Stocks open slightly higher, Big Tech shares gain
Stocks started the session slightly higher as investors assessed a record daily spike in U.S. coronavirus cases. The Dow rose 50 points, and the S&P 500 climbed 0.3%. The Nasdaq Composite outperformed slightly, rising 0.6%, as Amazon, Apple, Netflix and Microsoft all gained about 1%. — Yun Li
Kudlow: U.S. has seen 'huge' jump in Covid cases, data points to V-shaped recovery
President Donald Trump's chief economic advisor, Larry Kudlow, said Wednesday he doesn't believe the administration is underplaying the threat the coronavirus poses to everyday Americans."No one's denied we've had a huge jump in cases in certain hot spots. Particularly, it looks like the virus migrated south and then west, so you're seeing difficult stories on the cases in Florida, I guess a bit in Georgia. Huge in Texas, Arizona, Southern California. I don't know anybody that's downplayed that," Kudlow, who serves as Trump's Director of the National Economic Council, said on CNBC's "Squawk Box" from the White House.
He told CNBC on June 22 that "there is no second wave" of coronavirus cases coming and that reports of accelerating infections at the time were "just hot spots." The U.S. has confirmed more than 680,000 new cases since then, a jump of 29.6%.
Kudlow also said Wednesday that despite uncertainty, current data suggests a robust, V-shaped economic recovery:
"One cannot rule out: There's a lot of scenarios here. We really don't have any real experience in econometrics modeling for this type of things. Because so much is generated by the virus. At the moment, we've created 8 million new jobs the last couple of months. ... Virtually every piece of data shows a V-shaped recovery." — Thomas Franck
Alcoa shares pop on preliminary second-quarter results
Alcoa traded more than 5% higher in the premarket after the company reported solid preliminary results for the second quarter. Alcoa said it expects revenues ranging between $2.1 billion and $2.175 billion. The company also sees adjusted EBITDA ranging between $175 million and $190 million. FactSet had forecast sales of $2.09 billion for Alcoa's second quarter. "We've not only managed to sustain our operations during these challenging times, but we've also continued to drive for sustainable improvements," CEO Roy Harvey said in a statement. — Fred Imbert
Here are Wednesday's biggest analyst calls of the day:
- JPMorgan upgraded Nikola to overweight from neutral
- Bank of America upgraded Caterpillar to neutral from underperform
- Barclays downgraded Altria to equal weight from overweight
- Bank of America upgraded Kohl's to buy from neutral
- Seaport initiated Citi, Goldman Sachs, JPMorgan, and Morgan Stanley as buy
- Goldman Sachs raised its price target on Tesla to $1,300 from $950
- Citi added a positive catalyst watch on J.B. Hunt
- Citi downgraded American Express to neutral from buy
CNBC Pro subscribers read more here. —Michael Bloom
Nikola surges 11% after JPMorgan upgrades controversial stock
Next round of PPP loans likely to face restrictions, report says
Another round of small business loans from Congress is facing pushback over concerns that money is flowing to recipients that don't need it. Disclosures earlier this week for the Paycheck Protection Program show that the $521.2-billion program provided forgivable loans to major restaurant chains, celebrity restaurants and congressional lobbyists. Now, some officials are resisting calls for more funding to the expired program, according to a Politico report. "It's important for taxpayers and for the administration to ask whether some of these companies followed the rules," Rep. Ben McAdams, D-Utah, told the publication. While another round of funding is likely, it's also probable that there will be restrictions attached to make sure that small businesses in need are the beneficiaries, rather than bigger companies and those with political connections. — Jeff Cox
Airlines fall as Covid-19 cases rise
Airline stocks slipped during premarket trading on Wednesday as the global number of Covid-19 cases continues to rise. United Airlines fell more than 2%, while American Airlines and Delta Air Lines each traded about 1% lower. The group has been among the hardest hit as the pandemic grounded planes worldwide. The three airlines have all lost more than half of their value this year. — Pippa Stevens
Facebook slips after civil-rights groups call meeting 'a disappointment'
Facebook stock fell 0.6% in premarket trading Wednesday after civil-rights groups who met with the company's leadership called the discussion "a disappointment." CEO Mark Zuckerberg and COO Sheryl Sandberg met on Tuesday with leaders from the NAACP, the Anti-Defamation League, Color of Change and Free Press. The coalition of civil-rights groups has urged Facebook to do more to stop the spread of hate speech and misinformation on its platforms and has pressured advertisers to halt spending until material change occurs. — Thomas Franck
AMC surges on report of new financing deal
Shares of movie theater chain AMC Entertainment jumped more than 11% in premarket trading after the Wall Street Journal reported that the company is close to securing financing that it will help it stave off bankruptcy. The restructuring would involve senior debt holders providing a $200 million loan to the company, according to the report. — Jesse Pound
Equity futures steady as virus angst offsets tech resilience
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Stock market live updates: Stocks up slightly, Big Tech resilient, Kudlow sees V-shaped recovery - CNBC
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