5 things to know before the stock market opens on May 11, 2020

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1. Dow poised to fall after a strong week

Dow futures forecast a drop of more than 200 points at the opening on Monday after the Dow Jones industry average recorded consecutive gains. Investors on Friday ignored the worst employment report since the end of World War II and continued to bet that states are starting to reopen their economies in a world of coronaviruses. The real star of the past week has been Nasdaq, who has progressed in all five sessions and interrupted a two-week losing streak as technology stocks rose. The Dow Jones, who was up four over the last five sessions, also broke a two-game losing streak.

Quidel, Calif. Shares jumped 17% in Monday’s pre-market after manufacturer of diagnostic solutions obtained first FDA emergency use authorization for so-called antigen test the coronavirus. This type of test can provide results in minutes. The positive results of the antigen tests are very precise. But there is a greater risk of false negatives – the results of negative antigen tests may therefore have to be confirmed by another type of test, which takes more time but is more precise.

2. Musk flies to California above Tesla’s Fremont plant

Elon Musk, co-founder and CEO of Tesla Motors Inc., speaks during an interview at the company’s assembly plant in Fremont, California, on Wednesday, July 10, 2013.

Bloomberg | Bloomberg | Getty Images

Tesla has started the process of resuming production at its Fremont, California auto plant as CEO Elon Musk escalated his dispute with local authorities over an on-site shelter order that kept the plant inactive during the coronavirus pandemic. Musk threatened to remove Tesla from California in a series of scathing tweets on Saturday. Tesla later in the day filed a federal lawsuit against Alameda County, home of the automaker’s Fremont factory, claiming that county rules contradict state policy on closures. businesses. Last week, Governor Gavin Newsom presented a “four-step framework to allow Californians to gradually reopen certain low-risk businesses and public spaces.” But the framework also gives countries the discretion to keep “more restrictive measures in place based on their local conditions”.

3. Apple and Macy’s reopen their stores in the United States

Apple plans to start reopening US stores this week, starting with locations in Idaho, South Carolina, Alabama and Alaska. Stores will have temperature controls and limit the number of people inside at the same time. Apple stores outside of China have been closed since mid-March.

Last week, Macy’s reopened 68 stores, marking the first phase of its plan to resume operations. The retailer, already struggling before the pandemic, predicts that all of its sites will be operational in six to eight weeks, provided that new Covid-19 infection rates continue to slow.

4. Shanghai Disneyland reopens; South Korea faces setback

Visitors wearing masks walk past Shanghai Disney Resort, which will be closed after the emergence of a new coronavirus in China.

Aly Song | Reuters

Theme park operators around the world are watching how the reopening of Shanghai Disneyland with coronavirus scans on Monday will unfold in the coming days and weeks. Shanghai Disneyland Park and Hong Kong Disney Park closed on January 25 as China isolated cities from 60 million people in an attempt to contain the epidemic, which began in the Chinese city of Wuhan at the end of Last year. Tokyo Disneyland closed in February, with parks in the United States and Europe a month later.

The difficulty of trying to reopen economies without triggering new coronavirus outbreaks was highlighted on Monday as concern grew in South Korea about a spike in infections spreading through recently reopened nightclubs. South Korean authorities are examining credit card and mobile phone records and security camera footage to track thousands of people who have visited a popular entertainment district in Seoul in the past few weeks.

5. White House Takes Action To Mitigate Exposures

Vice President Mike Pence speaks at a coronavirus task force press conference.

Michael Brochstein | Echoes Wire | Barcroft Media via Getty Images

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