4th day of gains, Apple reaches a record, Nikola higher


The New York Stock Exchange (NYSE) building is seen with the statue of the fearless girl during the Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.Tayfun Coskun | Anadolu Agency | Getty Images

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

9:40 a.m .: shares of a great technological outperformance, Apple reaches a record

Some of the biggest tech companies jumped Wednesday morning to support the market in general. Amazon and Microsoft gained 1.2% and 1.7% respectively, while Apple rose 0.5% to a new intraday record of $ 355.40. –Li

9:38 a.m .: Nikola Corp. speculative action obtains the first endorsement on the street

Nikola’s stocks gained more than 2% in early trading on Wednesday after Cowen started covering the action with an outperformance rating. The call is the first in a Wall Street venture for the company, which has seen its shares more than double since its IPO on June 4. The company, which manufactures battery and hydrogen electric trucks, is not expected to generate revenue until 2015.
CNBC Pro subscribers can find out more about Cowen’s bull here. – Stevens

9:31 a.m .: stocks open slightly higher

The market opened Wednesday in the green, eyeing a fourth consecutive day of gains. The Dow Jones Industrial Average rose 50 points, while the S&P 500 gained 0.3%. The Nasdaq Composite rose 0.5%, supported by stocks from big tech, including Amazon, Apple and Netflix. – Li

8:35 a.m .: Oracle shares fall 3% following a larger than expected drop in revenues

Oracle shares fell 3.1% in pre-release trading on Wednesday after the software company reported disappointing earnings in its fiscal fourth quarter results. Oracle’s revenue fell 6% to $ 10.44 billion, missing analyst estimates of $ 10.65 billion, according to Refinitiv. The company said in March that it expects roughly flat revenue in the quarter. Earnings stood at $ 1.20 per share, compared to an average estimate of $ 1.15 by analysts.-Li

8:30 a.m .: GM to hold moments of silence in recognition of George Floyd

Friday, which is June 19, General Motors will hold moments of silence in its factories as a sign of solidarity and support for the black community, according to an internal note. The silence will last eight minutes and 46 seconds, which is how long a Minneapolis policeman knelt on George Floyd’s neck before his death in police custody. “I truly believe that more than eight minutes of solid thinking will benefit everyone,” wrote GM President Mark Reuss. “I’m sure many of you have felt the same overwhelming emotion that I have when watching recent events unfold … disbelief, anger, shame, grief and, ultimately, grief. It is not what we are as a humanity, nor as a country. We can and should be better than this. Her comments followed those of GM CEO Mary Barra, who two weeks ago wrote to employees that she was “impatient and disgusted” after the unfair death of Floyd and other black Americans. She announced that the company will form an “Advisory Council on Inclusion”, which she will chair. – Wayland, Stevens

8:27 a.m .: Beijing cancels several domestic flights as coronavirus cases increase again

China has stepped up measures to limit the latest peak in coronavirus cases in Beijing by canceling several domestic flights. The capital of China has remained for over 50 days without a nationally transmitted coronavirus case. On Tuesday, however, 31 cases of local transmission were confirmed. –Imbert

8:12 am: Powell will return to Congress after being warned of uncertainty about virus recovery

Federal Reserve Chairman Jerome Powell will return to Capitol Hill on Wednesday to speak to the House Financial Services Committee starting at noon. Powell, who testified in the Senate on Tuesday as part of his semi-annual report to Congress, will likely answer other questions from the Democrat-controlled House on how lawmakers should develop future fiscal stimulus packages in the middle of the coronavirus epidemic. Although the head of the Fed on Tuesday avoided explicitly recommending specific policy measures to the Senate Banking Committee, he warned of “significant uncertainty” regarding the recovery and the need for legislators to continue to support workers. – Franck

8:05 a.m .: Cruise lines sink as Norwegian extends travel suspension

Cruise shares fell in pre-market trading after Norwegian Cruise Line Holdings announced that it was suspending almost all of its trips until the end of September, extending its cancellations by two months. Norwegian shares fell more than 8%, while Carnival and Royal Caribbean both lost about 4%. –Delivered

8:00 a.m .: Demand for mortgage loans to buyers reaches 11-year high

Mortgage applications to buy a home jumped 4% last week, marking the ninth consecutive week of gains and the highest volume in over 11 years, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand was also 21% higher than a year ago. Buyers are rushing into the housing market as mortgage rates hit a new record. –Li, Olick

7:35 am: Stocks should extend rally, Dow Jones up 150 points

Equity futures indicated a higher opening on Wednesday as Wall Street attempted to extend the recent rally. Futures on the Dow Jones Industrial Average gained about 160 points, while the S&P 500 and Nasdaq 100 futures both gained about 0.5%. Equities have risen three straight days after last week’s sharp decline. A record rebound in retail sales in the United States helped boost the sense of risk on Tuesday. Investors will monitor the testimony of President of the Federal Reserve, Jerome Powell, in Congress on Wednesday, which continues at 12 noon. AND before the House Financial Services Committee.

– Pippa Stevens, Michael Wayland, Fred Imbert and Diana Olick of CNBC contributed to the report.

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