U.S. stock market futures pushed higher Monday despite sentiment remaining fragile amid a surge in coronavirus infections nationwide, plus stocks to watch today in the Money & Markets Opening Bell.
The Top Story
Monetary and fiscal support for the U.S. economy, the reopening of businesses, and improving data have pushed the benchmark S&P 500 up around 41% from its March lows, leaving it about 9% below its Feb. 19 high.
But rising coronavirus infection rates have been an overhang on the markets, especially after the World Health Organization reported a record rise in global cases on Sunday.
On Friday, both the S&P 500 and Dow Jones ended a choppy session in the red after Apple Inc.’s (Nasdaq: AAPL) move to temporarily shut some U.S. stores brought back concern over the recovery in business activity.
American Airlines Group Inc. (Nasdaq: AAL) fell nearly 6% in premarket trading as the company looks to secure $3.5 billion in new financing to improve the airline’s liquidity.
As of 9:20 a.m. EDT, Dow Jones futures were up 0.71%. S&P 500 futures moved 0.76% higher while Nasdaq futures pushed up 0.78%.
Stocks to Watch Today
Virgin Galactic Holdings Inc. (NYSE: SPCE) — The space flight company signed a deal with NASA to develop a recruitment and training program for private astronauts looking to visit the International Space Station. Shares of Virgin Galactic jumped 14.5%.
Fiat Chrysler Automobiles NV (NYSE: FCAU) — The Italian-American automaker is close to winning approval from the Italian government for a $7 billion crisis loan, according to Reuters. Shares of Fiat Chrysler rose 3.3% in premarket trading.
United Airlines Holdings Inc. (Nasdaq: UAL) — Reports suggest the airline group may launch a $5 billion debt sale this week. Goldman Sachs Group Inc. (NYSE: GS) will lead the debt offering, according to Bloomberg. Shares of United Airlines dropped by nearly 4%.
US Mortgage Delinquencies Hit Highest Mark Since 2011
The number of borrowers who are at least 30 days late with their mortgage payments grew to 4.3 million, up 723,000 from May.
According to a report from Bloomberg, more than 8% of all U.S. mortgages were either past due or in foreclosure.
The increase in May was smaller than the 1.6 million jump in April when the U.S. economy slowed to a halt, but uncertainty surrounding new COVID-19 cases, business reopenings, and the coming expiration of jobless benefits looms.
Wirecard AG Battling for Survival Amid $2 Billion Scandal
Remember last week when we told you about a German fintech company that was missing $2 billion?
Come to find out, after the company’s CEO abruptly resigned following the news, Wirecard AG came clean and said the $2 billion in assets likely don’t exist.
Since the scandal broke late last week, the once darling of the German fintech industry has shed nearly 90% off its market value as its shares continued to slump on Monday.
Money & Markets Week Ahead: Russell Indexes to Reconstitute
One big thing this week will happen after all the trading is done.
After markets close on Friday, June 26, the Russell indexes will reconstitute themselves, meaning some companies will come off indexes while some will be added. Indexes making changes include the Russell 1000 large-cap and the Russell 2000 small-cap.
Health care is expected to be a big winner in the reconstitution and we tell you why:
What We’re Reading
The Bull & The Bear: Choke Up on the Bat for Profits on Short-Term Options (Money & Markets)
COVID-19 Has Caused a Nationwide Coin Shortage (USA Today)
If You’re In This Age Group, Prepare Now for a 13% Social Security Cut (Money & Markets)
Here are the companies releasing earnings reports today:
Beyond Air Inc. (Nasdaq: XAIR)
Contango Oil & Gas Co. (NYSE: MCF)
Fuwei Films Holdings Co. Ltd. (Nasdaq: FFHL)
Investco Mortgage Capital Inc. (NYSE: IVR)
W&T Offshore Inc. (NYSE: WTI)
Check back each morning before the opening bell for stocks to watch today with Opening Bell, here on Money & Markets.