers on July 1, after it fully assesses impairment charges related to the pandemic.
Macy's also raised $4.5 billion in debt, including $3.15 billion pledged against its real estate assets. The retailer said the money would help shore up its finances as its stores reopen, and allow it to operate its business for the foreseeable future.
Stitch Fix (SFIX) lost 33 cents per share for its latest quarter, more than twice the 16 cents a share analysts had expected the online clothing styling service to lose. Revenue also missed estimates, but the company said it would register positive revenue growth for the current quarter.
Tailored Brands (TLRD) is considering a bankruptcy filing, according to Bloomberg. The parent of the Jos. A. Bank and Men's Wearhouse clothing chain has sales drop as more people work from home and the demand for new suits drops.
Signet Jewelers (SIG) lost $1.59 per share for its latest quarter, smaller than the loss of $2.82 a share anticipated by Wall Street analysts. Revenue was below estimates, however, with comparable-store sales falling 38.9%. Analysts surveyed by FactSet had expected a 35.4% drop in comparable-store sales. Signet also said it would not reopen at least 150 North American stores that had been closed due to the pandemic, and that it will temporarily suspend its dividend.
Scotts Miracle-Gro (SMG), the lawn and garden products company, said it expects sales growth of 16% to 18% for the current fiscal year, up from a prior forecast of 6% to 8%. The consumer segment is largely responsible for the boost, with consumers increasing lawn and garden activities during the pandemic.
Occidental Petroleum (OXY) is reviewing options for its Middle East assets as it considers ways to reduce its debt load, according to a Bloomberg report. Occidental has been trying to reduce its $40 billion debt load it took on when it purchased rival Anadarko Petroleum last year.