Stock futures open slightly higher after selloff

Stock futures opened modestly higher Wednesday evening. The after-hours moves came on the heels of a steep selloff in markets during the regular session, with the Dow dropping 2.72%, or 710 points, for its worst day since its near-7% slide two weeks ago.

The risk-off mood came after some states in the South and West reported another day of increases in new coronavirus cases. California reported more than 7,100 new cases – a one-day record by far for the state – while Florida and Texas also reported record jumps in new cases at more than 5,500 each. Apple (AAPL) re-closed seven more retail locations in Houston, Texas, bringing its total re-closures nationwide to 18 as a result of the rise in infections.

New York, once the nation’s epicenter of new coronavirus cases, along with New Jersey and Connecticut called for a 14-day quarantine for visitors traveling from many of the

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The case for higher wages during coronavirus recession

Raising the minimum wage during the coronavirus pandemic is smart policy, according to the Economic Policy Institute. 

Corporate America is getting slammed by the coronavirus recession. More than 45 million people were cut from their employers’ payrolls over the past three months. Business groups have turned their focus to planned minimum wage increases, pressuring city and state officials to postpone them. 

California’s Chamber of Commerce has asked Governor Gavin Newsom to roll back the planned $1 minimum wage hike planned to take effect in January 2021. The current minimum wage is $12 per hour for businesses with fewer than 26 employees, and $13 for those with more. 

Barring an intervention by officials, the minimum wage in several states is set to increase by $1 or less on July 1 – including Illinois, which will raise its minimum wage from $9.25 to $10, Nevada from $8.25 to $9, and Oregon from

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Stock futures edge higher after Nasdaq closes at a record

Stock futures ticked up slightly as late trading kicked off, with stocks steadying after another choppy session earlier on Monday.

Big tech stocks were mixed in overnight trading after outperforming during the regular session, with both the Nasdaq Composite and Nasdaq 100 ending at record high levels. Each of Netflix, Apple, Microsoft, Amazon and Facebook hit record closing, along with Zoom Video Communications, Nvidia and PayPal.

Apple’s record closing high coincided with the company’s annual Worldwide Developers Conference (WWDC), during which the iPhone-maker announced it would be pivoting away from its 15-year partnership with Intel to make its own processors in its Mac devices. The company also announced during its video-streamed conference a suite of new upgrades to its operating systems for iPhone, Mac, iPad and Apple Watch.

Travel and leisure stocks extended declines in late trading as coronavirus cases rose further in some geographies, stoking fears that reopening processes

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Apple could still go higher after hitting $1.5 trillion valuation: Analyst

Apple’s (AAPL) market value hit a new all-time high on Wednesday, eclipsing $1.5 trillion, and making it the first U.S. company to ever hit that mark. And while the market is certain to have ups and downs, like the subsequent rout on Thursday, industry analysts still believe the iPhone maker has more than enough room to continue growing.

Wedbush analyst Dan Ives has pointed to Apple’s market capitalization hitting $2 trillion, and BofA Securities’ Wamsi Mohan upgraded the stock’s price target from $340 to $390 a day after Apple hit its new peak.

Apple CEO Tim Cook arrives to the global premiere for Apple’s “The Morning Show” at the Lincoln Center in the Manhattan borough of New York City, U.S., October 28, 2019. REUTERS/Eduardo Munoz

So what’s driving Apple’s market performance? Well, its hundreds of millions of active users, wildly popular accessories, and its plethora of services are easily

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Stock futures drift higher ahead of Fed meeting

Stock futures kicked off the overnight session slightly higher, edging up slightly as market participants awaited the Federal Reserve’s latest monetary policy decision and commentary Wednesday.

During the regular session Tuesday, the S&P 500 and Dow fell while the Nasdaq Composite rallied to a record closing high and briefly breached the 10,000 level during intraday trading. The big-tech FAANG names rallied, with each of Facebook (FB), Amazon (AMZN), Apple (AAPL) and Microsoft (MSFT) posting record closing highs on Tuesday.

On the other hand, the Dow dropped 300 points, or just over 1%, to end a six-session winning streak by Tuesday’s close. Shares of Boeing (BA) led declines, dropping for the first time in seven sessions after reporting a wave of new aircraft cancellations that outpaced new orders in May.

Shares of cyclical companies that had led the recent equity rally gave back some gains on Tuesday. Airlines including American Airlines

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