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5 things to know before the stock market opens June 15, 2020

1. Dow set to sink, continuing last week’s slide

Dow futures were pointing to about a 600-point drop at Monday’s open on concerns about spikes in coronavirus cases as states reopen their economies. That sharp decline in Dow futures was actually off the worst level overnight of an almost 1,000-point plunge. The Dow Jones Industrial Average, despite Friday’s 1.9% gain, lost 5.5% last week.

Thursday’s nearly 7% plunge for the Dow was its biggest one-session decline since March 16, which was one week before Wall Street’s coronavirus lows on March 23. The Nasdaq, which closed above 10,000 for the first time ever Wednesday, lost 2.3% last week. The Nasdaq’s nearly 5.3% decline Thursday was also its worst session since March 16.

2. States see spikes in coronavirus infections

States in various stages of reopening — including Alabama, California, Florida, North Carolina, Oklahoma and Texas — are reporting sharp increases in daily new coronavirus cases, while President Donald Trump moves forward with Saturday’s planned indoor rally in Tulsa, Oklahoma. Many of those states, including North Carolina and Texas, are also seeing record hospitalizations.

New York Gov. Andrew Cuomo is warning New York City and other areas of the state that they could see their reopening plans reversed if people and businesses keep defying social distancing guidelines. The majority of more than 25,000 complaints were about businesses in Manhattan and the Hamptons, the governor said.

3. Beijing puts curbs back on after a case cluster

A man rides past the closed Jingshen seafood market in Beijing on June 12, 2020. – Beijing’s Xinfadi meat wholesale market and Jingshen seafood market were closed for disinfection and environmental sample collection after it emerged both were visited by two newly identified coronavirus patients, local media reported.

GREG BAKER / AFP) (Photo by GREG BAKER/AFP via Getty Images

China’s capital Beijing reinstated some coronavirus mitigation measures after an unexpected spike of cases linked to the city’s sprawling Xinfadi wholesale food market. After nearly two months with no new infections, Beijing officials have reported 79 cases over the past four days, the city’s biggest cluster since February. In response, several parts of Beijing set up security checkpoints and closed schools. Beijing began mass testing Sunday.

4. Trump administration officials hint at new policy

White House trade advisor Peter Navarro said the Trump administration is looking for another coronavirus stimulus package of “at least $2 trillion.” That would be about double what Senate Majority Leader Mitch McConnell wants and about two-thirds the amount in a bill passed by House Democrats last month.

Top Trump economic advisor Larry Kudlow said the federal enhanced unemployment benefit, set to expire late next month, is a “disincentive” for people to return to work. The extra $600 per week on top of what states offer can pay people more than their regular salary. Kudlow said that a return-to-work bonus is under consideration.

5. Atlanta sobriety test quickly turned deadly

Demonstrators set on fire a restaurant during the protest after an Atlanta police officer shot and killed Rayshard Brooks, 27, at a Wendy’s fast food restaurant drive-thru Friday night in Atlanta, United States on June 13, 2020. As nationwide protests slowed in the death of George Floyd, anger again erupted Saturday in the US over the fatal shooting of another black man. Mayor Keisha Lance Bottoms announced Atlanta Police Chief Ericka Shields voluntarily stepped down from the department earlier in the day.

Ben Hendren | Anadolu Agency via Getty Images

The fatal shooting of Rayshard Brooks by a white police officer in Atlanta on Friday reignited protests in city against racism and police brutality, which were prompted by last month’s police killing of George Floyd in Minneapolis.

Police body-camera and surveillance video in Atlanta show Brooks, a 27-year-old Black man, cooperating with a sobriety test outside a Wendy’s restaurant. But when officers tried to arrest him, Brooks struggled, got away with one of the officers’ Tasers. Brooks was shot twice in the back and died.

Police Chief Erika Shields resigned over the shooting. The officer suspected of killing Brooks was fired, and the other officer involved, also white, was put on administrative leave.

The Georgia NAACP plans to hold a demonstration Monday at the state Capitol as lawmakers there return to session.

Reuters contributed to this report. Follow all the developments on Wall Street in real-time with CNBC’s live markets blog. Get the latest on the pandemic with our coronavirus blog.

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