5 things to know before the stock market opens June 5, 2020

5 things to know before the stock market opens June 5, 2020


1. Dow looks to extend winning streak to 5 straight sessions

Dow futures were pointing to an over 250-point advance at Friday’s open ahead of what’s going to be another dismal monthly employment report from the government. The unemployment rate in May is expected to soar to 19.5% with another 8.3 million nonfarm jobs lost. Thursday’s jobless claims were slightly higher than expected, while the ADP’s May private-sector job losses were much less than expected. Taking a four-session winning streak into Friday, the Dow Jones Industrial Average was tracking for a 3.5% weekly advance as economic reports, while still rough, started to show the beginnings of a recovery from coronavirus lockdowns.

2. U.S. coronavirus cases tick up since Memorial Day

Coronavirus cases in the U.S. have been slowly increasing since Memorial Day, according to a CNBC analysis of data compiled by Johns Hopkins University. New daily Covid-19 infections have risen to 21,763, based on the latest seven-day average, from just over 20,600 on May 28. New daily cases hit a peak of 31,578 in early April.

CDC Director Robert Redfield said Thursday he’s “very concerned” the agency’s public health message on the coronavirus isn’t “resonating.” Testifying before a House panel, Redfield said he sees “a lot of people” not wearing masks in Washington, D.C., where he works.

3. Total U.S. Covid-19 infections approach 1.9 million

Total coronavirus cases in the U.S. approached 1.9 million on Friday, according to Johns Hopkins’ data, with 108,211 deaths. Brazil, Russia, the U.K., and Spain round out the top five countries with the most infections. Global cases neared 6.7 million, with 391,570 fatalities.

4. Theme parks reopen; NBA gets ready to restart

Comcast’s Universal reopens its Orlando, Florida theme parks to the public Friday. Islands of Adventure, Universal Studios and the Volcano Bay water park will be operating with a reduced capacity among other coronavirus safety measures. Last week, Disney received approval from the state of Florida to reopen its four Orlando-based theme parks starting July 11.

The National Basketball Association has approved a plan to restart its season on July 31, in a closed environment in Orlando. The proposal still needs the OK from the National Basketball Players Association. It’s also contingent on an agreement with Walt Disney World Resort, which will host all of the games, practices and housing for the players.

5. Protests turn calmer as George Floyd is remembered

Philonise Floyd speaks during a memorial service for his brother George Floyd following his death in Minneapolis police custody, in Minneapolis, Minnesota, U.S., June 4, 2020.

Lucas Jackson | Reuters

Many of the protests of the police killing of George Floyd were more subdued for a second night as marches Thursday turned into memorials for Floyd, who was the focus of a heartfelt tribute in Minneapolis that drew family members, celebrities, politicians and civil rights advocates. At Floyd’s service, more than a week after his death, strong calls were made for meaningful changes in policing and the criminal justice system. House Speaker Nancy Pelosi told CNBC Thursday the U.S. needs to move in a “very strong way to do things differently” to address racial inequality.

— The Associated Press and Reuters contributed to this report.

— Disclosure: Comcast owns NBCUniversal, parent company of CNBC.


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