What to watch today: Dow set to sink, continuing last week's slide

Dow futures were pointing to a sharp drop at Monday's open on concerns about spikes in coronavirus cases as states reopen their economies. That sharp decline in Dow futures was actually off the worst level overnight of an almost 1,000-point plunge. The Dow Jones Industrial Average, despite Friday's 1.9% gain, lost 5.5% last week. (CNBC)

* Pro traders scramble for protection in 'warp speed' market (CNBC)
* News must be better than just 'less bad' for market rally to resume (CNBC)

The New York Federal Reserve Bank's Empire State manufacturing index came in at negative 0.2 in June, way better than expectations for negative 35. May saw a negative 48.5 reading. (CNBC)

* United Airlines secures $5 billion loan backed by loyalty program (CNBC)

Dallas Fed President Robert Kaplan and San Francisco Fed President Mary Daly speak during the trading day today. Kaplan is a voting member on the Fed's policymaking committee for 2020. Daly is an alternate member. (CNBC)

* After big sell-off, stock market will be wary of virus and Fed testimony in week ahead (CNBC)
* Fed's Kaplan say systemic racism holding economy back (WSJ)

China's capital Beijing reinstated some coronavirus mitigation measures after an unexpected spike of cases linked to the city's sprawling Xinfadi wholesale food market. After nearly two months with no new infections, Beijing officials have reported 79 cases over the past four days, the city's biggest cluster since February. (Reuters)

States in various stages of reopening — including Alabama, California, Florida, North Carolina, Oklahoma and Texas — are reporting sharp increases in daily new coronavirus cases, while President Donald Trump moves forward with Saturday's planned indoor rally in Tulsa, Oklahoma. (Reuters)

New York Gov. Andrew Cuomo is warning New York City and other areas of the state that they could see their reopening plans reversed if people and businesses keep defying social distancing guidelines. The majority of more than 25,000 complaints were about businesses in Manhattan and the Hamptons, the governor said. (NBC News)

White House trade advisor Peter Navarro said the Trump administration is looking for another coronavirus stimulus package of "at least $2 trillion." That would be about double what Senate Majority Leader Mitch McConnell wants and about two-thirds the amount in a bill passed by House Democrats last month. (CNN)

Top Trump economic advisor Larry Kudlow said the federal enhanced unemployment benefit, set to expire late next month, is a "disincentive" for people to return to work. The extra $600 per week on top of what states offer can pay people more than their regular salary. Kudlow said that a return-to-work bonus is under consideration. (CNBC)

The fatal shooting of Rayshard Brooks by a white police officer in Atlanta on Friday reignited protests in city against racism and police brutality, which were prompted by last month's police killing of George Floyd in Minneapolis. The Georgia NAACP plans to hold a protest Monday at the state Capitol. (AP)

* Trump says he won't watch NFL or U.S. soccer if players don't stand for national anthem (Reuters)

Walmart (WMT) is partnering with e-commerce platform Shopify (SHOP) to expand its third-party marketplace site. Last month, Walmart reported a 74% surge in quarterly e-commerce sales and discontinued operations at e-commerce start-up Jet.com, which it had acquired for $3.3 billion in 2016.

BP (BP) plans to take a writedown of up to $17.5 billion for the current quarter, after significantly cutting its long term outlook for oil and gas prices. BP is also now forecasting a faster transition away from fossil fuels. BP will issue its next earnings report on August 4.

Walt Disney's (DIS) Hong Kong Disneyland theme park will reopen on Thursday, with a reduced number of visitors and enhanced health measures such as social distancing.

Pilgrim's Pride (PPC) Chief Executive Officer Jayson Penn is taking a paid leave of absence. Penn was indicted for participating in an alleged chicken price-fixing scheme, and the poultry producer said it would be in the best interests of both Penn and the company to allow him to focus on his legal defense. CFO Fabio Sandrias will serve as interim CEO.

AstraZeneca (AZN) signed a contract to provide European governments with 400 million doses of its Covid-19 vaccine candidate. The vaccine is still in clinical trials, and if it proves safe and effective, deliveries would potentially start by the end of this year.

Hertz (HTZ) won bankruptcy court approval to sell up to $1 billion in its stock. The car rental company is trying to take advantage of a recent rally in its shares.

Nokia (NOK) is partnering with Broadcom (AVGO) to develop chips for 5G equipment. Nokia had previously struck similar deals with Intel (INTC) and Marvell (MRVL).

AT&T (T) is seeking a sale of its Warner gaming unit, according to people familiar with the matter who spoke to CNBC. They say Take-Two Interactive (TTWO), Activision Blizzard (ATVI), and Electronic Arts (EA) are all said to have expressed interest in the unit, and that it could fetch up to $4 billion.

Burger King is launching a breakfast sandwich made with meat-free Impossible Sausage to its menu nationwide. The Restaurant Brands International chain, which began testing the Impossible Croissan'wich in January, is the first national chain to add Impossible Foods' sausage to a breakfast sandwich. (CNBC)