5 things to know before the stock market opens Tuesday

Health, Fitness & Food

1. Stock futures pull back a day after S&P 500 returned to the green for 2020

Dow futures were pointing to a 300-point decline at Tuesday’s open after six straight sessions of gains — every trading day so far in June. All the so-called reopening trade stocks were down in the premarket, from airlines to cruise lines. On Monday, the Dow Jones Industrial Average jumped another 461 points, or 1.7%, trimming 2020 losses to about 3.4%. The S&P 500‘s 1.2% gain on the day pushed the index slightly positive for the year. The Nasdaq, about 10.6% higher in 2020, popped 1.1% on Monday, closing at an all-time high above its pre-coronavirus lockdown record in February. As of Monday’s close, the S&P 500 was 4.5% away from its February record close and the Dow was nearly 6.7% away from its February’s all-time high close.

The Federal Reserve, a day before Tuesday’s start of its two-day June meeting, changed the terms of its Main Street business lending program to allow for greater participation. As investors look ahead to Wednesday’s post-meeting policy statement and Fed Chairman Jerome Powell’s news conference for guidance on the central bank’s unprecedented monetary stimulus, the National Bureau of Economic Research said the coronavirus-slammed U.S. economy officially entered into a recession in February.

2. Texas reports record Covid-19 hospitalizations

Anita Pedy (right), chief nursing officer for the COVID unit at Houston’s United Memorial Medical Center, wheels newly arrived COVID patient Angel Rodriguez, 40, from the emergency room to the COVID unit with Alan Araiza (left) the medical student volunteer running the unit.

Carolyn Cole | Los Angeles Times | Getty Images

Texas, among the states seeing an increase in new coronavirus cases, reported record Covid-19 hospitalizations on Monday — weeks after Republican Gov. Greg Abbott took the lead among state leaders in easing social distancing measures to help bring jobs back. There were 1,935 Covid-19 patients in Texas hospitals, topping the previous state hospitalization record of 1,888 patients on May 5, according to state health data. Total coronavirus cases in Texas climbed past 76,400, the seventh hardest-hit state in America. Cases approached 2 million in the U.S., the country with the most infections. Globally, there are more than 7.1 million cases.

3. WHO says asymptomatic spread is ‘very rare’

The spread of the coronavirus from asymptomatic patients is “very rare,” according to the World Health Organization. The latest guidance from the WHO is a departure from the previous thinking that a Covid-19 carrier with no symptoms could infect others. The organization said Monday that government responses should focus on detecting and isolating infected people with symptoms.

The WHO also said Monday that most people across the globe are still at risk of coronavirus infection and that the biggest threat to further spread is complacency, as mass gatherings resume in countries worldwide. The pandemic is worsening across the globe as the number of new Covid-19 cases on Sunday reached an all-time high.

4. Trump plans to restart rallies, calls for maintaining police budgets

U.S. President Donald Trump speaks during a news conference in the Rose Garden at the White House June 05, 2020 in Washington, DC.

Chip Somodevilla | Getty Images

Despite the coronavirus risk, the Trump campaign is gearing up to start holding reelection rallies again in the next two weeks, more than three months after the outbreak forced President Donald Trump to scrap his signature campaign events. Trump’s last rally was held on March 2 in Charlotte, North Carolina, before former Vice President Joe Biden became the apparent Democratic nominee.

Trump on Monday pledged to maintain funding for police departments in the U.S., as calls intensify for sweeping law enforcement budget cuts following last month’s death of George Floyd during an arrest in Minneapolis, which sparked nationwide protests against police brutality and racial inequality.

5. Biden comes out against push to ‘defund the police,’ meets with Floyd’s family ahead of funeral

U.S. Democratic presidential candidate and former Vice President Joe Biden speaks during a visit to the Bethel AME Church in Wilmington, Delaware, U.S. June 1, 2020.

Jim Bourg | Reuters

Biden diverged from activists pushing to “defund the police,” arguing an overhaul of policing in America can be accomplished within existing law enforcement agencies. Biden’s priority is to “improve relationships between officers and residents,” according to his campaign.

The former vice president on Monday met with Floyd’s family in Houston, one day before the private funeral for the slain 46-year-old. Some 6,000 people attended a public memorial service for Floyd held Monday in Houston where he grew up.

— Reuters and The Associated Press contributed to this report.

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