This is a live blog. Please check back for updates:
10:10 am: Consumer sentiment rises more than expected in June
Data compiled by the University of Michigan's Surveys of Consumers showed U.S. consumer sentiment advanced more than anticipated this month. The index of consumer sentiment came in at 78.9. Economists polled by Dow Jones had forecast a print of 75. Richard Curtin, chief economist of Surveys of Consumers, said sentiment was "paced by gains in the outlook for personal finances and more favorable prospects for the national economy due to the reopening of the economy." Curtin noted, however, that "bad times financially in the economy as a whole during the year ahead were still expected by two-thirds of all consumers, and a renewed downturn was anticipated by nearly half over the longer term." —Imbert
10:03 am: Bank stocks bounce back
Shares of banks and other financial companies rose in early trading on Friday after being hammered during Thursday's sell-off. Citigroup, which dropped more than 13% in the previous session, surged 5.9% in the opening minutes. Wells Fargo and Morgan Stanley both rose more than 4%, while Goldman Sachs gained 3.9%. —Pound
9:55 am: Big Tech rises along with the broader market
Shares of major tech-related companies rose broadly along with stocks benefiting from the reopening of the economy. Facebook, Amazon and Alphabet all rose at least 2%. Netflix gained 1.7% while Apple advanced 3.2%. Recently, some of these stocks lagged groups such as airlines and cruise operators as expectations of an economic recovery increased. —Imbert
9:52 am: Reopening stocks jump
Stocks most sensitive to the economy's reopening bounced back on Friday, after finishing Thursday's session sharply lower. The SPDR S&P Retail ETF (XRT) gained more than 3%, while the NYSE Arca Airline index rallied more than 11%, led higher by a 15% pop for American Airlines. United and Delta were each up more than 10%, while JetBlue rallied 9%. Royal Caribbean, Norwegian Cruise and Carnival Corporation all gained more than 11%, although these stocks are still sharply lower for the week. – Stevens
9:30 am: Stocks bounce from losses as Dow advances more than 600 points
The major U.S. stock indexes opened higher across the board on Friday and pared some of the steep losses suffered in the prior session. The Dow rallied 680 points immediately after the opening bell, a gain of 2.7%, while the S&P 500 added 2.5%. The Nasdaq Composite, the relative laggard, climbed 2.3%. The gains on Friday came after the major indexes clinched their worst day on Wall Street since March on Thursday. — Franck
9:11 am: Here are Friday's biggest analyst calls of the day: Tesla, Caterpillar, airlines & more
- Goldman Sachs downgraded Tesla to neutral from buy.
- Morgan Stanley downgraded Tesla to underweight from equal weight.
- Goldman Sachs upgraded General Motors to buy from hold.
- BMO downgraded Caterpillar to market perform from outperform.
- Credit Suisse upgraded Southwest Airlines to outperform from neutral.
- Credit Suisse downgraded United Airlines to neutral from outperform.
- MKM upgraded Take-Two to buy from neutral.
- Guggenheim initiated WW as buy.
- SunTrust upgraded Dave & Buster's to buy from hold.
CNBC PRO subscribers can read more here. — Bloom
8:36 am: Tesla gets two Street downgrades
Shares of Tesla have surged more than 100% this year, and Wall Street firms think Elon Musk's automaker may have gotten ahead of itself. Morgan Stanley and Goldman Sachs both downgraded the stock on Friday, citing a stretched valuation, among other factors.
CNBC PRO subscribers can read more here. — Stevens
8:27 am: Reopening rally returns: United adds 11%, Carnival up 12% and Kohl's climbs 7%
The companies that would benefit most from a total reopening of the U.S. rallied the most in the premarket session Friday morning as the so-called reopening trade returned on the week's final day of trading. American and United Airlines rose 9.6% and 9.7%, respectively, while cruise operators Carnival Corp. and Norwegian gained 11.2% and 10.6%. Retailers Gap and Kohl's advanced 5.6% and 7.2%; Simon Property Group, one of the largest owners of mall space in the U.S., added 5.8%. — Franck
8:18 am: Arizona gets hit with renewed wave of coronavirus cases
While the growth trend in coronavirus cases nationally has abated, several states are seeing spikes and are raising concerns of a second wave of the disease. One of the states seeing the largest increases in cases is Arizona, which saw 1,412 new cases on Thursday as the state hospital system faces increasing strains to deal with the increased caseload. In addition to a 4.7% gain in cases, hospitalization rose 1.6% and has surged 80% since Memorial Day, according to the Covid Tracking project. Area hospitals report being at 84% capacity for inpatient beds and 78% for intensive care. State officials, though, are reluctant to impose new stay-at-home measures. Arizona Gov. Doug Ducey said the state still has 2,600 hospital beds and 600 ICU beds for surge cases. — Cox
8:09 am: Bankrupt Hertz exploring stock sale, report says
Rental car company Hertz has asked a bankruptcy judge to allow a secondary stock sale, according to the Wall Street Journal. The plan would allow Hertz to sell just under 250 million additional shares. The stock, which had a market cap of roughly $293 million as of Thursday's close, has jumped 50% in premarket trading. The stock has been extremely volatile in recent days and is a favorite of retail traders. — Pound
8 am: Major indexes on track for weekly slump despite Friday rally
Though Wall Street appeared set on Friday to recover some of its losses from earlier in the week, all three major indexes remained on track to clinch sizable slumps for the week. The S&P 500, Dow Jones and Nasdaq Composite have slid 6%, 7.3% and 3.2%, respectively, since Monday through Thursday's close. The vast majority of those losses were incurred on Thursday as rising numbers of Covid-19 cases in the U.S. and profit-taking sent the Dow down more than 1,800 points (or 6.9%) for its worst day since March. The S&P 500 fared little better on Thursday with a drop of 5.89%. — Franck
7:52 am: The VIX falls after hitting 40 for the first time since May 4
Wall Street's fear gauge — the Cboe Volatility Index — dipped 8.5% in morning trading to 37.31 as stocks tried to rebound from a brutal sell-off in the previous session. The VIX jumped nearly 50% Thursday to close at 40.79, marking the first time the gauge has crossed the 40 threshold since May 4. The gauge tracks the 30-day implied volatility of the S&P 500 futures via options prices. — Li
7:30 am: Dow futures bounce 500 points as investors look to recoup some of Thursday's slide
Dow Jones Industrial Average futures rallied more than 500 points Friday morning as investors sought to curb some of the steepest losses since March suffered in the prior session. The pop Friday morning put the Dow on track to gain 2.3% at the opening bell, the S&P 500 set to add 2.2% and the Nasdaq-100 to advance 1.9% on the week's final day of trading. The so-called reopening stocks led the way higher in the premarket, with Carnival Corp., United Airlines, Kohl's and Gap all outperforming. — Franck
— CNBC's Jeff Cox, Michael Bloom and Pippa Stevens contributed reporting.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
"up" - Google News
June 12, 2020 at 09:13PM
https://ift.tt/3ffshh4
Stock market live updates: Dow bounces 700 points, reopen trades back on, United pops 11% - CNBC
"up" - Google News
https://ift.tt/350tWlq
Bagikan Berita Ini
0 Response to "Stock market live updates: Dow bounces 700 points, reopen trades back on, United pops 11% - CNBC"
Post a Comment