What to watch today: Wall Street set for mixed open after Wednesday's rally

BY THE NUMBERS

Dow futures were lower and Nasdaq futures were higher Thursday, one day after Wall Street rallied as major tech stocks such as Apple and Microsoft led the way even as daily coronavirus cases kept spiking. The Dow Jones Industrial Average on Wednesday added nearly 180 points or 0.7%. The Nasdaq advanced 1.2% and logged another record closing high. (CNBC)

Initial weekly jobless claims topped 1 million for the 16th straight week. The government said Thursday morning that new filings for first-time unemployment benefits totaled 1.314 million last week compared to expectations of 1.39 million. Continuing claims fell sharply, dropping 698,000 from a week ago to 18.06 million. (CNBC)

* Fed's Bullard sees unemployment falling to as low as 7% this year (CNBC)

Dow stock Walgreens Boots Alliance was under pressure after the drug store giant saw fiscal third-quarter results hurt by fewer people going to the doctor and getting prescriptions and by higher costs during the pandemic. Per-share earnings missed estimates while revenue slightly beat forecasts. (CNBC)

IN THE NEWS TODAY

While off daily records, new global Covid-19 infections Wednesday totaled nearly 212,000, including more than 58,600 in the United States. Also Wednesday, cumulative global cases topped 12 million and U.S. cumulative infections topped 3 million. Many states across America, including California, were still seeing major daily spikes. (JHU Data)

* Dr. Anthony Fauci says states need to address problems with Covid-19 response (WSJ)

Over the last two weeks, California has seen a 44% increase in hospitalizations and 34% increase in intensive care unit admissions. Gov. Gavin Newsom said Wednesday that state hospitals were "still only at 8% capacity." But he warned, "That could change quickly," urging personal responsibility. (CNBC)

Scientists are warning about a potential wave of coronavirus-related brain damage as new evidence suggested that Covid-19 can lead to severe neurological complications, including inflammation, psychosis and delirium. A study by researchers at University College London adds to recent studies that also found the disease can damage the brain. (Reuters)

Shortly after President Donald Trump slammed school reopening blueprints from the Centers for Disease Control and Prevention, Vice President Mike Pence said Wednesday the CDC will be issuing five new documents next week that contain guidelines for schools and parents that are not as "tough" as the existing ones. (CNBC)

* Ivy League cancels football and other fall sports due to Covid-19 (CNBC)

Joe Biden is set to release a $700 billion plan to boost the U.S. economy. The presumptive Democratic presidential nominee calls for a $400 billion, four-year increase in government purchasing of U.S.-based goods and services, with another $300 billion toward research and development. (AP)

The Supreme Court will announce the last of the decisions from its current term Thursday, which almost certainly means the court will reveal its rulings on whether Congress and a New York state prosecutor can get access to Trump's business records, including his tax returns. (CNBC)

STOCKS TO WATCH

Bed Bath & Beyond (BBBY) shares fell 9% in premarket trading after the home goods retailer said sales tumbled nearly 50% during its latest quarter, even as online sales surged more than 100% during April and May. The company also plans to permanently close roughly 200 of its namesake stores over the next two years, starting later in 2020.

Costco Wholesale (COST) shares rose about 1.5% in the premarket after the big box retailer released sales results for June. Costco saw an 11% increase in net-sales of $16.18 billion last month.

Wedbush hiked its price target on DocuSign (DOCU) to $240 per share from $165 per share. The new price target implies an upside of 16.3% from Wednesday's close of $206.35 over the next 12 months.

BioXcel Therapeutics (BTAI) and Massachusetts General Hospital reached a deal, in which the hospital will provide a BioXcel investigational drug to coronavirus patients who may require calming. BioXcel shares rose more than 4%.

WATERCOOLER

Amazon (AMZN) is removing Washington Redskins merchandise from its site, after the NFL called on the team to change its name, widely considered a racial slur against Native Americans. Sellers were given 48 hours to review and remove any products flagged by Amazon, the Wednesday notice stated. (CNBC)

* UEFA Champions League matches to stream on CBS All Access beginning in August (CNBC)