The Wall Street Bull (The Charging Bull) is seen during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.
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9:30 am: Dow jumps 200 points at the open, rising for a third day
Stocks opened higher with the Dow Jones Industrial Average rising 230 points, on pace for a third straight day of gains. The S&P 500 climbed 0.7%, while the Nasdaq Composite 0.4%. The Nasdaq 100 index rebounded sharply from its March bottom, now sitting less than 1% from its record high. — Li
9:15 am: Gilead Sciences upgraded at SVB Leerink
Health care equity research firm SVB Leerink upgraded biotech Gilead Sciences to outperform from market perform on Wednesday. "Our upgrade is based on the inclusion of our first revenue and profit contribution for remdesivir, and also incorporation of the product opportunities from the recently announced Arcus collaboration," the firm said. Gilead said last month it has struck a licensing agreement with five generic drugmakers to make antiviral drug remdesivir for 127 countries. Preliminary clinical trials have shown effectiveness in treating Covid-19 patients. Shares of Gilead gained more than 1% in premarket trading on Wednesday. The stock has gained nearly 13% this year. –Li
9:00 am: Here are Wednesday's biggest analyst calls of the day: Apple, Zoom, Royal Caribbean & more
- RBC upgraded Zoom to outperform from sector perform.
- Jefferies upgraded Mattel to buy from hold.
- Morgan Stanley raised its price target on Apple to $340 from $326.
- Piper Sandler upgraded Kontoor Brands to overweight from neutral.
- Cowen initiated Deckers as outperform.
- Morgan Stanley downgraded Norwegian Cruise to underweight from equal weight and reinstated Carnival and Royal Caribbean as underweight.
- Leerink upgraded Gilead to outperform from market perform.
Pro Subscribers can read more here. — Bloom
8:16 am: Private payroll down another 2.76 million in May
Private sector jobs fell 2.76 million last month, according to a report Wednesday from ADP. The number was far less than the 8.75 million estimate. The reason for the wide disparity was not immediately clear. — Li
8:05 am: Warner Music, set for Wednesday IPO, prices offering at $25 per share
Warner Music will make its debut as a public company on Wednesday when it conducts its initial public offering from the Nasdaq during regular trading and begins trading under the symbol "WMG". Warner, the globe's third-largest music label and the largest IPO this year, announced Wednesday morning that it's priced its offering of 77 million Class A stock at $25 per share. The company, which represents performers including Ed Sheeran, Cardi B and Lizzo, will be entirely controlled by Len Blavatnik's Access Industries, which will own more than 99% of Warner's voting power after the public offering. — Franck
8:00 am: Protests largely peaceful Tuesday night
Mass gatherings continued across the country Tuesday night to protest against police brutality after the death of an unarmed black man George Floyd, but protests were noticeably calmer than they have been in recent days. New York City instituted an earlier curfew and ramped up law enforcement, but it didn't stop thousands of people from demonstrating throughout the city overnight, AP reported. Washington also ordered people off streets before sundown, while protests continued well past the 7 p.m. curfew near the White House, NBC reported. Peaceful protests were also seen in Los Angeles, Miami, St. Paul, Minnesota, South Carolina and Houston, AP said, adding there were less violent activities in some cities where fires and looting had been prevalent in the days prior. –Li
7:40 am: Mortgage demand from homebuyers jumps 18%
Mortgage applications to purchase a home rose a stunning 18% from a year ago, the Mortgage Bankers Association said Wednesday. The rate was up 5% for the week. Homebuyers are flooding the market as they try to snatch up what few homes there are for sale. "The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring," said Joel Kan, an MBA economist. "However, there are still many households affected by the widespread job losses and current economic downturn. High unemployment and low housing supply may restrain a more meaningful rebound in purchase applications in the coming months." A record-low 30-year fixed mortgage rate of 3.37% also fueled the trend. – Fitzgerald, Olick
7:35 am: Zoom Video says revenue grew 169% during the first quarter
Shares of Zoom Video gained more than 1% during Wednesday's premarket trading after the company said revenue grew 169% during the first quarter as people flocked to the company's videoconferencing software amid the pandemic. The company earned an adjusted 20 cents per share for the quarter, which was ahead of Street estimates of 9 cents, according to estimates from Refinitiv. Revenue for the quarter, which ended on April 30, came in at $328.2 million, and the company doubled its revenue guidance for the year. Shares are up 205% this year. – Stevens
7:30 am: Nasdaq-100 within striking distance of February record
The Nasdaq-100 index entered Wednesday trading less than 1% from an all-time high reached on Feb. 19. The index — which is made up of the 100-largest nonfinancial companies in the Nasdaq Composite — has rallied more than 41% since hitting an intraday low on March 23. Those gains have been largely driven by strong performances from stocks such as Netflix, Amazon and Zoom Video. All three of those stocks benefited from people staying at home due to the coronavirus pandemic. The Nasdaq-100 is the benchmark for the popular QQQs fund. —Imbert
7:29 am: Stocks set to rise for a third day this week
Stock futures climbed in morning trading Wednesday, pointing to a higher open after two straight days of gains this week. Investors clung to optimism for a smooth economic reopening as more coronavirus restrictions started to ease. Futures on the Dow Jones Industrial Average rose about 150 points, while the S&P 500 futures gained 0.4%. Nasdaq 100 futures climbed about 0.3%. — Li
CNBC's Thomas Franck, Michael Bloom, Maggie Fitzgerald and Diana Olick contributed reporting.
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