A view of people passing by New York Stock Exchange in Wall Street amid Coronavirus Pandemic on April 5, 2020.

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9:25 am: Oil rises 13%, on track for fifth straight positive session

Oil prices jumped on Tuesday, lifted by hopes of a coming recovery in demand as economies around the world reopen. West Texas Intermediate, the U.S. benchmark, rose 13% to trade at $23.25 per barrel, while international benchmark Brent crude gained 7.8% to trade at $29.32. Both contracts are on pace for their fifth straight day of gains. President Donald Trump cheered the move higher, tweeting “Oil prices moving up nicely as demand begins again!” — Stevens

9:18 am: Starbucks rallies 3.8% after reopening announcement

Starbucks stock climbed nearly 4% in premarket trading after CEO Kevin Johnson said that over 85% of its U.S. company-operated locations will be reopened by the end of the week. The coffee chain said it plans to have more than 90% of cafes open by early June with limited hours and operational changes in light of the ongoing Covid-19 pandemic. — Franck

8:59 am: Norwegian Cruise Line shares dive amid ‘substantial doubt’ about its ability to continue

Shares of Norwegian Cruise Line dropped more than 10% in the premarket after the company said there is “substantial doubt” about its ability to move forward from the coronavirus pandemic as its impact on the cruise operator is beyond containment. The virus “is expected to continue to impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price,” Norwegian Cruise Line said, noting it expects to report a loss for the first calendar quarter and for 2020. Norwegian shares are down more than 75% for 2020. —Imbert

8:03 am: States continue to relax distancing rules as growth in cases ebbs

More states are beginning to relax social distancing guidelines as the growth in coronavirus cases appears to slow. Indiana, Kansas and Missouri this week have begun various degrees of first-phase reopening. California is projecting to start the second phase of its normalization that will see “low-risk” businesses able to come back, along with expansion of curbside options for other businesses. Confirmed coronavirus cases in the U.S. rose by 1.9% Monday, the first sub-2% growth day since the crisis started, according to Ian Shepherdson, chief economist at Pantheon Macroeconomics. Shepherdson points out that Germany began relaxing its social distancing measures when it reached 2.9% case growth, and is now headed toward “de minimis” gains, or less than 100 per day, by May 25. –Cox

7:58 am: Investors load up on individual stocks and sell ETFs, BoA says

Investors added individual stocks to their portfolios last week and were net sellers of ETFs as they become more selective in their bets of an economic reopening, data compiled by BofA Securities showed. The data showed the bank’s clients bought individual stocks in nine of the 11 S&P 500 sectors, led by near-record inflows into health care. That sector, BofA Securities says, has seen inflows in 13 of the past 14 weeks. Consumer discretionary and tech rounded out the top three sectors in terms of inflows. —ImbertBloom

7:57 am: Reopening stocks pushing higher

Stocks poised to benefit from government officials allowing business to reopen were outpacing the broader market in premarket trading. Casino stock Wynn Resorts gained 4.7%, while shares of movie theater chain AMC rose 4.2%. In the retail sector, shares of Simon Property Group surged more than 4%, while Macy’s rose 3.8%. —Pound

7:41 am: Big tech stocks rise again

Shares of big cap technology companies rose again on Tuesday in premarket trading, continuing their recent strength. Shares of Microsoft jumped 1%, shares of Apple rose 0.8%, Amazon jumped 0.5%. Google-parent Alphabet rose 0.5% and Facebook rose nearly 1%. Streaming giant Netflix ticked 0.75% up in premarket trading. On Monday, strength in the biggest technology companies lifted the broader market out of negative territory. —Fitzgerald

7:30 am: Airline stocks rise, try to snap 3-day slide

Airline stocks were up during premarket trading as they tried to curb a three-day losing streak. American shares traded 4.7% higher along with United. Delta was up 3.5% before the bell. Airlines fell broadly on Monday after Warren Buffett said he sold his entire stake in the space following steep losses from the coronavirus pandemic. —Imbert

7:27 am: Pfizer begins human vaccine trials in the US

Pharmaceutical giant Pfizer on Tuesday announced that the first human participants in the U.S. have received a dose of its potential Covid-19 treatment, BNT162. Pfizer first gave its vaccine, which compels cells to build antigens via messenger RNA, to participants in Germany late last month. The U.S. trial will test adults between the ages of 18 and 55 in its initial stage before graduating to older groups; Pfizer says it hopes to test up to 360 people. Pfizer shares rose 1.8% in premarket trading following the company’s announcement. —Franck

7:17 am: Stock futures jump as hopes about economy reopening increase

U.S. stock futures jumped on Tuesday morning as investors increased bets that the global economy would soon reopen. Dow Jones Industrial Average futures traded 235 points higher, or 1%. S&P 500 futures gained about 1% while Nasdaq 100 futures traded 1.1% higher. California Gov. Gavin Newsom said Monday some of the state’s retailers will be allowed to offer curb-side pickup starting Friday. New York Gov. Andrew Cuomo said that the daily number of hospitalizations and new deaths are declining, suggesting the state is on “the other side of the mountain.” Equity futures also got a boost as oil prices traded higher for a fifth straight day. —Imbert

—With reporting from Michael Bloom, Jesse Pound and Jeff Cox. 

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