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Stock market live updates: Dow up 700, reopen trade on, United up 11%

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9:30 am: Stocks bounce from losses as Dow advances more than 600 points

The major U.S. stock indexes opened higher across the board on Friday and pared some of the steep losses suffered in the prior session. The Dow rallied 680 points immediately after the opening bell, a gain of 2.7%, while the S&P 500 added 2.5%. The Nasdaq Composite, the relative laggard, climbed 2.3%. The gains on Friday came after the major indexes clinched their worst day on Wall Street since March on Thursday. — Franck

9:11 am: Here are Friday's biggest analyst calls of the day: Tesla, Caterpillar, airlines & more

  • Goldman Sachs downgraded Tesla to neutral from buy.
  • Morgan Stanley downgraded Tesla to underweight from equal weight.
  • Goldman Sachs upgraded General Motors to buy from hold.
  • BMO downgraded Caterpillar to market perform from outperform.
  • Credit Suisse upgraded Southwest Airlines to outperform from neutral.
  • Credit Suisse downgraded United Airlines to neutral from outperform.
  • MKM upgraded Take-Two to buy from neutral.
  • Guggenheim initiated WW as buy.
  • SunTrust upgraded Dave & Buster's to buy from hold.

CNBC PRO subscribers can read more here. — Bloom

8:36 am: Tesla gets two Street downgrades

Shares of Tesla have surged more than 100% this year, and Wall Street firms think Elon Musk's automaker may have gotten ahead of itself. Morgan Stanley and Goldman Sachs both downgraded the stock on Friday, citing a stretched valuation, among other factors.  

CNBC PRO subscribers can read more here. — Stevens

8:27 am: Reopening rally returns: United adds 11%, Carnival up 12% and Kohl's climbs 7%

The companies that would benefit most from a total reopening of the U.S. rallied the most in the premarket session Friday morning as the so-called reopening trade returned on the week's final day of trading. American and United Airlines rose 9.6% and 9.7%, respectively, while cruise operators Carnival Corp. and Norwegian gained 11.2% and 10.6%. Retailers Gap and Kohl's advanced 5.6% and 7.2%; Simon Property Group, one of the largest owners of mall space in the U.S., added 5.8%. — Franck

8:18 am: Arizona gets hit with renewed wave of coronavirus cases

While the growth trend in coronavirus cases nationally has abated, several states are seeing spikes and are raising concerns of a second wave of the disease. One of the states seeing the largest increases in cases is Arizona, which saw 1,412 new cases on Thursday as the state hospital system faces increasing strains to deal with the increased caseload. In addition to a 4.7% gain in cases, hospitalization rose 1.6% and has surged 80% since Memorial Day, according to the Covid Tracking project. Area hospitals report being at 84% capacity for inpatient beds and 78% for intensive care. State officials, though, are reluctant to impose new stay-at-home measures. Arizona Gov. Doug Ducey said the state still has 2,600 hospital beds and 600 ICU beds for surge cases. — Cox

8:09 am: Bankrupt Hertz exploring stock sale, report says

Rental car company Hertz has asked a bankruptcy judge to allow a secondary stock sale, according to the Wall Street Journal. The plan would allow Hertz to sell just under 250 million additional shares. The stock, which had a market cap of roughly $293 million as of Thursday's close, has jumped 50% in premarket trading. The stock has been extremely volatile in recent days and is a favorite of retail traders. — Pound

8 am: Major indexes on track for weekly slump despite Friday rally

Though Wall Street appeared set on Friday to recover some of its losses from earlier in the week, all three major indexes remained on track to clinch sizable slumps for the week. The S&P 500, Dow Jones and Nasdaq Composite have slid 6%, 7.3% and 3.2%, respectively, since Monday through Thursday's close. The vast majority of those losses were incurred on Thursday as rising numbers of Covid-19 cases in the U.S. and profit-taking sent the Dow down more than 1,800 points (or 6.9%) for its worst day since March. The S&P 500 fared little better on Thursday with a drop of 5.89%. — Franck 

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7:52 am: The VIX falls after hitting 40 for the first time since May 4

Wall Street's fear gauge — the Cboe Volatility Index — dipped 8.5% in morning trading to  37.31 as stocks tried to rebound from a brutal sell-off in the previous session. The VIX jumped nearly 50% Thursday to close at 40.79, marking the first time the gauge has crossed the 40 threshold since May 4. The gauge tracks the 30-day implied volatility of the S&P 500 futures via options prices. — Li

7:30 am: Dow futures bounce 500 points as investors look to recoup some of Thursday's slide

Dow Jones Industrial Average futures rallied more than 500 points Friday morning as investors sought to curb some of the steepest losses since March suffered in the prior session. The pop Friday morning put the Dow on track to gain 2.3% at the opening bell, the S&P 500 set to add 2.2% and the Nasdaq-100 to advance 1.9% on the week's final day of trading. The so-called reopening stocks led the way higher in the premarket, with Carnival Corp., United Airlines, Kohl's and Gap all outperforming. — Franck

— CNBC's Jeff Cox, Michael Bloom and Pippa Stevens contributed reporting.

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Source: cnbc.com

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