4th day of gains, Apple hits record, Nikola higher

4th day of gains, Apple hits record, Nikola higher

New York Stock Exchange (NYSE) building is seen with the Fearless Girl Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.Tayfun Coskun | Anadolu Agency | Getty ImagesThis is a live blog. Please check back for updates.9:47 am: Here are Wednesday’s biggest analyst calls of the day: Amazon, Apple, UPS, Nikola & moreNeedham initiated Amazon as buy.RBC raised its price target on Apple to $390 from $345.Canaccord initiating Stitch Fix as buy.Cowen initiated Nikola as outperform.Deutsche Bank added a catalyst call buy idea on UPS.Guggenheim initiated MSG Entertainment as buy.JPMorgan added Constellation Brands to the focus listPro Subscribers read more here –Bloom9:40 am: Shares of big tech outperform, Apple hits recordSome of the biggest technology companies jumped in morning trading Wednesday, supporting the broader market. Amazon and Microsoft gained 1.2% and 1.7%, respectively, while Apple rose 0.5% to a new intraday record high of $355.40. –Li9:38 am: Speculative stock Nikola Corp. gets first Street endorsementShares of Nikola gained more than 2% during early trading on Wednesday after Cowen initiated coverage on the stock with an outperform rating. The call is the first from a Wall Street firm for the company, which has seen shares more than double since it went public through a reverse merger on June 4. The company, which makes battery-electric and hydrogen-powered trucks, does not expect to generate revenue until 2015.CNBC Pro subscribers can read more about Cowen’s bull case here. – Stevens9:31 am: Stocks open slightly higherThe market opened Wednesday’s session in the green, eyeing a fourth straight day of gains. The Dow Jones Industrial Average rose 50 points, while the S&P 500 gained 0.3%. The Nasdaq Composite climbed 0.5%, lifted by shares of big tech including Amazon, Apple and Netflix. — Li8:35 am: Oracle shares drop 3% on bigger-than-expected revenue declineShares of Oracle fell 3.1% in premarket trading on Wednesday after the software company reported disappointing revenue in its fiscal fourth-quarter results. Oracle’s revenue declined 6% to $10.44 billion, missing analysts’ estimates of $10.65 billion, according to Refinitiv. The company had said in March that it was expecting roughly flat revenue in the quarter. Earnings came in at $1.20 a share, compared with analysts’ average estimate of $1.15.–Li8:30 am: GM to hold moments of silence recognizing George FloydOn Friday, which is Juneteenth, General Motors will hold moments of silence at its plants in a sign of solidarity and support for the Black community, according to an internal memo. The silence will last for eight minutes and 46 seconds, which is how long a Minneapolis police officer knelt on the neck of George Floyd before his death in police custody. “I really believe eight-plus minutes of solid reflection will benefit everyone,” GM President Mark Reuss wrote. “I’m sure many of you have felt the same glut of emotions I have while watching recent events unfold … disbelief, anger, shame, grief, and ultimately heartbreak. This is not who we are as humankind, nor as a country. We can and must be better than this.” His comments follow those of GM CEO Mary Barra, who two weeks ago wrote to employees that she was “impatient and disgusted” following the unjust deaths of Floyd and other Black Americans. She announced the company would form an “Inclusion Advisory Board,” which she will chair. – Wayland, Stevens8:27 am: Beijing cancels several domestic flights as coronavirus cases spike againChina has ramped up measures to curb the latest spike of coronavirus cases in Beijing by canceling several domestic flights. China’s capital city had gone more than 50 days without domestically transmitted coronavirus cases. On Tuesday, however, 31 cases of local transmission were confirmed. —Imbert8:12 am: Powell to return to Congress after warning of uncertainty about virus recoveryFederal Reserve Chairman Jerome Powell will trek back to Capitol Hill on Wednesday to address the House Financial Services Committee starting at noon. Powell, who testified to the Senate on Tuesday as part of his semiannual report to Congress, will likely field more questions from the Democrat-controlled chamber about how lawmakers should craft future fiscal stimulus packages amid the coronavirus outbreak. Though the Fed chief steered clear of explicitly recommending specific policy actions to the Senate Banking Committee on Tuesday, he did warn of “significant uncertainty” about the recovery and the need for lawmakers to continue to support workers. — Franck8:05 am: Cruise lines sink as Norwegian extends suspension of tripsCruise stocks fell in premarket trading after Norwegian Cruise Line Holdings announced that it was suspending almost all voyages through the end of September, extending its cancellations by two months. Shares of Norwegian dropped more than 8%, while Carnival and Royal Caribbean both slipped about 4%. —Pound 8:00 am: Homebuyer mortgage demand spikes to 11-year highMortgage applications to purchase a home jumped 4% last week, marking the ninth consecutive week of gains and the highest volume in more than 11 years, according to the Mortgage Bankers Association’s seasonally adjusted index. The demand was also 21% higher than one year ago. Buyers are rushing back into the housing market as mortgage rates hit another record low. –Li, Olick7:35 am: Stocks set to extend rally, Dow futures up 150 pointsStock futures pointed to a higher open on Wednesday as Wall Street tried 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 rose about 0.5%. Stocks were coming off three straight days of gains after last week’s sharp pullback. A record rebound in U.S. retail sales helped boost risk sentiment on Tuesday. Investors will monitor Federal Reserve Chairman Jerome Powell’s Congressional testimony on Wednesday, which continues at 12 p.m. ET before the House Financial Services Committee. — CNBC’s Michael Bloom, Pippa Stevens, Michael Wayland, Fred Imbert and Diana Olick contributed reporting.Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

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