Stocks rose after a choppy session a day earlier, as investors weighed a plethora of developments impacting the health, economic, corporate profitability and geopolitical implications of the coronavirus pandemic.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="June crude oil futures (CL=F) extended gains and jumped more than 13% to above $23 per barrel, pacing toward a fifth straight session of gains.” data-reactid=”17″>June crude oil futures (CL=F) extended gains and jumped more than 13% to above $23 per barrel, pacing toward a fifth straight session of gains.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Across the U.S., cases as a whole rose to more than 1.1 million, with deaths topping 67,000. In states including New York and New Jersey, where stay-in-place orders are still in effect, cases fell on a day-over-day basis yet again as of Monday’s tallies. In California, the daily death toll was 39 on Monday, the lowest in three weeks. California Governor Gavin Newsom said the state’s lockdown restrictions will begin loosening on Friday.” data-reactid=”18″>Across the U.S., cases as a whole rose to more than 1.1 million, with deaths topping 67,000. In states including New York and New Jersey, where stay-in-place orders are still in effect, cases fell on a day-over-day basis yet again as of Monday’s tallies. In California, the daily death toll was 39 on Monday, the lowest in three weeks. California Governor Gavin Newsom said the state’s lockdown restrictions will begin loosening on Friday.

Other states have already begun to reopen businesses, including Georgia, Florida and Texas, offering hope that loosening the economically crippling stay-in-place orders would provide a boost to economic activity while taking place gradually enough to prevent a resurgence in virus cases.

Meanwhile, more signs of distress from some of the industries most exposed to the coronavirus pandemic and social distancing measures aimed at containing it emerged.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Norwegian Cruise Line Holdings (NCLH) said Tuesday morning it had “substantial doubt” about its “ability to continue” in the current environment, with the pandemic potentially driving a lasting impact on consumers’ willingness to take cruises.” data-reactid=”21″>Norwegian Cruise Line Holdings (NCLH) said Tuesday morning it had “substantial doubt” about its “ability to continue” in the current environment, with the pandemic potentially driving a lasting impact on consumers’ willingness to take cruises.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="After market close Monday, L Brands (LB) said it and private equity firm Sycamore Partners struck a deal to terminate a previously announced deal to have the latter take a majority state in Victoria’s Secret and take it private. And earlier, J.Crew’s parent company Chinos Holdings filed for Chapter 11 bankruptcy, converting nearly $2 billion in debt to equity and transferring ownership as the beleaguered retailer struggled to maintain sales as hundreds of physical locations shuttered during the outbreak.” data-reactid=”22″>After market close Monday, L Brands (LB) said it and private equity firm Sycamore Partners struck a deal to terminate a previously announced deal to have the latter take a majority state in Victoria’s Secret and take it private. And earlier, J.Crew’s parent company Chinos Holdings filed for Chapter 11 bankruptcy, converting nearly $2 billion in debt to equity and transferring ownership as the beleaguered retailer struggled to maintain sales as hundreds of physical locations shuttered during the outbreak.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The bankruptcy – the first by a major retailer amid the pandemic – is almost certainly not the last, with Neiman Marcus and J.C. Penney reportedly also discussing the possibility of bankruptcy financing with lenders. Retail sales for the clothing and accessory stores category as a whole were down more than 50% in March, the Commerce Department previously reported.” data-reactid=”23″>The bankruptcy – the first by a major retailer amid the pandemic – is almost certainly not the last, with Neiman Marcus and J.C. Penney reportedly also discussing the possibility of bankruptcy financing with lenders. Retail sales for the clothing and accessory stores category as a whole were down more than 50% in March, the Commerce Department previously reported.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Separately, shares of each of the major U.S. airlines Delta (DAL), United Airlines (UAL) and American Airlines (AAL) rose after ending the Monday’s session lower, after Warren Buffett announced Saturday that Berkshire Hathaway had sold its entire about 10% previous stake in each of these carriers.” data-reactid=”24″>Separately, shares of each of the major U.S. airlines Delta (DAL), United Airlines (UAL) and American Airlines (AAL) rose after ending the Monday’s session lower, after Warren Buffett announced Saturday that Berkshire Hathaway had sold its entire about 10% previous stake in each of these carriers.

9:31 a.m. ET: Stocks hold onto overnight gains to open higher

Here were the main moves in markets, as of 9:32 a.m. ET:

  • S&P 500 (^GSPC): +28.54 points (+1.00%) to 2,871.28

  • Dow (^DJI): +221.97 points (+0.93%) to 23,971.73

  • Nasdaq (^IXIC): +97.49 points (+1.13%) to 8,809.19

  • Crude (CL=F): +$2.78 (+13.63%) to $23.17 a barrel

  • Gold (GC=F): -$9.50 (-0.55%) to $1,703.80 per ounce

  • 10-year Treasury (^TNX): +2.8 bps to yield 0.665%

9:21 a.m. ET: Wayfair stock surges 36% after saying it expects positive adjusted EBITDA margin in 2Q

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Wayfair (W) surged 36% in pre-market trading, erasing earlier declines after the e-commerce furniture company said it expects to see positive second-quarter adjusted EBITDA margin for the second quarter.” data-reactid=”37″>Wayfair (W) surged 36% in pre-market trading, erasing earlier declines after the e-commerce furniture company said it expects to see positive second-quarter adjusted EBITDA margin for the second quarter.

“To be clear, this is not driven by the incremental revenue we are seeing but by the aggressive implementation of the plans we set late last year to delivery profitability at our then current growth rate of about 20%,” CEO Niraj Shah said during an analyst call Tuesday morning.

In first-quarter results reported Tuesday morning, Wayfair posted net revenue of $2.33 billion, up 20% over last year, and active customers jumped 29% to 21.1 million. Adjusted EBITDA losses, however, grew 25% to $127.3 million.

Wayfair said it started seeing an increase in traffic and conversion from customers in mid-March, when stay-at-home measures began going into place. It added it has seen “millions of new customers” over the past several weeks, and that the “rollout of stimulus monies in mid-April served as an added accelerant of new and repeat customers coming to Wayfair.”

9:07 a.m. ET: Norwegian Cruise Line Holdings sinks 10% in pre-market trading after warning of ‘substantial doubt’ about its ‘ability to continue’

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Shares of Norwegian Cruise Line Holdings sank in the pre-market session after the company issued a grim warning about its outlook in a securities filing Tuesday.” data-reactid=”43″>Shares of Norwegian Cruise Line Holdings sank in the pre-market session after the company issued a grim warning about its outlook in a securities filing Tuesday.

The cruise line cited risks including the pandemic’s “effect on the ability or desire of people to travel (including on cruises), which are expected to continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price.”

Risks remained over “our ability to raise sufficient capital and/or take other actions to improve our liquidity position or otherwise meet our liquidity requirements that are  sufficient to eliminate the substantial doubt about our ability to continue as a going concern,” the company added.

8:32 a.m. ET: U.S. trade deficit widens to $44.4 billion in March as exports drop by record amount

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The U.S. trade deficit in goods and services widened to $44.4 billion in March, the Commerce Department said Tuesday. This was greater than the deficit of $44.2 billion expected, according to Bloomberg data, and February’s $39.8 billion deficit.” data-reactid=”52″>The U.S. trade deficit in goods and services widened to $44.4 billion in March, the Commerce Department said Tuesday. This was greater than the deficit of $44.2 billion expected, according to Bloomberg data, and February’s $39.8 billion deficit.

The yawning deficit was driven by a record 9.6% drop in March exports to $187.75 billion, from $207.75 billion in February. This more than offset a 6.2% decline in March imports to $232.16 billion, or the greatest drop in 11 years.

7:09 a.m. ET Tuesday: Stock futures extend gains

Here were the main moves in markets, as of 7:09 a.m. ET Tuesday:

  • S&P 500 futures (ES=F): up 25.75 points, or 0.91%, to 2,851.00

  • Dow futures (YM=F): up 229 points, or 0.97%, to 23,800.00

  • Nasdaq futures (NQ=F): up 87.25 points, or 0.99%, to 8,882.75

  • Crude (CL=F): +$1.99 (+9.76%) to $22.38 a barrel

  • Gold (GC=F): -$8.50 (-0.50%) to $1,704.80 per ounce

  • 10-year Treasury (^TNX): +2.5 bps to yield 0.662%

6:04 p.m. ET Monday: Stock futures open slightly higher

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:04 p.m. ET:

  • S&P 500 futures (ES=F): up 5 points, or 0.18%, to 2,830.25

  • Dow futures (YM=F): up 55 points, or 0.23%, to 23,626.00

  • Nasdaq futures (NQ=F): up 18 points, or 0.2%, to 8,813.50

NEW YORK, NY - JANUARY 10: The empty trading floor is seen after the closing of the New York Stock Exchange (NYSE) on January 10, 2020 in New York City. Amid new sanctions on Iran and 145k more U.S. jobs added and wage growth in December, the Dow topped the 29,000 milestone before pulling back to 28,823.77. (Photo by Kena Betancur/Getty Images)NEW YORK, NY - JANUARY 10: The empty trading floor is seen after the closing of the New York Stock Exchange (NYSE) on January 10, 2020 in New York City. Amid new sanctions on Iran and 145k more U.S. jobs added and wage growth in December, the Dow topped the 29,000 milestone before pulling back to 28,823.77. (Photo by Kena Betancur/Getty Images)
NEW YORK, NY – JANUARY 10: The empty trading floor is seen after the closing of the New York Stock Exchange (NYSE) on January 10, 2020 in New York City. Amid new sanctions on Iran and 145k more U.S. jobs added and wage growth in December, the Dow topped the 29,000 milestone before pulling back to 28,823.77. (Photo by Kena Betancur/Getty Images)

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