Dow futures up 200, Boeing driving the gains, weekend coronavirus spike

The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.

Spencer Platt | Getty Images

This is a live blog. Please check back for updates.

8:23 am: Coronavirus cases continue to rise as more areas restrict movements

Coronavirus cases rose by 85,632 over the weekend amid a continued surge in hotspots in the South and West. That rise represented a 3.5% increase from Friday to Sunday, according to the Covid Tracking Project. Deaths, which are a lagging indicator, grew by 779 to 119,429, or 0.7%. In response to the increase in cases, a number of governors and local officials have begun reimposing restrictions. Texas has shut down bars and some Florida beaches are closing as well. Florida saw 18,115 new cases over the weekend, a 14.7% surge, though hospitalizations increased just 1.8%. Arizona, another trouble area, saw another 7,360 cases in the two-day period, up 11%, while hospitalizations rose 2.2%. – Cox

8:19 am: Shares of Coty surge nearly 20% on Kardashian 

Shares of cosmetic company Coty jumped 18% in premarket trading on Monday following news that the company will buy a 20% stake in Kim Kardashian West’s makeup brand. Coty had said earlier this month that it was talking to Kardashian West about a possible collaboration. Coty will pay $200 million for the partial ownership. This is Coty’s second deal with the Kardashian/Jenner family this year, having already taken a 51% stake in Kylie Jenner’s brands. — Fitzgerald 

8:09 am: Boeing soars ahead of test flights

Shares of Boeing jumped 7.7% as the aerospace giant gets set for re-certification flights of the 737 Max, which has been grounded by regulators for more than a year following two fatal crashes. The flights are scheduled to begin Monday and will gather data for regulators to examine whether the fixes made to the plane are sufficient for it to return to commercial fleets. —Pound

8:02 am: Southwest jumps on Goldman upgrade

Goldman upgraded shares of Southwest on Monday to buy from sell and raised its 12-month price target to $47 per sahre from $35 per share, sending shares of the airline up nearly 4% in premarket trading. The firm said the airline industry is managing its cash burn better-than-expected and likes Southwest for its domestic focus. “We expect its primarily domestic network and industry-leading balance sheet to drive a relatively faster and stronger recovery from the COVID-19-driven downturn in demand for air travel,” Goldman said in a note. Goldman also said a resurgence in coronavirus cases is not helping the recovery of the ailing industry. — Fitzgerald

7:40 am: Stock futures rise despite a surge in U.S. coronavirus cases

Stock futures were higher in morning trading on Monday even as coronavirus cases in the U.S. continued to surge. The Dow Jones Industrial Average futures climbed about 140 points, indicating an opening gain of about 200 points. S&P 500 futures gained 0.3%. Nasdaq-100 futures were slightly lower. The moves in futures market followed a week of sharp losses as the recent spike in virus cases raised concerns about the pace of the economic recovery. The Dow and the S&P 500 were on pace to post their first monthly decline in three. — Li

— with reporting from CNBC’s Jeff Cox. 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Be the first to comment

Leave a Reply

Your email address will not be published.