7:50 am: Retailers tick lower on second wave fears
Shares of brick and mortar retailers fell in premarket trading on Monday as worries about a spike in virus cases kept investors away from the reopening trade. Shares of Kohl’s ticked 6.5% lower and TJX Companies fell nearly 3%. Nordstrom lost 4.7%. Macy’s fell 5.5% and Best Buy shed more than 2% lower. Home Depot and Lowe’s fell 2.4% and 1.7%, respectively.— Fitzgerald
7:47 am: Shopify rises after Walmart partnership, upgrade
Shares of e-commerce company Shopify gained 3% in premarket trading after Walmart announced a partnership between the two companies that will allow Shopify’s third-party sellers to list their products on Walmart’s website. Piper Sandler also upgraded the stock to overweight from neutral, saying in a note that Shopify’s revenues could quadruple by 2025. —Pound
7:45 am: Moderna shares jump on report Israel to buy coronavirus vaccine
A report from Israeli news outlet YNET said the country was in talks to buy Moderna’s coronavirus vaccine, which is entering the final stage of testing. The report sent Moderna shares more than 5% higher in premarket trading. —Imbert
7:42 am: Morgan Stanley raises S&P forecast, says recovery will be V-shaped
Morgan Stanley’s U.S. equity strategist Michael Wilson raised his S&P 500 target while reiterating his belief that the recovery will be V-shaped based on positive economic data and policy action from governments and central banks. “We remain firmly in the camp that the economy is likely to experience a V-shaped recovery, which is exactly what the equity market is foreshadowing,” he wrote in a note to clients Sunday. Wilson raised his 12-month S&P 500 bull, base and bear targets to 3,700, 3,350 and 2,900, respectively. The S&P closed at 3,041 on Friday. – Stevens
7:39 am: Cruise lines fall as fears of a second coronavirus wave increase
Cruise line stocks took a hit on Monday as investors dumped the recently strong-performing group amid worries of a second coronavirus wave slowing down global travel. Carnival Corp. and Royal Caribbean both fell around 8% in the premarket. Norwegian Cruise Line slid 10.8%. Cruise operators have been on fire this quarter as traders be the worst of the coronavirus pandemic had passed. Quarter to date, Carnival is up 51.7% while Norwegian Cruise Line and Royal Caribbean are both up at least 87% in that time period. — Imbert
7:36 am: Coronavirus returns to Beijing
Officials in China’s capital city have reported 79 new cases of the coronavirus over the past four days after reporting no new cases for nearly two months. Parts of Beijing are now under lockdown to help control the spread of the virus, and the city has suspended sporting events and tourism. The outbreak has been linked to the Xinfadi market in the southwest part of the city. —Pound, Reuters
7:35 am: US airline stocks sink as virus fears threaten reopening trade
Shares of major U.S. airline companies fell across the board in premarket trading Monday morning as inflamed fears about a second wave of coronavirus cases continued to threaten the market’s recent optimism about economic reopening. Delta, United and Alaska Air fell 7%, 8.7% and 6.8%, respectively, underperforming S&P 500 futures that pointed to a slide of 2.1% for the broader market when regular trading resumes. JetBlue Airways and Southwest Airlines dropped 7.3% and 6.1%. — Franck
7:20 am: Dow futures drop more than 600 points
U.S. equities futures fell on Monday as investors ditched riskier assets over fears about a possible second wave of the coronavirus. Dow Jones Industrial Average futures fell about 600 points, or 2.4%. S&P 500 futures lost 2%. Nasdaq-100 futures declined 1.4%. Stocks that hinge on the economy reopening — airlines, cruise lines and retailers — were the weakest before the bell on Monday.
Stocks are coming off of their worst week since March. Equities reversed course last week after chugging higher for three straight weeks. The Dow and S&P 500 lost 5.5% and 4.7% last week, respectively, while the Nasdaq shed 2.3%. — Fitzgerald
— with reporting from CNBC’s Fred Imbert and Pippa Stevens.
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