Stock market live updates: Dow futures bounce 500, reopen trades back on, United up 11%

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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

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

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

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

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 contributed reporting.

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