10 things you need to know before the opening bell
Here's what you need to know before markets open.
1. Global stocks tank as investor fears of a second wave of coronavirus surge, driving 'riskier assets out of love.' "Riskier assets are completely out of love and volatility is likely to surge once again," an analyst said.
2. BP slashed its valuation by almost $18 billion as it adjusts to oil's pandemic era new normal. The oil major said it expects Brent crude to average around $55 per barrel from 2021 through to 2050, 27% lower than its previous forecast.
3. China's economy is slowly crawling back from its coronavirus slump, but the 'very high' risk of a second wave looms large. A boost in consumer spending sent home and auto sales higher, raising optimism that the economy may emerge stronger from its virus hit.
4. Amazon faces multiple US antitrust probes as the coronavirus cements its dominance in online retail. Investigators want to know if Amazon uses its marketplace to give its own products a leg up over third-party sellers.
5. Unilever to invest 1 billion euros in a climate change fund over 10 years. The Anglo-Dutch conglomerate said it was responding to the "scale and urgency" of the climate change crisis.
6. Tesla's China car registrations up 150% month on month in May. The electric-vehicle maker's China registrations, including imported cars, grew to 11,565 in May from 4,633 units in April.
7. Airbnb partners with Brazil virus hotspot Sao Paulo on post-pandemic tourism. The home rental firm struck a partnership with Brazil's Sao Paulo state to encourage tourism once the novel coronavirus crisis has passed.
8. Volkswagen in Mexico will begin sending workers back to its plant on Tuesday. Workers are being sent back to the Mexican unit for "preparation and training eyeing a gradual start further ahead."
9. Global stocks are sharply down. In Europe, Germany's DAX fell 1.5%, Britain's FTSE 100 fell 1.3%, and the Euro Stoxx 50 fell 1.5%. In Asia, China's Shanghai Composite fell 1%, Hong Kong's Hang Seng fell 2.2%, and Japan's Nikkei fell 3.5% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose fell between 1.7% and 2.6%.
10. Economic data today. The New York Empire State Manufacturing Index is due for release.