What to watch today: Wall Street looks set to bounce after two-session decline

Dow futures were pointing to a gain at Monday's open as White House officials signal what Republicans are willing to accept in a new coronavirus relief bill. The Dow Jones Industrial Average closed lower for the second straight session Friday, breaking a three-week winning streak. (CNBC)

The busiest week of earnings season gets off to a slow start with Hasbro leading quarterly financial reports before the bell Monday. The government said Monday morning that June durable goods orders rose a better-than-expected 7.3% after soaring more than 15% in May. (CNBC)

As stocks surge, gold has also been moving higher, with prices hitting a record high Monday morning as relations between the U.S. and China continue to deteriorate. Gold jumped above $1,943 per ounce before moderating some of those gains later in the session. Silver joined Monday's rally, jumping 7% to more than $24 per ounce, hitting its highest level since September 2013. (Reuters)

* Bitcoin jumps above $10,000 for the first time since June (CNBC)
* U.S. shuts its consulate in southwestern city of Chengdu after China orders its closure (CNBC)

Shares of Moderna, already up nearly 275% this year, added another 8% in premarket trading after the biotech company said Monday that it started a phase 3 study of its experimental coronavirus vaccine with 30,000 participants. It's the largest Covid-19 vaccine trial in the world. On Sunday, Moderna said it received an additional $472 million from the U.S. government for development of its vaccine candidate. (AP & Reuters)

Senate Majority Leader Mitch McConnell is expected to unveil Monday the Republicans' answer to another major coronavirus economic aid package. White House economic advisor Larry Kudlow said Sunday that the bill, worth about $1 trillion, will include a second round of $1,200 stimulus payments to Americans. Republicans want to replace the expiring the $600 per week supplement to state unemployment checks with about 70% wage replacement. (AP)

* Mnuchin says GOP relief plan ready as unemployment boost runs out. 'We can move very quickly' (CNBC)

Florida recorded more than 12,400 new daily coronavirus cases on Friday, passing New York in total infections. As of Monday morning, Florida had more than 423,800 and New York had over 411,700. California still leads the nation in total cases, with more than 452,200. It's worth noting that New York and Florida have populations of around 20 million each while California has a population of 39.5 million, according to the Census Bureau.

* HHS secretary Alex Azar credits masks for 'plateauing' of cases (AP)
* CNBC asked 20 medical experts whether they're sending their own kids back to school

New York's more than 32,600 coronavirus deaths are, by far, the most of any state. Nationally, after Friday's new cases of 70,000-plus, new infections in the U.S. stepped down over the weekend, with over 66,000 on Saturday and 55,000 on Sunday. Following five days of virus deaths over 1,000, the U.S. recorded 558 on Sunday. (John Hopkins University)

* WHO deems Covid-19 "the most severe" global health emergency ever declared (CNBC)

A downgraded Hanna continued charging across the borderland of South Texas and northeastern Mexico, where flooding remained the biggest threat Monday in a region that was already reeling from a surge in cases of the coronavirus. Hanna, as a tropical depression, passed over the U.S.-Mexico border Sunday. (AP)

* Hurricane Douglas gains strength, but skirts the state of Hawaii (AP)

Hasbro (HAS) reported quarterly earnings of 2 cents per share, short of the 23 cents a share consensus estimate. Revenue also came in well short of forecasts, hurt by store closures and product shortages despite strong consumer demand. The company added that it sees an improved environment for the current quarter.

Supermarket operator Albertsons (ACI) earned $1.35 per share for its fiscal first quarter, 5 cents a share above estimates. Revenue was in line with Wall Street forecasts, helped by a 26.5% jump in comparable-store and digital sales.

Johnson & Johnson (JNJ) said proposed IRS regulations involving its opioid settlement might materially impact its results. The company said those regulations could limit the tax-deductibility of settlement payments.

AstraZeneca (AZN) will pay up to $6 billion to Japanese drugmaker Daiichi Sankyo, in the second multibillion cancer drug collaboration in a year between the two companies.

Intel (INTC) placed orders for 6-nanometer chips with Taiwan Semiconductor (TSM), according to a report in the China Times. The publication said the two chipmakers will start collaborating in the second half of this year. Intel shares had fallen sharply Friday after the company announced a delay in its 7-nanometer chip.

SAP (SAP) will spinoff Qualtrics through an initial public offering, less than two years after it bought the U.S.-based company for $8 billion. The German business software giant had been criticized by investors for overpaying for Qualtrics, which specializes in measuring online consumer sentiment.

Garmin (GRMN) is experiencing a global outage of its systems, according to a note on its website. Garmin did not elaborate further, but multiple reports say the fitness and GPS device maker is the victim of a ransomware attack. The company is reportedly being asked to pay $10 million to free its systems.

Boeing (BA) plans to delay the introduction of its new 777X jet by up to a year, according to sources who spoke to CNBC. The delay is due to the drop in jet demand stemming from the Covid-19 pandemic, and the sources say an official announcement could come this week.

General Mills (GIS) is boosting the ranks of manufacturing partners to meet a surge in packaged food demand. Chief supply chain and global business solutions officer John Church told Dow Jones the increase in the number of manufacturing partners could rise as high as 20%.