Tuesday, June 18, 2024
Home > Stock Market > Stock market live updates: Dow futures fall 200, coronavirus cases jumping, Dell up 14%

Stock market live updates: Dow futures fall 200, coronavirus cases jumping, Dell up 14%


A medical worker stands at the entrance to 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

This is a live blog. Please check back for updates.

8:02 am: Oil back below $40 as demand fears weigh

Oil moved lower on Wednesday as fears of a second wave of Covid-19 cases, and what it could mean for oil demand, weighed on prices. West Texas Intermediate, the U.S. oil benchmark, slipped 2.1%, or 85 cents, to trade at $39.52 per barrel. International benchmark Brent crude shed 77 cents, or 1.8%, to trade at $41.86. Rystad Energy’s Paola Rodriguez Masiu also pointed to building stockpiles as reason for the pullback in prices. “If the pandemic triggers a second round of lockdowns, storages will struggle to accommodate the unused oil and the gasoline uptick that we currently see will be scrapped if new travel restrictions are put in place,” she said. On Monday WTI closed above the key $40 level for the first time since early March. –Stevens

8 am: Trump administration considers new tariffs on $3 billion EU, UK goods

The U.S. Trade Representative is eyeing new tariffs on $3.1 billion of exports from France, Germany, Spain and the U.K., according to a notice released Tuesday evening. The products subject to the new duties include olives, beer, gin and trucks, and the tariff can be up to 100%, the statement said. The U.S. also wants to increase existing tariffs on products including aircrafts, cheese and yogurt by 15% to 25%. –Li

7:58 am: Royal Caribbean, Norwegian Cruise drop on Barclays downgrade

Shares of Royal Caribbean and Norwegian Cruise Line dropped more than 4% during Wednesday’s premarket trading following a downgrade from Barclays. These stocks have been popular with retail investors, who’ve piled into the names at record pace and sent shares soaring nearly 30% in the last month. But Barclays said that cruise line companies face a “murky path” ahead.

CNBC PRO subscribers can read more here. —Stevens

7:56 am: Gold jumps to near 8-year high amid spike in coronavirus cases

Gold prices rose to their highest level in nearly eight years as a resurgence in coronavirus cases pushed investors into the safe haven. Spot gold prices climbed 0.5% to $1,774.53 per ounce, having earlier hit their highest since October 2012 at $1,779.06. U.S. gold futures gained 0.4% to $1,789.60. The U.S. reported upward of 31,000 new coroavirus cases on Monday, sending the nation’s seven-day average up more than 30% from a week ago, according data compiled by Johns Hopkins University. The precious metal is seen as a safe haven during time of economic uncertainty. –Fitzgerald

7:53 am: Dell pops on report of VMWare sale

Shares of Dell have risen more than 14% in extended trading after the Wall Street Journal reported on Tuesday night that the tech company was considering options for its stake in VMware. Dell owns roughly 81% of the company, and is considering buying out the minority stake or selling its position, according to the report. Dell’s stake is worth about $50 billion. VMware shares rose more than 8% in premarket trading. —Pound

7:41 am: Coronavirus cases in the U.S. on the rise

The U.S. added more than 31,000 new Covid-19 cases on Monday, sending the nation’s seven-day average up more than 30% from a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University. Texas, Arizona and California are among the states that have seen a dramatic increase in cases over the past few weeks as they started reopening their economies. California saw a massive jump in its daily report of positive cases on Monday, adding 6,219 new cases, while 3,110 people are currently hospitalized in Texas based on a seven-day moving average, a 43% increase compared with a week ago, according to Covid Tracking Project data. –Li, Jasmine Kim

7:40 am: Stock futures drop amid coronavirus worries

U.S. stock futures were under pressure Wednesday as investors grew concerned about the rising number of coronavirus cases. Dow Jones Industrial Average futures traded more than 200 points lower, or 0.9%. S&P 500 futures slid 0.8% while Nasdaq-100 futures were off by 0.5%. Those losses put the tech-heavy Nasdaq — which notched a record high on Tuesday — on track to post its first loss in nine sessions. —Imbert

—With reporting from Maggie FItzgerald, Jasmine Kim and Pippa Stevens.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *