5 things to know before the stock market opens Tuesday

1. Nasdaq set for strong gain to start September

The Nasdaq bucked Monday’s trend and closed at another record high. On the first trading day after their stock splits, Tesla jumped 13% and Apple gained nearly 3.4%. Both closed at record highs. In Tuesday’s premarket, Tesla added over 3% and Apple added about 2%. Tesla had been up nearly 7% earlier in the morning before the company said Tuesday it will sell up to $5 billion in stock.

2. Zoom jumps over 30% after blowout second quarter

Zoom CEO Eric Yuan speaks before the Nasdaq opening bell ceremony in New York on April 18, 2019.

Kena Betancur | Getty Images

The big winner heading into Tuesday’s Wall Street open is Zoom Video Communications. Shares soared more than 30% in the premarket after the company reported adjusted earnings of 92 cents per share, more than doubled estimates. Revenue of $663.5 million, which more than quadrupled, also handily beat expectations. Zoom, which has become ubiquitous during the coronavirus crisis as businesses, schools and just regular people relay on its video-calling platform, raised its full-year guidance. As of Monday’s close, Zoom shares were up 377% in 2020.

3. Walmart+ membership program to launch in two weeks

People buy groceries on a Walmart store on August 23, 2020 in North Bergen, New Jersey.

Kena Betancur | VIEW press | Corbis News | Getty Images

Shares of Walmart, which hit an all-time high Friday, were up in premarket trading after the retail giant said it will launch its much-anticipated membership program on Sept. 15. Walmart+, similar to Amazon Prime, will give members free delivery and some other perks. However, Prime goes way beyond Walmart+ on services in additional to free delivery such as ad-free video and music streaming services. Prime costs $119 per year or $12.99 per month. Walmart+, which will cost $98 per year or $12.95 per month, is the retailer’s way of trying to further capitalize on skyrocketing online sales during the pandemic.

4. New virus hot spots may be emerging in Midwest

Employees wearing protective masks get ready to ship an order to a customer at Sundance Shoes amid an outbreak of the coronavirus disease (COVID-19) in Birmingham, Michigan, May 27, 2020.

Emily Elconin | Reuters

New U.S. cases of coronavirus fell to 33,888, the lowest daily number since June 23. However, as overall cases trend lower, new infections are up by at least 5%, based on a seven-day average, in 26 states as of Sunday, compared with just 12 states a week earlier. Many of the recently growing outbreaks are in the Midwest.

Total cases in the U.S. topped 6 million on Monday. The tally of cumulative global cases was more 25.5 million as of Tuesday morning with 850,879 deaths. Nearly a quarter of worldwide cases and fatalities are in the U.S. On Monday, 595 people died from Covid-19 in the U.S., down from a stretch of daily U.S. deaths of over 1,100 on Tuesday, Wednesday and Thursday of last week.

5. Trump to visit Kenosha despite Wisconsin’s governor asking him not to

Wisconsin National Guard members keep watch at the municipal complex following the police shooting of Jacob Blake, a Black man, in Kenosha, Wisconsin, August 27, 2020.

Brendan McDermid | Reuters

President Donald Trump on Tuesday is set to visit Kenosha, Wisconsin, where racial injustice protests erupted after the Aug. 23 shooting by a White police officer of Jacob Blake, a 29-year-old Black man. Democratic Gov. Tony Evers, who deployed the National Guard to deal with the unrest, has asked the president not to come. Democratic presidential nominee Joe Biden accused Trump on Monday of causing the divisions that have ignited the violence. Trump, running for reelection on a law-and-order platform, accused the former vice president of siding with “anarchists” and “rioters.” Trump also suggested that a White 17-year-old accused of killing two people during protests in Kenosha last week may acted in self defense.

— The Associated Press contributed to this report.

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