5 things to know before the stock market opens July 2, 2020

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1. Dow set to rise ahead of an influx of jobs data

Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020.

Lucas Jackson | Reuters

Dow futures pointed to an over 200 point gain at Thursday’s open ahead of a double-dose of jobs data.

With the stock market closed Friday in observance of the Fourth of July, the government releases its monthly employment report one day early at 8:30 a.m ET. Economists expect 2.9 million nonfarm jobs were added in June after May’s surprising gain of 2.5 million. The nation’s the unemployment rate in June is expected to fall to 12.4% from 13.3% in May.

The government’s normal Thurdsay look at jobless claims is also out at 8:30 a.m. ET, with forecasts calling for 1.3 million new filings for unemployment benefits last week. Initial claims totaled a higher-than-expected 1.48 million the prior week.

The Dow Jones Industrial Average fell modestly on the first day of the third quarter while the S&P 500 and Nasdaq moved higher. In fact, the Nasdaq saw a record high close. Ahead of Thursday trading, the Dow, S&P 500, and Nasdaq were all on track for a positive week, with the Nasdaq’s weekly gain on pace for its best in nearly two months.

Looking at two stocks making gains in Thursday’s premarket: Tesla rose more than 8% after the electric auto maker said it delivered a much-better-than-expected 90,650 vehicles in the second quarter. Rising shares of Dow-stock Boeing helped fuel premarket gains after the FAA and aircraft maker said they completed re-certification test flights on the grounded 737 Max jets.

2. New daily U.S. coronavirus cases hit a record above 50,000

People prepare to go tubing on Salt River amid the outbreak of the coronavirus disease (COVID-19) in Arizona, U.S., June 27, 2020.

Cheney Orr | Reuters

3. McDonald’s and Apple adjust their reopening plans

McDonald’s is pausing its U.S. reopening plans for 21 days. About 1,000 out of McDonald’s 14,000 U.S. locations have reopened with reduced seating capacity, as of mid June. Franchisees that have already reopened their dining rooms and are not facing any rollbacks from local officials can decide if they want to keep them open.

Apple is closing 30 additional stores in the U.S., bringing the total number of reclosures in America to 77. Stores in Alabama, California, Georgia, Idaho, Louisiana, Nevada and Oklahoma are closed as of Thursday. Other stores in Florida, Mississippi, Texas and Utah were closed Wednesday. Apple has 271 stores in the U.S.

4. Congress votes to extend small business Paycheck Protection Program

Speaker of the House Nancy Pelosi, D-Calif., conducts a news conference in the Capitol Visitor Center on Friday, June 26, 2020.

Tom Williams | CQ-Roll Call, Inc via Getty Images

The House on Wednesday passed a bill to extend the deadline to apply for forgivable small business aid through a key coronavirus relief program. The legislation, which the Senate approved Tuesday, extends the deadline to request Paycheck Protection Program loans to Aug. 8 from June 30. The measure heads to President Donald Trump for his signature.

With Democrats on Capitol Hill pushing for a new round of coronavirus stimulus, Trump said Wednesday he supports another round of direct payments to Americans, claiming he wants to give out more money than Democrats have already proposed. The president did not, however, seem keen on continuing enhanced unemployment benefits; the $600-per-week federal payments on top of what states offer expires at the end of the month.

5. Four Big Tech CEOs agree to testify on Capitol Hill

Amazon CEO Jeff Bezos

Alex Wong | Getty Images

CEOs from American tech giants — Amazon, Apple, Facebook and Alphabet’s Google — have all agreed to testify before the House Judiciary Committee. The hearing would mark the first time all four executives testified together in front of Congress, though it’s not yet clear if the event would take place in person or virtually given the ongoing Covid-19 pandemic.

New York Times opinion columnist Kara Swisher reported the hearing would occur in late July, though the Judiciary spokesperson could not yet share details on the date or format. While Facebook’s Mark Zuckerberg, Google’s Sundar Pichai and Apple’s Tim Cook are all veterans of congressional testimony, Amazon’s Jeff Bezos has never before appeared before Congress.

Reuters and The Associated Press contributed to this report.

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