Stock market live updates: Futures rise, Fauci testimony ahead

Finance

Pedestrians wearing face masks walk past the New York Stock Exchange.

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This is a live blog. Here’s the latest.

7:31 am: Hyatt Hotels to lay off 1,300 workers as virus hamstrings global travel

Hyatt Hotels announced late Monday that it would lay off 1,300 workers around the globe starting June 1 as it struggles to cope with the Covid-19 crisis that’s halted travel. Hyatt also said it’s cut pay for senior management, board members and all employees as part of a broader restricting. The company said all employees who are laid off would be eligible for severance pay. “Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs,” Hyatt said in a statement. —Franck

7:28 am: Boeing expects airline passenger traffic under 25% in September

7:26 am: Dr. Fauci set to testify before Senate where he will reportedly warn of the danger of reopening too soon

On Tuesday Dr. Anthony Fauci will testify before the Senate, and he reportedly plans to warn about the dangers of reopening economies too soon, according to The New York Times. “If we skip over the checkpoints in the guidelines to: ‘Open America Again,’ then we risk the danger of multiple outbreaks throughout the country,” Fauci wrote in an email to the Times. “This will not only result in needless suffering and death, but would actually set us back on our quest to return to normal,” he added. The hearing will begin at 10 a.m. ET. –Stevens

7:22 am: Citi raises Alphabet’s target price to $1,600 per share

Citi raised its price target on Google-parent Alphabet to $1,600 per share from $1,400 per share on Monday evening. This implies a 13% rally in the next 12 months from Alphabet Monday’s closing price of $1,403.59 per share. Citi said it raised its 2021 free cash flow estimate to $64 per share and continues to apply a 25x forward cash flow multiple. “We are updating our model to reflect 1Q20 results and latest post COVID outlook,” Citi anlayst Jason Bazinet said in a note to clients. “We now model 5% year-on-year growth in 2020, with full-year revenue reaching $169.6 billion, and we expect 20% year-on-year rebound in 2021, with full-year revenue reaching $203.4 billion.” Shares of Alphabet were flat in premarket trading on Tuesday. —Fitzgerald

7:18 am: US stock futures rise slightly after Nasdaq’s 6-day winning streak

U.S. stock futures traded slightly higher on Tuesday as Wall Street stayed focused on the economy reopening. Dow Jones Industrial Average futures gained 89 points, or 0.4%. S&P 500 and Nasdaq 100 futures were up by 0.3% each. Those gains come after the tech-heavy Nasdaq Composite notched its sixth straight advance on Monday. That’s the average’s longest winning streak since December. The Nasdaq entered Tuesday’s session up more than 2% for 2020. At one point, the index had fallen more than 25% year to date. Investors will turn their eyes to Washington as Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, gets set to discuss the economic reopening, among other issues concerning the coronavirus. —Imbert

—With reporting from CNBC’s Tom Franck.

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