A trader walks by the New York Stock Exchange (NYSE) 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. Check back for updates.
8:34 am: Beyond Meat jumps on Yum China deal
Yum China said Monday that beginning June 3 it will offer Beyond Meat's plant-based burgers for a limited time at some of its KFC, Pizza Hut and Taco Bell restaurants across mainland China, in a first for the company. "We see great potential for the plant-based meat market in China," said Joey Wat, CEO of Yum China in a press release. "This latest introduction across KFC, Pizza Hut and Taco Bell brands is expected to capture valuable consumer feedback across different regions in China." Shares of Beyond Meat rose more than 2% during premarket trading following the announcement. For the year, shares are up nearly 70%. – Stevens
8:22 am: JPMorgan upgrades Gap on 'disproportionate growth' in bargain retail
Shares of Gap jumped more than 3% in premarket trading after JPMorgan upgraded the stock to a neutral rating. The firm said that amid weakness at the flagship stores as well as at Banana Republic, Old Navy should benefit from the "disproportionate growth of 'value retail.'" JPMorgan also said that there's market share up for grabs following JCPenney's bankruptcy filing. Growing interest in the athletic apparel sector should also boost sales at the retailer's Athleta brand, according to JPMorgan. The firm's $11 target represents a 23% upside to where the stock currently trades. Shares have slid nearly 50% this year as the pandemic caused widespread store closures. – Stevens
8:06 am: Wall Street begins June on a high note
The stock market enters June on the heels of a stunning trend higher even as it faces multiple challenges ahead. Despite a global pandemic, steep economic and earnings downturn and political and civil unrest, the S&P 500 has rallied 36.1% off its March 23 low to trade at a gaudy 27.7 times expectations for 2020 earnings, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Silverblatt figures the market is pricing in an aggressive economic recovery following a nearly three-month period where much of the U.S. remained in lockdown mode to battle the coronavirus. Should that scenario not materialize, there could be a price to pay. "If we see the upward turn in the second half, then the current levels may be justified, but if not, the Street will need to reprice, and for those of you who quickly forget, the last repricing was from the Feb. 19, 2020, high to the March 23, 2020, low, a 33.9% fall," Silverblatt noted. Year to date, the large-cap index is down just 5.8% despite the steep fall in the early days of the coronavirus crisis. The damage was mitigated by a 12.7% surge in April that gave the market its best month since January 1987. – Cox
7:58 am: Chinese manufacturing sector grew in May, survey shows
The manufacturing purchasing manager's index for China from Caixin and IHS Markit came in at 50.7 for May, beating economists' expectations and showing expansion in the sector. The index is calculated such that readings above 50 represent expansion, and readings below 50 represent contraction. Economists polled by Reuters predicted the reading for May to be 49.6.The reading was an increase from 49.4 in April. The number fell as low as 40.3 in February, when China was still using widespread economic restrictions to slow the spread of the coronavirus. — Pound
7:54 am: Reopening stocks higher again after jumping last week
Stocks sensitive to economies reopening, such as cruise line operators, hotels, and airlines, moved higher during Monday's premarket trading as business begins to get back to normal around the globe. Delta, United, Hilton, Norwegian Cruise and Royal Caribbean Cruises were among the names on the move after posting gains last week. Royal Caribbean was the relative outperformer after jumping 20% last week, although shares are still down more than 60% for the year. – Stevens
7:50 am: China pauses some U.S. farm imports, threatens trade deal, report says
The Chinese government has told state-run agricultural companies to pause purchases of some American farm commodities including soybeans, Bloomberg News reported Monday. State-owned traders Cofco and Sinograin were ordered to suspend purchases, one person told Bloomberg, while buyers have also canceled an unspecified quantity of U.S. pork orders. The directive comes as tensions between Washington and Beijing worsen, threatening the longevity of the phase-one deal the two nations inked in January. — Franck
7:43 am: Pfizer shares slip after disappointing results from breast cancer drug trial
Shares of Pfizer slipped more than 5% during premarket trading after the company reported disappointing results from its breast cancer drug trial. "The trial is unlikely to show a statistically significant improvement in the primary endpoint of invasive disease-free survival," a release from the company said. "We are disappointed in this outcome," said Chris Boshoff, Pfizer global product development's chief development officer in the oncology division. Shares of the pharma giant are down roughly 2% this year. – Stevens
7:14 am: Stock futures little changed
Stocks were set to kick off the month little changed, with futures pointing to modest gains at the open for the S&P 500 and Dow Jones Industrial Average, while the Nasdaq Composite was slated to open slightly lower. All major averages are coming off a positive week — it was the Dow's best week since early April — as well as their second straight positive month. Stocks have moved higher as states around the country have begun to reopen their economies. But widespread protests over the weekend have sparked fears that there could be a second wave of coronavirus cases. - Stevens
- CNBC's Jeff Cox contributed reporting.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
"stock" - Google News
June 01, 2020 at 07:25PM
https://ift.tt/2ZXcdMs
Stock market live updates: First trading day of June, Dow set to rise, third straight up month? - CNBC
"stock" - Google News
https://ift.tt/37YwtPr
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "Stock market live updates: First trading day of June, Dow set to rise, third straight up month? - CNBC"
Post a Comment