Futures lower, larger-than-expected job losses, ECB buying more

Futures lower, larger-than-expected job losses, ECB buying more

A trader walks by the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.

Spencer Platt | Getty Images

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

9:09 am: Here are Thursday’s biggest analyst calls of the day: Goldman Sachs, Tyson Foods, Planet Fitness & more

  • Deutsche Bank upgraded Wells Fargo to buy from hold.
  • Bernstein upgraded Tyson Foods to outperform from market perform.
  • Deutsche Bank downgraded Goldman Sachs to hold from buy.
  • Raymond James downgraded Planet Fitness to market perform from outperform.
  • Citi upgraded SeaWorld to buy from neutral.
  • Morgan Stanley upgraded American Eagle to equal weight from underweight.
  • Oppenheimer upgraded Sally Beauty Holdings to outperform from perform.

CNBC PRO subscribers can read more here. – Bloom

9:06 am: Reopening trades up big again

Companies poised to directly benefit from a reopening of the economy led the market in premarket trading Thursday. Airlines, one of the hardest-hit industries from the pandemic, jumped sharply to extend this week’s comeback. Shares of American Airlines popped more than 7% in the premarket, while Delta and United rose about 5% each. Casinos were also among the biggest winners on reopening with MGM Resorts up 7%. Wynn and Las Vegas Sands also jumped more than 3% each. Shares of Simon Property Group, the biggest U.S. mall owner, was up 4% in the premarket as it started to reopen after shutting down its locations for weeks to curb the spread of the coronavirus. –Li

8:40 am: Casino stocks rise as Las Vegas reopens

Casinos in Las Vegas reopened on Thursday after a months-long closure due to the pandemic. The reopenings are happening on schedule despite the nationwide protests over the past week. The major casino stocks rose in premarket trading, led by MGM gaining nearly 7%. Las Vegas Sands rose 4.7% and Wynn climbed 4%. —Pound

8:34 am: US weekly jobless claims larger-than-expected

US weekly jobless claims totaled 1.877 million, vs 1.775 million expected economists surveyed by Dow Jones. Continuing claims, which provide a clearer picture of how many Americans remain unemployed, totaled 21.5 million, a gain of 649,000 over the past week. – Cox

8:26 am: DOJ approves Charles Schwab, TD Ameritrade deal 

E-broker Charles Schwab received antitrust approval from the Department of Justice for its acquisition of TD Ameritrade, sources told CNBC’s David Faber on Thursday. Schwab announced last November it would buy rival broker TD Ameritrade in an all-stock deal valued at $26 billion. The merging of the two biggest publicly traded discount brokers will create a mammoth with more than $5 trillion in client assets, $3.8 trillion from Schwab and $1.3 trillion from TD Ameritrade. There were concerns about Schwab’s dominance in the registered investment advisors space, added with TD Ameritrade’s share; however, the DOJ did not see any violation, sources told Faber. — Faber, Fitzgerald 

8:10 am: ECB increases bond buying, U.S. futures turn positive

Stock futures cut earlier losses and briefly turned positive after the European Central Bank announced that it would buy an additional 600 billion euros of government bonds. That equates to roughly $672 billion.The central bank had announced in March that its Pandemic Emergency Purchase Programme would buy 750 billion euros of bonds, bringing the total to 1.35 trillion euros. The new announcement also extends the program until June 2021. —Pound, Amaro

8:01 am: Dow futures go green briefly

Dow futures cut their earlier losses and went green briefly after the European Central Bank ramped up its pandemic bond buying. The ECB announced Thursday that it will raise its Pandemic Emergency Purchase Programme (PEPP) by 600 billion euros ($672 billion). Dow futures went positive. S&P 500 futures cut their losses as well. Futures still remained slightly in the red. -Melloy

7:55 am: Planet Fitness downgraded by Raymond James, valuation has become ‘stretched’

Shares of Planet Fitness shed more than 3% during Thursday’s premarket trading after Raymond James downgraded the stock to a market perform rating, citing valuation concerns. “While we continue to believe PLNT is well-positioned for longer-term growth and market share gains, we also believe valuation has become stretched, particularly given the number of uncertainties at this point regarding the pace of recovery,” Raymond James said. The firm also removed its price target on the stock. Shares have gained more than 34% in the last month as states have begun to reopen their economies. –Stevens

7:52 am: China to open doors to foreign airlines after U.S. bans Chinese carriers

China’s aviation authority will let foreign airlines increase flights between the country and other regions starting Monday, a move that follows the U.S. suspending Chinese passenger flights from entering the U.S. These moves come as tensions between the two countries simmer amid the coronavirus pandemic and China imposing stricter security measures on Hong Kong. —Imbert, Cheng

7:21 am: Wall Street set to give back some of the early gains in June

U.S. stock futures pointed to a lower open on Thursday as Wall Street took a breather from its blistering start to June. Dow Jones Industrial Average futures traded 104 points lower, or 0.4%, while S&P 500 futures slid 0.5%. Nasdaq 100 futures dipped nearly 0.2%. The Dow was coming off a three-day winning streak after rallying more than 500 points on Wednesday. The S&P 500 posted on Wednesday its longest winning streak since February, rising for a fourth day. Traders looked ahead to the release of weekly U.S. jobless claims as they gauge the economic damage from the coronavirus pandemic. —Imbert

— With reporting from Evelyn Cheng, Yun Li, Michael Bloom and Jesse Pound.

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