A masked pedestrian carrying water bottles walks past the Charging Bull statue in lower Manhattan on April 02, 2020 in New York City.

Bruce Bennett | Getty Images

This is a live blog. Check back for updates.

9:10 am: Mnuchin says large PPP loans will be audited

Treasury Sec. Steve Mnuchin said on “Squawk Box” that loans for more than $2 million or more through the Payroll Protection Program will undergo a “full audit” before they can be forgiven. “We’re going to do a full audit of every loan over $2 million. This was a program designed for small businesses. It was not a program that was designed for public companies that had liquidity,” Mnuchin said.Mnuchin said that the borrowers, not the banks who serviced the loan, will be liable if the audit finds that they received a loan they should not have.— Pound

9:06 am: Mnuchin: Lakers taking PPP loan is ‘outrageous’

Treasury Secretary Steven Mnuchin said Tuesday he was surprised that the Los Angeles Lakers took a loan designed to help small businesses weather the coronavirus pandemic. “I’m not a big fan of the fact that they took a $4.6 million,” Mnuchin told CNBC’s “Squawk Box.” “I think that’s outrageous.” The Lakers were the second most-valuable team in the National Basketball Association entering 2020, with a valuation of $4.4 billion, according to Forbes. —Imbert

9:02 am: Merck shares down 2% after lowering guidance

Shares of Merck fell 2.4% in premarket trading on Tuesday after the drug maker cut its 2020 forecast due to the uncertainties from the coronavirus pandemic. “The company has assumed the majority of the negative impact will be in the second quarter, with a gradual return to normal operations beginning late in the second quarter and extending through the third quarter, with a full return to normal operations in the fourth quarter,” Merck said in a statement. The company did report sales of $12.1 billion in the first quarter, an increase of 11%, driven by strong growth in its cancer-fighting treatment Keytruda. Merck reported adjusted quarterly profit of $1.50 per share, above the $1.22 earned in the same quarter a year ago.– Li

9:00 am: Oil prices could go negative again for reasons beyond just storage

While the Street is focused on oil storage reaching capacity, there are a number of other factors that could send oil prices back into negative territory. The Chicago Mercantile Exchange recently raised its margin requirements for forward oil contracts, which could trigger selling when key levels are reached. Additionally, S&P Dow Jones Indices said that all of its commodity indices will roll out of the June oil contract and into July, joining the United States Oil Fund which is also rolling out of the June contract. On Tuesday West Texas Intermediate, the U.S. benchmark, traded 8.8% lower at $11.66 per barrel, while international benchmark rose 28 cents to trade at $20.27. – Stevens

8:26 am: Pfizer shares rise on better-than-expected earnings

Dow-member Pfizer gained more than 2% in the premarket on the back of better-than-expected earnings for the first quarter. The company posted a profit of 80 cents a share, topping a Refinitiv estimate of 73 cents per share. Pfizer also reaffirmed its full-year earnings guidance. However, the company’s total sales dropped 8% on a year-over-year basis as Pfizer works to find a coronavirus vaccine. —Imbert

8:18 am: BofA Securities clients were net sellers of US stocks last week, data shows

Data compiled by BofA Securities showed the bank’s clients were net sellers of U.S. equities last week for the first time in four weeks. Overall, they sold more than $1.3 billion in equities last week as the major averages posted their first weekly decline in three. Tech stocks had the biggest outflows, with BofA Securities clients taking $752 million from the sector. Consumer discretionary had an outflow of $223 million. —Imbert, Bloom

8:11 am: 3M up 3.5% after personal safety equipment sales boost Q1 results

Shares of multinational industrial conglomerate 3M rose 3.5% in premarket trading Tuesday after the company said a surge in sales in its personal safety equipment helped grow first-quarter revenues. 3M, the lead producer of key N95 masks, said the Covid-19 outbreak forced it to double global global respirator output to 100 million per month since the beginning of 2020. It reported adjusted per-share earnings of $2.16 on sales of $8.08 billion, growth of 2.7% on a year-over-year basis. —Franck

7:49 am: Caterpillar says first-quarter sales decline 21%, does not give 2020 outlook because of pandemic

Caterpillar experienced a sales drop of 21% in the first quarter as the coronavirus pandemic disrupted demand in the construction and mining sectors. The industrial giant on Tuesday reported revenues of $10.6 billion in the first quarter, compared with $13.5 billion in the first quarter of 2019. Caterpillar posted adjusted earnings per share of $1.60 in the first quarter, compared with $3.25 per share in the same quarter a year ago. The company said it is not providing a financial outlook for 2020 at this time given the “continued global economic uncertainty” due to the pandemic. – Li

7:43 am: Dow futures surge for a second day on hopes of the economy reopening soon

U.S. stock futures pointed to another strong day of gains as traders increased bets on the reopening of the U.S. economy. Dow Jones Industrial Average futures were up more than 300 points, or 1.4%. S&P 500 and Nasdaq 100 futures were up 1.3% and 1.1%, respectively. Alaska, Georgia, South Carolina, Tennessee and Texas are among the states that have let some businesses resume operations. Wall Street was coming off a strong rally on Monday, with the Dow surging more than 350 points. Oil was lower again, but off the worst levels of the overnight session.

With reporting from Pippa Stevens, Jesse Pound and Michael Bloom.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Read More