Stock market news live updates: Stocks rise, investors eye uptick in virus cases

Shares swayed between gains and losses on Monday as market participants weighed the prospect that the virus-infested economy would recover quickly against fears of a prolonged rise in new cases over the weekend.
[Click here to read what moves the markets on Tuesday, June 22nd.]
Monday's market moves followed troubled stock trading sessions last week. The S&P 500 and Dow fell late last week, but held on to weekly advances after Apple announced it would close retail stores in countries where the Covid-19 cases increased again. Apple's shares reversed Friday's losses and rose more than 1% on Monday morning.
A number of states continued to struggle with increasing coronavirus cases this weekend when the shops reopened, with countries in the south, west and midwest particularly hard hit. California reported a record 4,515 new cases within 24 hours on Sunday, the highest level for the state during the pandemic in one day. Florida cases rose a daily record of 4,049 based on Saturday's balance sheet. Cases reported on Sunday increased by another 3,494 and on Monday by 2,926, increasing the total number of the state to over 100,000.
Cases such as Arizona, Nevada, Missouri, South Carolina, Montana and Utah also rose by one-day records this weekend, raising concerns about a broad resurgence of the pandemic that could threaten the country's reopening process.
However, other regions that have been blocked for a longer period were willing to press ahead with loosening orders to remain in place this week. New York City enters the second phase of its reopening process on Monday, offering consumers access to hair salons, in-store shopping, and outdoor seating in restaurants. It is estimated that up to 300,000 workers will return to work in this phase of the opening in one of the companies.
New economic data reports have underlined an at least temporary consolidation of activities in the wake of the reopening of states and enable daily life to return to a form of normalcy. However, the recent flare-ups in virus cases threatened the pace at which economic activity would move in a more positive direction.
"Our analysis identifies several countries that have worrying trends in both the breadth and intensity of the Covid outbreak, including Arizona, Alabama, California, Florida, and Georgia, among others," wrote the economist at Deutsche Bank Justin Weidner in a note on Friday. "These trends continue to indicate the existence of downside risks to the economic outlook for the pandemic."
"However, whether these risks lead to weaker economic activity depends on whether the reopening is either officially reversed, which is probably closely related to possible strains on hospital capacity, or because of a change in behavior that confirms social distancing practices," the respondents added.
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4:03 p.m. ET: Shares close choppy session higher, Apple hits record after announcing move away from Intel chips
Here were the main moves in the markets from 4:03 p.m. ET:
S & P 500 (^ GSPC): +20.50 (+ 0.66%) to 3,118.24
Dow (^ DJI): +153.50 (+ 0.59%) to 26,024.96
Nasdaq (^ IXIC): +110.35 (+ 1.11%) to 10,056.47
Crude Oil (CL = F): + $ 0.85 (+ 2.14%) to $ 40.60 per barrel
Gold (GC = F): + $ 13.60 (+ 0.78%) to $ 1,766.60 per ounce
10-year Treasury (^ TNX): +0.7 basis points for a return of 0.7040%
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2:33 p.m. ET: Apple stocks have hit an all-time high after announcing that they will own Mac chips
Apple (AAPL) shares rose to an all-time high of $ 359.22 after the company announced at its global developer conference that it would end its 15-year partnership with Intel and make its own chips for its MacBook and iMac products.
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12:45 p.m. ET: Virgin Galactic shares jump after NASA's private travel deal to the International Space Station was announced
Virgin Galactic (SPCE) shares rose more than 14% in intraday trading on Monday after the company signed a private travel agreement with NASA for the International Space Station.
Personal experiences with the International Space Station "could range from private citizen expeditions to government-sponsored scientific research missions," the company said.
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12:07 p.m. ET: Credit Suisse increases the target price for 2020 from 2,700 to 3,200
Credit Suisse's chief US equity strategist, Jonathan Golub, raised the company's price target for the S&P 500 at the end of the year on Monday, after the stocks had floated on the stock market in late March when governments jumped in on the from To boost virus-infested economy.
“In March, when the market was at its 2020 lows, we lowered our price target to 2,700 and demanded a recovery of 21% from the low level. Given the size, speed, and impact of the government's response, stocks have risen 38% in the past three months, ”Golub said in a note.
"As downside risks are less threatening and interest rates are likely to remain suppressed, we believe that multiples will remain," he added. "Our updated price target of 3,200 at the end of 2020 best reflects the above views and is based on a 20.6 times P / E [multiple price / earnings] on our EPS forecast [earnings per share] of $ 155 for 2021."
Golub believes that it will take about three years for stocks to return to pre-crisis EPS levels. However, he increased the company's EPS estimates for $ 2021 and 2022 by $ 5 each to $ 155 and $ 170, respectively, while maintaining the company's estimate for 2020 at $ 125.
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11:34 am ET: Share trading mixed in a troubled session
Shares are positive: "We are in an early stage of a recovery": expert
Lori Heinel, deputy global CIO at State Street Global Advisors, discusses what moves the markets on Monday with Yahoo Finance's The First Trade.
Here were the main moves in the markets about two hours after the day of trading:
S&P 500 (^ GSPC): 3,101.01, +3.27 points (+ 0.11%)
Dow (^ DJI): 25,867.73, -3.73 points (-0.01%)
Nasdaq (^ IXIC): 9,989.33, +43.20 points (+ 0.43%)
Crude Oil (CL = F): $ 39.96, + $ 0.21 (+ 0.53%)
Gold (GC = F): $ 1,770.70, + $ 17.70 (+ 1.01%)
10-year Treasury (^ TNX): -1.5 basis points for a return of 0.684%
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10:19 am ET: stocks shake off previous losses, three main indices rise
The S&P 500, Dow and Nasdaq entered positive territory on Monday morning, after opening mostly lower.
The utilities and information technology sectors saw growth in the S & P 500. Travel and leisure stocks declined again, with lower levels of American Airlines, United Airlines, Delta, Carnival Corp., Norwegian Cruise Line Holdings and Wynn Resorts.
Microsoft, Netflix and Apple stocks each rose more than 1%.
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10:00 a.m.ET: Sales of existing properties fell more strongly than expected in May and hit their lowest level since 2010
Sales of existing properties decreased 9.7% in May compared to April to a seasonally adjusted annual rate of 3.91 million, the National Association of Realtors said on Monday. The result, which was below consensus expectations for a decline of 5.6% to 4.09 million, underscored the continued weakness of the property market as the coronavirus pandemic kept potential buyers on the sidelines. The number of home sales in May 2010 was the lowest since 2010.
In April, sales of existing properties declined by 17.8% compared to the previous month to a seasonally adjusted annual rate of 4.33 million. The decline in May was the third consecutive month that home sales decreased compared to the previous month.
"The sales closed in May reflect the signing of the contract in March and April, at the most severe times of the pandemic barrier and the cyclical low," said Lawrence Yun, chief economist at NAR. "Home sales will surely increase with the reopening of the economy in the coming months and could even exceed the previous year's figures in the second half of the year."
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9:34 am ET: stocks open lower
Here were the main moves in the markets from 9:34 a.m.CET:
S&P 500 (^ GSPC): 3,084.12, -13.62 points (-0.44%)
Dow (^ DJI): 25,715.21, -156.25 points (-0.6%)
Nasdaq (^ IXIC): 9,932.09, -14.03 points (-0.14%)
Crude oil (CL = F): $ 39.67, - $ 0.08 (-0.2%)
Gold (GC = F): $ 1,769.70, + $ 16.70 (+ 0.95%)
10-year Treasury (^ TNX): -2 basis points for a return of 0.679%
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7:26 am ET Monday: Stock futures indicate a higher opening
Stock futures turned overnight during trading and held on to gains heading towards market opening. Here were the main moves in the markets from 7:27 a.m.CET:
S&P 500 futures (ES = F): 3,075.5, plus 16 points or 0.52%
Dow futures (YM = F): 25,632.00, plus 103 points or 0.4%
Nasdaq futures (NQ = F): 9,983.75, plus 60.25 points or 0.61%
Crude oil (CL = F): USD 39.50, USD 0.25 (-0.63%)
Gold (GC = F): $ 1,758.80, + $ 5.80 (+ 0.33%)
10-year Treasury (^ TNX): -1.3 basis points for a return of 0.686%
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6:07 p.m. ET Sunday: Stock futures are falling as the daily number of virus cases increases in some states, according to records
Here were the key steps at the start of the US equity futures overnight session from 6:07 p.m. ET:
S&P 500 futures (ES = F): 3,034.25, minus 25.25 points or 0.83%
Dow futures (YM = F): 25,260.00, minus 269 points or 1.05%
Nasdaq futures (NQ = F): 9,852.25, a minus of 71.25 points or 0.72%
Traders wearing masks work on the first day of personal trading since they closed during the Coronavirus Disease outbreak (COVID-19) on the New York Stock Exchange (NYSE) in New York, the United States, on May 26, 2020 REUTERS / Brendan McDermid
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