Morning Brief

What to watch today: Stock futures higher as Wall Street looks to build on week's gains

BY THE NUMBERS

U.S. stock index futures indicated a higher open, as Wall Street looks to add to the week's gains in the final trading session. Dow futures were up about 300 points. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are on pace for their fourth positive week in five. Through Thursday's close, the Dow is up 1.9%, the S&P 500 is up 2.4% while the tech-heavy Nasdaq is more than 3% positive. (CNBC) 

* Oil prices inch up on faith in supply cuts, demand recovery (Reuters) 

Today's economic calendar is light. The U.S. account balance for the first quarter is due out at 8:30 a.m. ET. 

A slew of U.S. Fed officials are making public appearances. Boston Fed President Eric Rosengren is due to speak at 10:15 a.m. ET. Fed Vice Chair Randal Quarles is also due to address a video audience at 12 p.m. Shortly after, Fed Chair Jerome Powell and Loretta Mester, president of the Cleveland Fed, will take part in a discussion on building a resilient workforce during the Covid-19 era.   

IN THE NEWS TODAY

California Gov. Gavin Newsom issued an order Thursday to mandate people in the state wear a face covering in public or other high-risk settings in order to slow the spread of the coronavirus. Wearing masks had previously been just a recommendation. Newsom, a Democrat, made the announcement on the same day California reported record-high single-day increases in Covid-19 cases. (LA Times) 

South Carolina, Arizona, Florida and Texas all report record spikes in coronavirus cases (CNBC) 

The Supreme Court ruled against President Donald Trump on Thursday in a set of cases regarding his attempt to terminate the Obama-era immigration program known as Deferred Action for Childhood Arrivals, or DACA. The 5-4 ruling, with conservative Chief Justice John Roberts joining the court's liberals, will protect hundreds of thousands of young immigrants who have been shielded from deportation and allowed to receive work permits under the program. (CNBC) 

Young immigrants land court win but still face uncertainty (AP)  

Sen. Amy Klobuchar, D-MN., took herself out of the running to join Joe Biden's ticket as vice president, telling MSNBC on Thursday night that Biden should pick a woman of color at a time when racial inequality is in focus in the U.S. Biden, the presumptive Democratic presidential nominee, has said he will pick a woman as his running mate. Sens. Kamala Harris of California and Elizabeth Warren of Massachusetts are among those who remain under consideration by the Biden campaign. (NBC News) 

A liberal who raises tons of money: What Elizabeth Warren could do as Biden's VP pick (CNBC) 

Kamala Harris would bring anti-Trump energy to a Joe Biden ticket, but her law enforcement record poses risks (CNBC)

Former national security advisor John Bolton contended in a court filing late Thursday that the Trump administration's attempts to block the publication of his upcoming memoir amount to censorship and are arriving too late. The White House argues Bolton's book, set for a June 23 release, contains classified information that would damage U.S. national security if published. A federal judge is scheduled to hold a hearing at 1 p.m. ET on Friday about the case. (Politico) 

U.S. grocery company Albertsons said Thursday it would target to raise up to $1.32 billion in its initial public offering. The company, which operates its namesake store and brands such as Safeway, filed IPO paperwork in March. The coronavirus pandemic has benefited Albertsons, and other grocers, as consumers stockpiled goods and ate more at home. (Reuters)

Facebook said it removed ads from the Trump campaign that contained a symbol associated with Nazis. The ads contained red downward-pointing triangles, which the Nazis used to mark political prisoners. Campaign officials said the symbol is sometimes used by antifa, a loosely organized coalition of anti-fascists, although it does not appear to be commonly used. Facebook had been receiving criticism for not removing or moderating a recent post from Trump that some argued incited violence.  (CNBC) 
 
'It's going to be safe.' Oklahoma Gov. Stitt says state is ready for pivotal Tulsa campaign rally (USA Today) 

STOCKS TO WATCH

Alibaba (BABA) and JD.com (JD), the two biggest e-commerce players in China, handled $136.51 billion of sales through their platforms during one of the country's biggest shopping events. It took place Thursday and was being watched for indications of how strong the consumer is in the world's second-largest economy during the Covid-19 pandemic. 

DraftKings (DKNG) announced it would price its upcoming offering of Class A common stock at $40.00 per share. The daily fantasy sports company and bookmaker will sell 24 million shares, putting the offering size at $1.6 billion. Shares of DraftKings closed Thursday's session at $40.84. 

Spotify (SPOT) shares are higher in premarket trading, following Thursday's more-than-12% surge on additional news about deals involving the audio streaming service. In addition to its reported podcast deal with Kim Kardashian West, Spotify announced a new exclusive partnership with DC and Warner Bros. to produce and distribute a slate of narrative scripted podcasts featuring popular comic book characters.

AMC Entertainment (AMC) is planning to open most of its theaters by July 24, according to reports. The stock was up nearly 8% in overnight trading to just over $6 each, building on Thursday's gain of more than 3%. AMC was forced to close all of its locations in the U.S. amid the pandemic. 

Shares of Marathon Petroleum (MPC) were up more than 8% in the premarket following a report from the Wall Street Journal that Marathon was in discussions with potential buyers of its Speedway gas stations. Marathon had initially pursued a sale that fell apart early on in the coronavirus pandemic.

Smith & Wesson Brands (SWBI) was trading down nearly 3% overnight following the gun maker's after-the-bell earnings release. It posted revenue of $233.6 million, which was above FactSet estimates. The company also provided an update on its spin-off efforts that would create two separate publicly traded companies, one for its firearm business and another for its outdoor products and accessories business. 

WATERCOOLER

Major League Baseball is still trying to iron out an agreement to begin its season. But in Japan, baseball is back. After a three-month delay due to the coronavirus pandemic, the Nippon Professional Baseball league was scheduled to begin play on Friday. Teams will play 120 games this season, down slightly from the regular 143 games. (AP)