Stock market live updates: Dow futures up 200, coronavirus cases jumping

The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.

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

8:02 am: Southwest jumps on Goldman upgrade

Goldman upgraded shares of Southwest on Monday to buy from sell and raised its 12-month price target to $47 per sahre from $35 per share, sending shares of the airline up nearly 4% in premarket trading. The firm said the airline industry is managing its cash burn better-than-expected and likes Southwest for its domestic focus. “We expect its primarily domestic network and industry-leading balance sheet to drive a relatively faster and stronger recovery from the COVID-19-driven downturn in demand for air travel,” Goldman said in a note. Goldman also said a resurgence in coronavirus cases is not helping the recovery of the ailing industry. — Fitzgerald

7:40 am: Stock futures rise despite a surge in U.S. coronavirus cases

Stock futures were higher in morning trading on Monday even as coronavirus cases in the U.S. continued to surge. The Dow Jones Industrial Average futures climbed about 140 points, indicating an opening gain of about 200 points. S&P 500 futures gained 0.3%. Nasdaq-100 futures were slightly lower. The moves in futures market followed a week of sharp losses as the recent spike in virus cases raised concerns about the pace of the economic recovery. The Dow and the S&P 500 were on pace to post their first monthly decline in three. — Li

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