Here are five things you must know for Monday, June 22:
1. -- Stock Futures Rise Despite Worrying Jump in New Virus Cases
Stock futures were rising Monday despite a worrying rise in the number of new coronavirus cases in the United States, which reported 30,000 new cases on Friday and Saturday.
Contracts linked to the Dow Jones Industrial Average gained 115 points, futures for the S&P 500 were up 17 points and Nasdaq futures rose 68 points.
The World Health Organization, meanwhile, reported Sunday more than 183,000 new global cases of the virus, the largest single-day increase by the group's count.
An announcement from Apple (AAPL) - Get Report that it was re-closing 11 stores in Florida, Arizona, North Carolina and South Carolina as infection numbers rose in those states led Wall Street to a choppy finish on Friday.
Apple's move only added to concerns that a resurgence in the coronavirus could lead renewed lockdowns of businesses, stalling a rebound in economic activity.
“The extent to which the Covid-19 pandemic slows economic recovery could increasingly come into focus," said Stephen Innes of AxiCorp. "These shifting dynamics are always challenging to equate."
2. -- On the Calendar Monday and This Week
The economic calendar Monday includes the Chicago Fed National Activity Index for May at 8:30 a.m. ET and Existing Home Sales for May at 10 a.m. Economic data releases later this week include New Home Sales, GDP, Jobless Claims, Durable Goods Orders and Consumer Sentiment.
3. -- American Airlines Seeks $3.5 Billion in New Financing
The airline said it would sell $750 million of shares and $750 million of senior convertible notes due in 2025. American also will seek to raise $1.5 billion in senior secured notes due in 2025 and said it would enter a $500 million term loan facility.
American said earlier this month that a slight pick-up in domestic air travel was helping to slow its daily cash burn rate to $40 million in June from more than $100 million in April.
American shares fell 8.81% to $14.59 in premarket trading Monday.
4. -- Apple's WWDC Kicks Off Monday
Apple's Worldwide Developers Conference begins Monday and its programming will take place in an all-virtual format, a change the tech giant made in response to the Covid-19 pandemic.
At this year's event, investors and analysts will be especially keyed on Apple's software and services-related announcements, given the critical role both will play during a challenging period for iPhone sales.
Apple is expected to introduce a new MacOS that includes a number of enhancements, such as a built-in language translator and improvements to heavily used apps like iMessage and Siri. Investors also will be watching for clues about Apple's reported plans to move away from Intel INTC and toward its own Arm-based processors.
5. -- China Suspends Imports of Tyson Poultry
China stopped importing poultry from U.S. meat producer Tyson Foods (TSN) - Get Report over the weekend on fears of coronavirus contamination.
Tyson revealed Friday that after testing thousands of employees, around 13% turned up to have the coronavirus.
China's government - which had earlier last week raised concerns of contaminated food imports - said it was temporarily suspending all imports from the company's plant in Arkansas and would seize any products that already have arrived.
"At Tyson, we’re confident our products are safe and we’re hopeful consultations between the U.S. and Chinese governments will resolve this matter," a Tyson spokesperson said in an email to TheStreet.
Tyson shares fell 2.64% to $61.55 in premarket trading.